Nicox Provides First Quarter 2024 Update and Full Year 2023 Financial Results

Press Release
Nicox Provides First Quarter 2024 Update and Full Year 2023 Financial Results

  • Nicox Group revenue of €4.4 million (net revenue1 €3.9 million) for first quarter 2024
  • Nicox Group cash of €9.1 million on March 31, 2024 which finances the Company until at least November 2024

April 22, 2024 – release at 7:30 am CET
Sophia Antipolis, France

Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today provided the revenue and cash position for Nicox SA and its subsidiaries (the “Nicox Group”) for the first quarter of 2024 and financial results for Nicox SA (the “Company) for the full year of 2023, as approved by the Board of Directors on April 19, 2024, and provided an update on key future milestones. As previously announced, the Company is no longer reporting consolidated accounts under IFRS standards and figures communicated for the Nicox Group are for information only. The Company also announced that its CEO, Gavin Spencer, has joined the Board of Directors.

Nicox made good progress in 2023 as we move towards topline results of the Denali Phase 3 trial which we expect in H2 2025. We implemented the cost reduction previously communicated in order to focus on the Denali trial. We also entered into a new licensing agreement for NCX 470 with Kowa for Japan and completed the signature of our debt restructuring amendment with BlackRock,” said Gavin Spencer, Chief Executive Officer of Nicox.We are fully focused on development of NCX 470 and the Denali trial, which should confirm the profile of NCX 470 in glaucoma and open up further strategic options and routes to commercialization, beyond our existing partnerships. Our cash runway has been extended to November 2024 and we continue to consider all options for further financing, including a number of business development discussions which could provide non-dilutive capital, in parallel with planning to raise funds from equity capital markets.”

“We are very pleased to welcome Gavin Spencer, our new CEO, as a member of the Nicox Board of Directors. Gavin will provide valuable expertise as a member of the Board, based on his wide-ranging experience across all aspects of the biopharma industry and deep knowledge of the Nicox business,” said Jean-François Labbé, Chairman of Nicox.

Revenue, Cash Position for the Nicox Group for the First Quarter 2024

  • Nicox Group revenue of €4.4 million (net revenue1 €3.9 million, including a €3.0 million license payment) for the first quarter of 2024 compared to €1.3 million (net revenue1 €0.8 million, entirely composed of net royalties) for the first quarter 2023;
  • Cash of €9.1 million at 31 March 2024 compared to €11.9 million at 31 December 2023;
  • As of March 31, 2024, the Nicox Group had financial debt of €20.6 million (entirely held by Nicox SA), consisting of €19.4 million in the form of a bond financing agreement with Kreos Capital (an affiliate of BlackRock), and a €1.2 million credit agreement guaranteed by the French State, and granted in the context of the COVID-19 pandemic.
As part of the restructuring of the Company’s debt announced on 28 February 2024, the Company is required to raise at least €3 million in equity financing by 30 September 2024 in order to extend its interest-only period, which would increase the cash runway into Q1 2025. The second call of an Extraordinary General Meeting is being held on May 6 to approve the resolutions for this financing.

The Company is pursuing business development discussions, including the sale or license of certain assets, and exploring multiple other strategic options which could further extend the cash runway. The Company is evaluating all options for financing and will use the most appropriate at the time.

Post First Quarter 2024 Events

  • The Nicox Board of Directors has co-opted Dr Gavin Spencer, CEO of Nicox, as a Board member with effect from April 8, 2024. This co-optation will be put to a vote at the General Meeting for the approval of the 2023 accounts.
  • The World Health Organisation (“WHO”) has recommended the International Nonproprietary Name (“INN”) bimatoprost grenod for NCX 470.
  • The U.S. patent 8,058,467 for VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%, has been extended to 2029 under the Drug Price Competition and Patent Term Restoration Act of 1984 (also known as the “Hatch-Waxman Act”). VYZULTA, exclusively licensed worldwide to Bausch + Lomb, is commercialized in more than 15 countries, including the U.S., and is also approved in a number of other countries. VYZULTA is indicated for the reduction of IOP in patients with open-angle glaucoma or ocular hypertension.
  • The debt restructuring amendment which was agreed in principle between Nicox and BlackRock and announced on February 28, 2024 was signed.
  • Posters originally planned to be presented at the upcoming Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting 2024 will not be presented for organisational reasons.
Key Future Milestones

  • Approval and launch of ZERVIATE in China by Nicox’s partner, Ocumension Therapeutics: Expected in 2024.
  • Whistler Phase 3b clinical trial, initiated in December 2023, investigating bimatoprost grenod (NCX 470)’s dual mechanism of action (nitric oxide and prostaglandin analog) in IOP lowering: Results are currently expected in the first quarter of 2025.
  • Denali Phase 3 clinical trial evaluating bimatoprost grenod (NCX 470) in patients with open-angle glaucoma or ocular hypertension: The Denali trial is over 80% randomized and expected to generate topline results in H2 2025, based on current recruitment rates.
Achievement of milestones relating to NCX 470 is dependent on the Company increasing its cash runway to cover the completion of those activities.

Revenue and Cash Position for the Nicox Group for 2023

  • Nicox Group revenue of €6.7 million (net revenue1 €4.2 million) at 31 December 2023 compared to €5.2 million (net revenue1 €3.3 million) for the same period in 2022, both entirely composed of net royalties.
  • Cash of €11.9 million at 31 December 2023 compared to €27.7 million at 31 December 2022.
Full Year 2023 Financial Results For Nicox SA 

Revenue for the full year of 2023 was €6.9 million, consisting of royalty payments and internal rebilling versus €5.5 million (same sources) for the full year of 2022.   

Operating expenses for the full year of 2023 were €24.2 million compared to €24.8 million for the full year of 2022.

Nicox SA recorded a net loss of €20.9 million for the twelve months ended December 31, 2023, compared to a net loss of €31.3 million for the same period in 2022. The difference is due to the variation of the provision for depreciation of shares in the American affiliate in 2022.

As of December 31, 2023, Nicox SA had cash and cash equivalents of €11.3 million compared to €27.1 million as of December 31, 2022. The Company is currently funded until at least the end of November 2024, based on focusing exclusively on the development of NCX 470.

As of December 31, 2023, Nicox SA had financial debt of €20.9 million, consisting of €19.6 million in the form of a bond financing agreement with Kreos Capital (an affiliate of BlackRock), including €0.1 million of interest due, and a €1.3 million credit agreement guaranteed by the French State, and granted in the context of the COVID-19 pandemic.

The audit procedures on the 2023 statutory financial statements of Nicox SA have been completed and the certification report is in the process of being issued. All other figures in this press release are non-audited.
About Nicox
Nicox SA is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is bimatoprost grenod (NCX 470), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Harrow, Inc. in the U.S., and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets.

Nicox, headquartered in Sophia Antipolis, France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX) and is part of the CAC Healthcare index.

For more information
Analyst coverage

Bryan, Garnier & Co         Eric Yoo        Paris, France
H.C. Wainwright & Co        Yi Chen        New York, U.S.
The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports.

Gavin Spencer
Chief Executive Officer
+33 (0)4 97 24 53 00

Media / Investors
Sophie Baumont
Cohesion Bureau
+33 6 27 74 74 49
The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements.

Risks factors which are likely to have a material effect on Nicox’s business are presented in section 2.7 of the “Rapport Annuel 2022” and in section 4 of the “Rapport semestriel financier et d’activité 2023” which are available on Nicox’s website (

Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail.
Nicox S.A.
Sundesk Sophia Antipolis, Bâtiment C, Emerald Square, Rue Evariste Galois, 06410 Biot, France
T +33 (0)4 97 24 53 00

Income statement

 December 31, 2023December 31, 2022
(in thousands of euros)  
Sales of services257212
Royalties for patent grants6,6465,241
Reversals of depreciation, amortization, provisions and transfers of expenses1397
Other income225-
Other purchases and external charges(18,406)(18,103)
Taxes, duties and similar payments(99)(184)
Salaries and wages(1,764)(3,053)
Social security expenses(739)(1,177)
Provisions for liability and charges(122)(41)
Other expenses(2,825)(2,241)
Exchange loss on receivables and debts(221)-
OPERATING PROFIT (LOSS)(17,056)(19,262)
Other interest and similar income1,0991,120
Net income from sales of investments securities-1
Reversal of provisions, impairment losses and transfer of expenses393
Foreign exchange gains117872
Amortization, depreciation and financial provisions(3,543)(12,142)
Interest and similar expenses(1,580)(1,582)
Foreign exchange loss(244)(401)
Interests on loan(53)(49)
Net expense from sales of investments securities(200)(349)
FINANCIAL PROFIT (LOSS)(4,366)(12,527)
PRE-TAX LOSS(21,422)(31,789)
Exceptional income from previous financial year63-
Research tax credit478504
NET PROFIT & LOSS(20,881)(31,285)

Balance sheet

 December 31, 2023December 31, 2022
(in thousands of euros)  
Intangible fixed assets241
Tangible fixed assets2625
Financial fixed assets1,8054,926
FIXED ASSETS1,8554,952
Trade receivables and related accounts3,4242,623
Other receivables (1)34,32437,844
Cash assets11,25927,080
Prepaid expenses8861,481
CURRENT ASSETS49,89369,028
Unrealized foreign exchange losses and valuation differences - Assets1336
Loan redemption premiums1,2181,827
TOTAL ASSETS52,98075,843
Share Capital50,17050,100
Premiums related to share capital529,478529,547
Retained earnings(537,354)(506,069)
Net loss for the financial year(20,881)(31,285)
Total shareholders' equity21,41342,293
Provisions for liabilities1339
Provisions for charges700577
Total provisions for liabilities and charges713616
Loans and debts from lending institutions20,89521,259
Loans and other financial debts4,2584,037
Accounts payable and related accounts2,4992,537
Tax and social security debts6481,072
Deferred income1,9182,169
Total current liabilities30,21831,074
Unrealized exchange gains6351,860

      (1)   including 32.7 million of receivable with Nicox Ophthalmics Inc’s subsidiary

1 Net revenue consists of revenue from collaborations less royalty payments




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