Sparks - OSE Immunotherapeutics

OSE reported €11.1m of cash at 30 June 2026, down from €17.0m at 31 March 2026, and expects its May bridge financing to fund operations through December 2026. Management is seeking further investment to extend that runway. For lusvertikimab, OSE plans to submit a Phase I study of its subcutaneous formulation of the drug candidate this year, targeting results by mid-2027, while a Phase II chronic pouchitis trial using its existing intravenous formulation could start in 2027. For Tedopi, enrolment in the pivotal ARTEMIA lung cancer trial remains on track for completion by year-end, and its interim futility review has moved from Q326 to early 2027 because deaths across the trial have accrued more slowly than expected. The study remains blinded, so the slower event rate cannot yet be interpreted as an efficacy signal. Phase II Combi-TED results at ESMO on 25 October 2026 represent a nearer-term potential catalyst for Tedopi.

Publication of OSE’s full H126 financial statements have been deferred, as it pursues funding options to extend its cash runway beyond key upcoming value inflection points.