Abliva (ABLI) Q4 2024 earnings summary

Executive summary

• Positive interim analysis of the FALCON study with KL1333 increased likelihood of successful final results and attracted significant industry attention.

• Pharming Technologies B.V. launched a public cash offer for Abliva, accepted by over 90% of shareholders by February 2025.

• KL1333 advanced as the lead candidate for adult mitochondrial disease, with all Wave 1 patients completing the FALCON study and EMA approval of the Pediatric Investigation Plan.

• Capital raised through a fully guaranteed rights issue and convertible bonds, totaling approximately SEK 88 million.

• NV354 remains in preclinical phase with no major operational activities planned due to KL1333 prioritization.

Financial highlights

• Net revenues for 2024 were SEK 0, down from SEK 137,000 year-over-year; other operating income was SEK 497,000 (1,345,000).

• Full-year operating loss was SEK 91,014,000, improved from SEK 96,548,000 year-over-year.

• Loss before tax for 2024 was SEK 89,954,000, compared to SEK 95,518,000 in 2023.

• Loss per share before and after dilution was SEK 0.07 (0.09) for the year.

• Cash and cash equivalents at year-end were SEK 32,670,000, down from SEK 57,664,000.

Outlook and guidance

• Wave 2 of the FALCON study with KL1333 is set to commence in 2025.

• Pharming's acquisition is expected to provide financial stability and resources for further development and commercialization.

• No dividend proposed for 2024.