Molecular Partners AG

SIX:MOLN

Pipeline focus: Molecular Partners said 2024 was a year of execution, with the main focus shifting to its Radio-DARPin franchise and the 533 T cell engager while some older programs were deprioritized or ended.

712 progress: The DLL3 radio program MP0712 cleared IND-enabling work and is expected to enter the clinic in 2025, with first therapeutic data expected later, and efficacy/safety data likely in 2026.

533 reset: The AML T cell engager showed stronger activity after a dosing amendment, including 3 complete responses out of 8 patients treated past day 12, and the company is moving to further densify dosing and reduce anti-drug antibodies.

Financial strength: The company ended 2024 with CHF 149 million in cash, has no debt, and said that cash should fund operations well into 2027.

Outlook: For 2025, management did not give revenue guidance and instead guided total operating expenses to CHF 55 million to CHF 65 million, including about CHF 7 million of noncash costs.

Partnerships: Molecular Partners expanded its collaboration with Orano Med to secure access to lead-212 and build a broader pipeline of up to 10 lead-based products, which management described as strategically important.