Celyad Oncology (CYAD) H2 2024 earnings summary

Executive summary

• Achieved a leaner, more efficient structure in 2024, focusing on monetizing innovative CAR-T technologies and out-licensing discussions.

• Advanced non-gene edited multiplex miRNA shRNA platform and multispecific NKG2D-based CAR T-cell programs, demonstrating proof-of-concept in preclinical models.

• Re-initiated manufacturing and commercialization of C-Cath® catheter for cardiac gene and cell therapy applications.

Financial highlights

• Revenue increased to €0.2M in 2024 from €0.1M in 2023.

• Net loss narrowed to €5.8M (€0.14/share) from €8.5M (€0.34/share) year-over-year, mainly due to reduced R&D and G&A expenses.

• R&D expenses decreased to €3.2M (from €4.6M); G&A expenses fell to €3.2M (from €6.0M) year-over-year.

• Net cash used in operations was €5.7M, significantly down from €15.2M in 2023.

• Treasury position at year-end was €4.2M, down from €7.0M in 2023.

Outlook and guidance

• Existing cash is expected to fund operations into Q3 2025; refinancing discussions are ongoing.

• Board to propose continuation of activities due to net assets falling below 25% of capital, in line with Belgian law.

• Focus remains on out-licensing, partnerships, and maximizing IP value.