Actinogen Medical (ACW) H2 2024 earnings summary

Executive summary

• Achieved positive phase 2a depression results for Xanamem, confirming clinical activity and validating its brain cortisol control mechanism; phase 2b Alzheimer's trial underway with interim results expected mid-2025.

• Secured $18.9 million in capital raisings and expects a $9.0 million R&D tax rebate, funding operations to late CY2025.

• Received UK MHRA Innovation Passport for Xanamem in Alzheimer's, enhancing regulatory and partnering prospects.

• Strengthened executive team with a new CFO and reorganized clinical operations.

Financial highlights

• Revenue and other income rose to $10.2 million (up from $5.3 million), mainly due to R&D tax rebates.

• Net loss after tax increased to $13.0 million from $10.8 million year-over-year, driven by higher R&D and employment costs.

• Cash and cash equivalents at year-end were $9.5 million, up from $8.5 million.

• No dividends declared; loss per share remained at 0.60 cents.

Outlook and guidance

• Focus in FY2025 on advancing phase 2b Alzheimer's trial and planning phase 2b depression trial, with interim AD data expected mid-2025.

• Ongoing regulatory engagement with FDA, EMA, and TGA to optimize trial designs.

• Company and current programs funded to late CY2025, with additional funding sources anticipated.