France-based Nicox develops therapeutics for the treatment of ocular conditions. Its lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma, and it is advancing NCX-4251 for DED. Nicox also receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.

Nicox has provided a preliminary Q422 update, reporting a c 38% y-o-y increase in FY22 net royalty payments to €3.3m, including a c 100% y-o-y elevation in Q422 net royalties to €1.0m. Nicox receives recurring royalty revenue from the sales of two out-licensed commercial-stage products, Vyzulta (latanoprostene bunod) and Zerviate (topical cetirizine), and we believe this yearly increase is largely due to strengthened Vyzulta-related revenue, as total US Vyzulta prescriptions grew 25% in Q422 (vs 37% in Q322 and c 40% in H122). Nicox also reiterated that it expects to report top-line results in 2025 for Denali, its second Phase III study of lead candidate NCX-470 in patients with open-angle glaucoma or ocular hypertension, and to start two Phase IIIb studies in H123, including one assessing the drug’s possible retinal health benefits. The company continues to expect that funds on hand (€27.7m at end FY22) will be sufficient to maintain operations into Q224, based on the development of NCX-470 alone.