Activities Report and Appendix 4C for June 2022 Quarter

Melbourne (Australia) – 21 July 2022. Telix issues Appendix 4C quarterly cash flow statement and accompanying Activities Report for the quarter ended 30 June 2022.

Telix is pleased to provide its Appendix 4C quarterly cash flow statement and accompanying Activities Report for the quarter ended 30 June 2022.

Telix Managing Director and Group CEO Dr. Christian Behrenbruch, said “The U.S. commercial launch of Illuccix is off to a strong start. This result reflects the efficacy of our differentiated business model in a large and growing market. We’ve delivered doses across the entire country, demonstrating the value of our nationwide pharmacy distribution partnerships and with industry-leading on-time delivery. We are meeting the needs of our customers and patients through reliable service delivery and wide accessibility to PSMA-PET imaging. With reimbursement effective 1 July, we expect to see Illuccix revenues grow considerably.”

 

Financial Summary

All figures are in AUD$ unless otherwise stated. All figures are provided on an unaudited basis.

  • Telix reports total revenue of $22.5 million from global sales of Illuccix® in its first commercial quarter – more than a ten-fold increase on the previous quarter ($1.9 million, Q1 2022). This includes USD$13.6 million (AUD$19.3 million) generated from sales of Illuccix in the United States in the ten weeks following first commercial sales.
  • As of 30 June 2022, the Company held cash reserves of $122.6 million.
  • Cash inflows for the quarter included $5.4 million in customer receipts, up from $1.9 million in the previous quarter. Additional (non-product related) cash inflows include $17.2 million in government tax incentives for eligible R&D activities undertaken for the year ended 31 December 2021 and $1.1 million of proceeds from options exercised.
  • Net operating outflows during the quarter were $25.8 million, down from $33.6 million in the previous quarter. Expenditure included a one-off upfront license fee payment to Eli Lilly and Company (Lilly) of USD$5 million (AUD$6.8 million) and $2.1 million in build-out costs related to Telix’s manufacturing facility in Brussels South (Seneffe).
  • $17.4 million was invested in R&D, manufacturing and clinical development activities during the quarter, primarily in relation to the Company’s therapeutic programs.
  • Per the accompanying Appendix 4C, the Company has 5.5 quarters runway based on net cash used in operations in the June 2022 quarter. The Company notes that the net operating outflows (used to calculate runway) include only $3.8 million from U.S. customer cash receipts compared to the U.S. commercial revenue of $19.3 million due to timing differences of revenue recognition and cash payment terms from distributors.

 

Operational Highlights

  • Commercial launch of Illuccix in the U.S. and rapid expansion of the distribution network to 140 pharmacies across the Cardinal Health, PharmaLogic, United Pharmacy Partners (UPPI), Jubilant Radiopharma and Radioisotope Life Sciences (RLS) networks.
  • U.S. reimbursement designations granted and effective from 1 July 2022: a dedicated Healthcare Common Procedure Coding System (HCPCS) Level II code and transitional pass-through (TPT) payment status.
  • ZIRCON Phase III kidney cancer imaging trial enrolment completed, with 300 patients dosed.
  • Progress across core therapeutic clinical programs for prostate, kidney and brain cancer.
  • In-licence agreement with Lilly to develop the antibody olaratumab (formerly marketed as Lartruvo®) as a diagnostic and therapeutic radiopharmaceutical agent.
  • Co-development and commercialisation agreement with RefleXion Medical to advance Illuccix for biology-guided radiation therapy (BgRT), a future market growth opportunity.
  • TelixAI™ Artificial Intelligence platform being developed with Invicro; pilot showcased at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) annual meeting held in Vancouver in June 2022.
  • Mr. Darren Smith appointed as Group Chief Financial Officer, effective 1 August 2022, and Mr. Kevin Richardson appointed as CEO of Telix Americas.

To view the Appendix 4C and Activities Report please click here.

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