Tasquinimod is developed as a blood cancer treatment. The combination arm of tasquinimod (with ixazomib, lenalidomide, and dexamethasone) in multiple myeloma (MM) is ongoing. We expect to see results from the dose-escalation part in early 2023, after which the from the expansion arm (phase IIa) will initiate recruitment. A proof-of-concept study with tasquinimod in myelofibrosis funded by the Oncode Institute will start in early 2023. The tasquinimod trial is already externally funded. Laquinimod's new eye drop formulation was proven safe in a phase I trial in early 2023. Active Biotech will seek external funding for the planned phase II trial with laquinimod in 2023. The indication will be an inflammatory eye disease. The third candidate, naptumomab, a cancer drug, is outlicensed to NeoTX in a deal worth up to USD 71m with favourable royalty rates. Data from two clinical trials are expected: phase IIa data from the trial in NSCLC in combination with docetaxel (a chemotherapy) is expected in 2023. Phase I data from the phase I/IIa trial with naptumomab and a checkpoint inhibitor (durvalumab) in solid tumours is expected in H1 2023. A phase II readout might then be possible later in 2023 or 2024. An advantage of Active Biotech over similar companies has been its ability to obtain external financing, or licensing deals, for its projects, leading to substantially lower costs than would otherwise be expected.

The projects have undergone unsuccessful phase III trials, but have demonstrated some level of clinical efficacy. Its internal projects are first-in-class, have well-documented safety profiles, and generally allow for easy administration. Data from previous trials come from several hundred to more than a thousand patients, which can be referenced in the upcoming clinical trials, reducing the clinical risk and potentially cutting costs. Ophthalmology indications historically have a high likelihood of approval. Tasquinimod has orphan drug designation in MM and myelofibrosis.

Although the company uses its cash effectively and has external financing for many of its projects (including tasquinimod and naptumomab), the present cash position will likely only last the company through 2023. The current environmnent for raising cash is highly challenging, though the strong ownership and good historical perfromance in the recent issues argue that Active Biotech should be able to find funding next year, if necessary as long, as the projects develop according to plan.