OSE Immunotherapeutics

What OSE Immunotherapeutics does

OSE Immunotherapeutics SA is a French clinical-stage biotechnology company listed on Euronext Paris (ticker ORPOF/epa:OSE), headquartered in Nantes with additional offices in Paris and a headcount of approximately 65 employees. The company is developing first-in-class immunotherapies across two therapeutic verticals — immuno-oncology and immuno-inflammation — built on four proprietary preclinical platforms: a pro-resolutive monoclonal antibody platform, a myeloid checkpoint platform, the BiCKI bifunctional fusion protein platform (built around an anti-PD1 backbone), and an mRNA therapeutic platform for local immune modulation. Its clinical pipeline centers on three directly-controlled assets — Tedopi® (OSE2101), a neoepitope-based T-cell activating cancer vaccine in Phase 3 for non-small cell lung cancer (NSCLC) under the ARTEMIA trial and Phase 2 in platinum-sensitive recurrent ovarian cancer (TEDOVA); Lusvertikimab (OSE-127), an anti-IL-7R (CD127) monoclonal antibody in Phase 2 for ulcerative colitis; and OSE-279, an anti-PD1 antibody in Phase 1/2 — supplemented by partnered programs licensed to AbbVie (ABBV-230), Boehringer Ingelheim (BI 765063, BI 770371), Veloxis Pharmaceuticals (pegrizeprument/FR104 for transplant), and Chong Kun Dang (Tedopi in Korea).

The business model is asset-light and partnership-driven: OSE generates revenue almost exclusively from upfront payments, development and sales milestones, and royalties under these licensing deals, with total contracted potential value of up to €2.1 billion and approximately €219 million already collected. End-customer "revenue" exposure is to patient populations (NSCLC patients with secondary resistance to checkpoint inhibitors, platinum-sensitive ovarian cancer patients, ulcerative colitis patients, and transplant recipients) accessed either through partners' commercialization channels or through named-patient/compassionate-use programs for Tedopi in France, Italy, and Spain. As of March 31, 2026, the company reported a €17.0 million cash position, a €37.7 million net loss for FY2025 (versus a €37.4 million net income in FY2024 driven by the AbbVie upfront), and acknowledged that it lacks sufficient working capital for the next 12 months without further financing — making its survival contingent on either a positive ARTEMIA Phase 3 readout (expected Q1 2028) or additional partnership/financing events before end-2026.

Name

OSE Immunotherapeutics

Legal name

OSE Immunotherapeutics SA

Website

https://ose-immuno.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

OSE Immunotherapeutics is a French clinical-stage biotech developing first-in-class immunotherapies in immuno-oncology and immuno-inflammation, led by the Phase 3 cancer vaccine Tedopi, with revenue generated primarily through licensing deals with AbbVie, Boehringer Ingelheim, and Veloxis.

Ownership category

akta.pro rank

Product category

Immuno-Oncology Therapeutics

NAICS

Scientific Research and Development Services (5417), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Oncology & Hematology Pharmaceuticals (HLAIAAAC)

akta.pro secondary industries

Immunology & Inflammation Pharmaceuticals (HLAIAAAD), Rare Oncology & Hematologic Malignancy Therapies (HLAIAIAC), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), Rare Immunology, Autoimmune & Autoinflammatory Therapies (HLAIAIAE), Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE), Immuno-Oncology & Immune Monitoring Biomarkers (TMB, MSI, MRD, immune profiling) (HLAAAMAK)

Keywords

• Cancer immunotherapy
• Monoclonal antibodies
• Immuno-oncology therapeutics
• Immuno-inflammation drugs
• Clinical-stage biopharmaceuticals

Headquarters

HQ city

Nantes

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Licensing and Partnership Revenue: OSE generates revenue through upfront payments, milestone payments, and royalties from licensing agreements with pharmaceutical partners. Total potential partnership value is up to €2.1 billion with €219 million already received including upfront payments, milestones, and reinvoiced R&D costs.
2. Government Grants and Public Funding: The company received €8.4 million in public funding from the French government in April 2024 to support the Phase 3 clinical trial of Tedopi for lung cancer.
3. Operating Revenue: Reported unaudited consolidated operating revenue of €2.7 million for fiscal year 2025, a sharp decline from €83.4 million in 2024, driven by deferred recognition of AbbVie license payment and reduced upfront income from partnerships.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

OSE Immunotherapeutics is a clinical-stage biopharmaceutical company that discovers and develops first-in-class immunotherapies in immuno-oncology and immuno-inflammation. Its lead asset, Tedopi (OSE2101), is a T-specific neoepitope cancer vaccine in Phase 3 development for non-small cell lung cancer, with positive Phase 2 results in platinum-sensitive recurrent ovarian cancer. Additional clinical assets include Lusvertikimab (OSE-127, anti-IL-7R for ulcerative colitis), OSE-279 (anti-PD1), and partnered programs Pegrizeprument/FR104 (Veloxis), BI 765063 and BI 770371 (Boehringer Ingelheim), and ABBV-230 (AbbVie). Revenue is generated through licensing agreements, milestone payments, royalties, and public research grants rather than direct product sales.

Product overview

OSE Immunotherapeutics is an integrated French biotech company developing first-in-class immunotherapies in immuno-oncology and immuno-inflammation. The portfolio centers on three clinical-stage products: Tedopi® (OSE2101), a T-specific cancer vaccine in Phase 3 for non-small cell lung cancer and Phase 2 for ovarian cancer; Lusvertikimab (OSE-127), an IL-7 receptor antibody in Phase 2 for ulcerative colitis; and OSE-279, an anti-PD1 antibody in Phase 1/2 for solid tumors. Additional partnered products include BI 765063/SIRPα inhibitor (with Boehringer Ingelheim) and Pegrizeprument/FR104 (licensed to Veloxis for transplant). Four proprietary technology platforms support the pipeline: the BiCKI® bifunctional fusion protein platform, mRNA therapeutic platform, pro-resolutive monoclonal antibody platform, and myeloid checkpoint platform. Products are developed directly or through international pharmaceutical partnerships with AbbVie, Boehringer Ingelheim, and Veloxis.

Differentiator

Problem solved

Functional benefit

Products and services

• Tedopi® (OSE2101) T-specific immunotherapy based on highly selected neoepitopes. Activates T lymphocytes capable of killing tumor cells they have learned to recognize. Most advanced asset, in Phase 3 clinical development for non-small cell lung cancer (NSCLC) in second-line HLA-A2 positive patients with secondary resistance to checkpoint inhibitors, and in Phase 2 (TEDOVA) for platinum-sensitive recurrent ovarian cancer as maintenance therapy. Also accessible through compassionate use programs in France, Italy, and Spain.
• Lusvertikimab (OSE-127) Anti-IL-7 receptor (CD127) monoclonal antibody that modulates effector and regulatory T-cell balance to restore immune tolerance. In Phase 2 clinical development for ulcerative colitis, with a subcutaneous formulation in development. Key wholly owned immuno-inflammation asset.
• OSE-279 Anti-PD1 monoclonal antibody that blocks a T-lymphocyte brake to enable activation of non-specific T cells in oncology. Currently in Phase 1/2 clinical trial in advanced solid tumors and lymphomas. Serves as the backbone component of the BiCKI bifunctional fusion protein platform.
• Pegrizeprument (FR104 / VEL-101) Monovalent pegylated monoclonal antibody fragment targeting CD28 to selectively block T-cell activation while preserving CTLA-4 immunosuppressive function. Licensed to Veloxis Pharmaceuticals for all transplant indications. Received FDA Orphan Drug Designation for prevention of organ rejection in liver (January 2026) and heart (April 2026) transplantation. OSE retains rights for autoimmune indications.
• BI 765063 (OSE-172) Anti-SIRPα monoclonal antibody targeting the SIRPα/CD47 axis on myeloid cells to enhance tumor cell phagocytosis. Developed and funded by Boehringer Ingelheim under a 2018 global license agreement in advanced solid tumors. Positive Phase 1 results enabled initiation of two ongoing Phase 1 cohort expansion trials.
• BI 770371 Next-generation anti-SIRPα inhibitor antibody from OSE's Myeloid Checkpoint platform, licensed to Boehringer Ingelheim. Developed initially in oncology and expanded in 2024 to cardiovascular-renal-metabolic diseases, including MASH where it was discontinued after Phase 2 failure in 2026 (oncology development continues).
• ABBV-230 (OSE-230) Pro-resolutive monoclonal antibody targeting G-protein coupled receptors (GPCRs) to optimize the therapeutic potential of neutrophils and macrophages in resolving chronic inflammation. First candidate from OSE's Pro-resolutive mAb Platform, originally licensed to AbbVie in February 2024. OSE paused the program in March 2026 following AbbVie's decision not to exercise its option post-Phase 1.
• CLEC-1 (anti-CLEC-1 monoclonal antibody) Novel anti-CLEC-1 monoclonal antibody from OSE's Myeloid Checkpoint platform that targets CLEC-1, an immune regulatory receptor expressed by macrophages and dendritic cells, to transform suppressive tumor microenvironments into effector states. Showed positive preclinical results in monotherapy for oncology applications; exploratory research discontinued in March 2026 as part of strategic refocusing.

Quantifiable outcome

• TEDOVA Phase 2: median PFS of 4.1 months vs 2.8 months for best supportive care (HR=0.53, p<0.001) in platinum-sensitive recurrent ovarian cancer
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Inserm Transfert and Nantes UniversitycoreStrategic or Co-development Partner · 26 September 2025Strategic partnership announced September 2025 to accelerate development of innovative immunotherapy projects in oncology, inflammation, and autoimmunity. Public-private alliance combining academic research with industrial expertise. Strengthens ties with the Immunotherapy Innovation Hub in Nantes and aims to expand the collaborative model nationwide. Supported by Bpifrance-funded programs including EFFIMab (OSE-127 development) and EFFI-CLIN (BI 765063 development).
• ARCAGY-GINECOcoreStrategic or Co-development Partner · 1 January 2025As part of the European Network for Gynecological Oncology Trial Groups (ENGOT), ARCAGY-GINECO is sponsor of the ongoing Phase 2 TEDOVA clinical trial evaluating Tedopi in combination with pembrolizumab (Keytruda) in ovarian cancer. Dr. Alexandra Leary of Gustave Roussy presented results at ASCO 2026.
• GERCORminorStrategic or Co-development Partner · 1 January 2025Oncology cooperative group GERCOR, a network of 300 cancer centers in France, is sponsor of the ongoing Phase 2 clinical trial (TEDOPaM) evaluating Tedopi in pancreatic cancer.
• Foundation FoRTminorStrategic or Co-development Partner · 1 January 2025Italian oncology Foundation FoRT is sponsor of the ongoing Phase 2 clinical trial evaluating Tedopi in combination with nivolumab (Opdivo) in second-line treatment in metastatic NSCLC after first-line chemo-immunotherapy.
• Nantes University HospitalminorStrategic or Co-development Partner · 1 January 2025Nantes University Hospital sponsors the ongoing Phase 1/2 clinical trial evaluating first administration of FR104 in patients undergoing renal transplant.
• AbbViecoreOEM/ Whitelabel/ Licensing Partner · 1 February 2024Global license and collaboration agreement signed February 2024 to develop, manufacture, and commercialize OSE-230 (renamed ABBV-230) in chronic and severe inflammation. AbbVie received rights to develop and commercialize after Phase 1. Deal includes $48 million received upfront and up to $713 million in milestones plus royalties on sales. In December 2025, the agreement was amended shifting Phase 1 development responsibilities to OSE, with milestone payments now conditional on AbbVie exercising its option post-Phase 1.
• Veloxis PharmaceuticalscoreOEM/ Whitelabel/ Licensing Partner · 1 April 2021Global license agreement granting Veloxis worldwide rights to develop, manufacture, and commercialize FR104 (pegrizeprument) for all transplant indications (signed April 2021). OSE retains all product rights for autoimmune diseases. Deal includes €13.9 million received upfront and up to €315 million in milestones plus royalties. FDA granted Orphan Drug Designation for pegrizeprument in liver transplantation (January 2026) and heart transplantation (April 2026).
• Chong Kun Dang Pharmaceutical Corporation (CKD)minorChannel Partner/ Reseller/ Distributor · 1 November 2019Licensing deal signed November 2019 for potential registration and commercialization of Tedopi in Korea. Includes €1.2 million upfront and short-term milestone payments, up to €4.3 million in total milestones plus royalties and margin within transfer price.
• Boehringer IngelheimcoreStrategic or Co-development Partner · 1 April 2018Global license and collaboration agreement for anti-SIRPalpha BI 765063 (OSE-172) in multiple cancer indications (signed April 2018). Includes €104 million received upfront and up to €1.1 billion in milestones plus royalties. Additional program BI 770371 (next-generation SIRPalpha inhibitor) expanded to cardiovascular-renal-metabolic diseases (2024). New preclinical cis-targeting anti-PD1/cytokine platform program acquired by Boehringer (May 2024). Boehringer discontinued BI 770371 in MASH in 2026 after Phase 2 failure but continues oncology development.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BioNTech: Germany-based clinical-stage biotech developing cancer immunotherapies including neoepitope-based cancer vaccines. Directly comparable to OSE for its therapeutic cancer vaccine pipeline and immunotherapy platform strategy targeting solid tumors.
• Immatics: Clinical-stage biotech developing TCR-based immunotherapies and cancer vaccines targeting solid tumors. Comparable to OSE for its neoepitope/T-cell receptor approaches to cancer immunotherapy and similar clinical-stage positioning.
• Transgene: French clinical-stage biotech developing immunotherapy platforms (myvac, TG4050) for solid tumors. Highly comparable as a similar-sized French peer in the cancer vaccine/immunotherapy space with Phase 1/2 assets and similar business model.
• Innate Pharma: French clinical-stage immuno-oncology company developing antibody-based therapeutics targeting immune checkpoints and tumor microenvironment. Comparable as a French-listed peer in immuno-oncology with partnered programs and clinical-stage assets.
• CureVac: European mRNA-based biopharmaceutical company developing cancer immunotherapies and prophylactic vaccines. Comparable for its mRNA therapeutic platform overlap with OSE and similar clinical-stage oncology focus.

Broad incumbents

• Genmab: Denmark-based established biotech with a broad antibody therapeutics platform including bispecific antibodies and immune checkpoint modulators. Comparable to OSE for its antibody-based immunotherapy pipeline and partnership-driven revenue model.

Regional players

• Cellectis: French clinical-stage gene editing and CAR-T biotech. Comparable as a French-listed clinical-stage biotech peer with similar capital structure challenges and oncology focus, though targeting different modalities (gene therapy vs immunotherapy).
• DBV Technologies: French clinical-stage biotech developing immunotherapy for food allergies. Comparable as a French-listed clinical-stage biotech peer facing similar capital efficiency and partnership development challenges, though in a different therapeutic area.

Emerging players

• Genexine: Korean clinical-stage biotech developing immuno-oncology and immunology therapeutics. Comparable for its IL-7 receptor-targeting programs (similar to OSE's lusvertikimab) and clinical-stage immunotherapy pipeline with Asian commercial partnerships.

Others

• OSE was previously known as OSE Therapeutics: Historical reference: OSE Immunotherapeutics was previously named OSE Therapeutics following its acquisition of Effimune in 2016, which brought in the FR104 program. This entry documents the company's corporate history and Effimune acquisition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/oseimmuno
• LinkedInlinkedin.com/company/ose-immunotherapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds9 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OSE Immunotherapeutics