Annexin Pharmaceuticals (ANNX) Q2 2024 earnings summary

Executive summary

• Net loss for Q2 2024 was -14,514 TSEK, widening from -8,569 TSEK year-over-year; H1 2024 net loss was -26,973 TSEK versus -18,670 TSEK prior year.

• Promising signals and good safety profile reported from phase 2 RVO study; last patient treated in April, with top-line data expected summer 2024.

• Fully subscribed rights issue in May raised approximately 45.1 MSEK, securing operations through March 2025.

• Strategic focus on advancing ANXV for RVO and cancer, with ongoing business development for global partnerships.

Financial highlights

• Q2 2024 operating loss was -14,463 TSEK (vs. -8,577 TSEK Q2 2023); H1 2024 operating loss was -26,921 TSEK (vs. -18,678 TSEK H1 2023).

• Cash flow from operations in H1 2024 was -28,260 TSEK (vs. -19,810 TSEK H1 2023); period-end cash balance was 37,352 TSEK (vs. 17,280 TSEK prior year).

• Equity per share at June 30, 2024 was 0.10 SEK (0.07 SEK prior year); result per share for H1 2024 was -0.07 SEK (-0.12 SEK prior year).

• Solid equity ratio of 87% at period end (50% prior year).

Outlook and guidance

• Funding secured through March 2025 following the rights issue and project rescheduling.

• Top-line data from the phase 2 RVO study expected in summer 2024.

• Ongoing search for global or regional partners to advance ANXV in RVO and other indications.