2cureX (2CUREX) H1 2024 earnings summary

Executive summary

• H1 2024 marked a transformative period with major leadership changes, a failed distributor-led model, and a strategic pivot to split into two entities: 2cureX AB (public, commercial focus) and 2cureX A/S (private, product development).

• 2cureX AB secured significant financing via a directed share issue (7.5 million shares) and a €3 million loan from Kinled Group, ensuring operational continuity.

• The new structure aims to accelerate value creation, improve patient outcomes, and position the company as a leader in Functional Precision Oncology.

Financial highlights

• Net sales for H1 2024 were 0 KSEK, down from 67 KSEK in H1 2023; other operating income was 500 KSEK (610 KSEK in H1 2023).

• Profit before tax improved to -9,560 KSEK from -15,729 KSEK year-over-year, reflecting reduced operational costs.

• Cash and cash equivalents at June 30, 2024, were 3,130 KSEK, down from 26,293 KSEK a year earlier.

• Equity ratio declined to 40% from 92% year-over-year.

• Cash flow from operating activities was -10,560 KSEK (H1 2023: -19,190 KSEK).

Outlook and guidance

• 2cureX AB will focus on a direct-to-patient commercial strategy and technology acquisitions, aiming for global leadership in Functional Precision Oncology.

• 2cureX A/S will prioritize product development, CE-IVDR certification, and expanding IndiTreatⓇ to new cancer types.

• Both entities will maintain a strategic partnership to combine commercial and innovation efforts.