Cantargia (CANTA) Q1 2025 earnings summary

Executive summary

• Interim CEO Damian Marron appointed after Göran Forsberg's resignation; Morten Lind Jensen named Chief Medical Officer post-period.

• Promising phase 1 results for CAN10/CANTEN, with full receptor occupancy, strong safety, and biomarker results; phase 2 preparations underway.

• TRIFOUR phase 2 study in triple-negative breast cancer fully recruited; first patient enrolled in new leukemia study with nadunolimab.

• CAN10/CANTEN phase 2 program expanded to include treatment-resistant atopic dermatitis; multiple abstracts and posters accepted for AACR 2025.

• Ongoing discussions for transformative transactions amid challenging biotech market conditions.

Significant events and developments

• CAN10/CANTEN selected for a second indication: treatment-resistant atopic dermatitis; pharmacokinetic modeling supports every four-week dosing.

• Nadunolimab demonstrated neuroprotective effects and reduced chemotherapy-induced neuropathy in clinical and preclinical studies.

• Anti-IL1RAP ADC preclinical data shows strong tumor inhibition and tolerability.

• Diagnostic test in development for nadunolimab to identify high IL1RAP-expressing tumors.

• Rights issue completed, raising SEK 120 million gross; net proceeds SEK 106.9 million.

Segment performance

• CAN10/CANTEN: Phase 1 study in healthy volunteers and psoriasis subjects completed; full receptor occupancy and cytokine inhibition achieved; no safety concerns observed.

• Nadunolimab: Recruitment completed for TRIFOUR phase 2 in TNBC; new leukemia study initiated; focus on companion diagnostic development for pancreatic cancer.

• R&D segment saw increased expenses due to clinical trial activity and material manufacturing.

• G&A segment costs rose, driven by organizational changes and severance pay.

• Net sales remained at SEK 0.0 million for Q1 2025.