Cantargia (CANTA) Q3 2024 earnings summary

Executive summary

• Significant progress in nadunolimab (oncology) and CAN10 (immunology/inflammation), with strong safety, biomarker, and efficacy data, including FDA clearance for a fully grant-funded leukemia study at MD Anderson Cancer Center.

• Board proposed a SEK 170 million rights issue, guaranteed to 70%, to fund operations and advance clinical milestones into mid-2026, pending EGM approval.

• Presented new clinical and preclinical results for nadunolimab and CAN10 at major conferences, supporting ongoing partner discussions.

• Strategic shift in clinical trial focus due to market and regulatory changes, with discontinued trials supporting current directions.

Financial highlights

• R&D expenses for Q3 2024 were SEK 38.9 million, down 48% year-over-year; nine-month R&D costs were SEK 117.1 million, reflecting fewer active studies.

• Operating loss for Q3 was SEK -42.4 million (Q3 2023: -78.7 million); nine-month operating loss was SEK -127.9 million (2023: -218.9 million).

• Loss after tax for Q3 was SEK -42.0 million; nine-month loss after tax was SEK -122.3 million.

• Cash and cash equivalents at September 30, 2024, were SEK 59.8 million.

• Cash flow from operating activities for Q3 was SEK -44.4 million; for nine months, SEK -136.5 million.

Outlook and guidance

• Rights issue, if fully subscribed, will fund operations at least until mid-2026; guaranteed level covers into 2026.

• First results from the randomized phase 2 TRIFOUR trial in triple-negative breast cancer expected in H1 2025; first phase 2 study with CAN10 planned for H2 2025.

• Preparations for phase II in hidradenitis suppurativa and further development in pancreatic cancer and diagnostics are covered by the new funding.

• Burn rate expected to remain at current levels.