AcuCort (ACUC) Q2 2024 earnings summary

Executive summary

• No revenue recognized for Q2 or H1 2024 due to postponed product launch; ZeqmelitⓇ launch now set for September 2024.

• Net loss after tax for Q2 was -3,803 KSEK (vs. -2,820 KSEK in Q2 2023); H1 net loss was -7,416 KSEK (vs. -6,249 KSEK in H1 2023).

• ZeqmelitⓇ received trademark registration in the US; full patient recruitment achieved in key clinical study.

• Cash position at period end was 11,730 KSEK.

Financial highlights

• No sales revenue reported in Q2 or H1 2024; product sales to be recognized post-September launch.

• Q2 net loss after tax: -3,803 KSEK (Q2 2023: -2,820 KSEK); H1 net loss: -7,416 KSEK (H1 2023: -6,249 KSEK).

• Q2 EPS: -0.05 SEK (Q2 2023: -0.09 SEK); H1 EPS: -0.09 SEK (H1 2023: -0.20 SEK).

• Cash and cash equivalents at June 30, 2024: 11,730 KSEK (Dec 31, 2023: 19,244 KSEK).

• 1,275 KSEK in development costs capitalized in Q2, mainly for US registration and production process work.

Outlook and guidance

• ZeqmelitⓇ launch in Sweden scheduled for September 2024, with subsequent launches in Norway and Finland.

• Revenue from product sales expected to be recognized from launch onward.

• Management expects available liquidity to cover working capital needs for the next 12 months.

• Further regulatory approvals targeted outside Scandinavia; US registration application planned for 2024.