AcuCort (ACUC) Q4 2024 earnings summary

Executive summary

• Transitioned from biotech to commercial-stage pharma with Zeqmelit® sales in Nordic countries and preparations for European and US launches.

• Completed successful rights issue, oversubscribed at 160.6%, raising SEK 47.7 million to fund international expansion.

• Zeqmelit® well received in Nordics; positive feedback from medical professionals and ongoing sales.

• All patients completed Phase IV study; results are promising and will be published internationally.

Financial highlights

• Net sales for 2024 reached SEK 675k (0 in 2023); no sales in Q4 2024.

• Net loss after tax for 2024 was SEK -17,398k (vs. -13,691k in 2023); Q4 net loss SEK -7,499k (vs. -4,311k in Q4 2023).

• EPS for 2024 was SEK -0.21 (-0.44 in 2023); Q4 EPS SEK -0.09 (-0.14 in Q4 2023).

• Cash at year-end was SEK 2,772k (SEK 19,244k at end 2023).

• Operating expenses for 2024 were SEK -21,428k (-19,841k in 2023); depreciation on intangibles SEK -3,674k.

Outlook and guidance

• Expects increased Zeqmelit® sales as allergy season approaches and with further European and US expansion.

• Ongoing regulatory filings in Europe and US; US market application expected in 2025.

• Working capital needs for 2025 expected to be met by cash, proceeds from rights issue, and sales.

• No dividend proposed for 2024.