Cantargia (CANTA) Q4 2023 earnings summary

Executive summary

• Nadunolimab showed clinical signals in pancreatic cancer and TNBC; planned development included a Phase IIb pancreatic cancer trial and continued breast cancer studies.

• 2023 operating expenses and net loss declined YoY; year-end funds of SEK 194.7M and net share-issue proceeds of SEK 54.7M supported plans into 2025.

Financial highlights

• Q4 operating expenses fell 21% YoY to SEK 71M from SEK 90M; loss after tax was SEK 71.3M versus SEK 90.6M.

• FY operating expenses declined 24% to SEK 290M from SEK 382M; net loss was SEK 280.0M versus SEK 371.8M.

• FY R&D costs were SEK 272.9M versus SEK 364.7M, primarily reflecting focus on clinical programs and lower production costs; net financial income was SEK 10.0M.

• Net sales were SEK 0.0M in Q4 and FY 2023, unchanged YoY; EPS was SEK -0.40 in Q4 and SEK -1.65 for FY.

Outlook and guidance

• PANFOUR Phase IIb was planned to start in the US and Europe in mid-2024, enrolling 150–200 patients with an interim review after 60; US regulatory approval to initiate the trial was obtained after year-end.

• PANFOUR top-line data were targeted for 2025; Phase III could start in H1 2026, with potential BLA/MAA submission and US launch in 2028.

• TNBC randomized Phase II top-line data were planned for late 2024, with full recruitment expected in H2 2024; first randomized TRIFOUR results were also planned for late 2024.

• CAN10 Phase I updates were expected during 2024; plans included psoriasis patient treatment in Q3 and starting Phase II in a main indication.