Chordate Medical (CMH) Q2 2024 earnings summary

Market and industry conditions

• Focus on UK, Swiss, and Britannia markets, with ongoing regulatory contact and distribution in Switzerland and Schwesen.

• Global pharma, cosmetic, and migraine medication markets noted, with botox alternatives and enterprise potential.

• Revenue activity observed in Miguel and Saudi Arabia, with pandemic-related impacts and market setup efforts.

• The global migraine medication market is forecast to grow from USD 4.3 billion in 2021 to USD 8.8 billion by 2030, CAGR 8.5%.

• Chordate is the sole provider of Ozilia for migraine and rhinitis, targeting unmet needs in both markets.

Significant events and developments

• Ongoing post-market surveillance studies and funding initiatives highlighted.

• Entered liquidity provision agreement with Lago Kapital to improve share liquidity and reduce volatility.

• Signed partnership with Neurolite AG for distribution in Switzerland and Liechtenstein.

• Received first Swiss order for Ozilia, valued at SEK 370,000.

• USPTO granted a new patent, bringing the total to 79 patents in 32 countries.

Executive summary

• Net turnover for January–June 2024 increased to SEK 430,617 from SEK 283,737 year-over-year, with a net loss after tax of SEK -13,042,462, an improvement from SEK -14,405,401.

• Strong international interest in Ozilia was observed at investor congresses, with new leads generated in key European markets.

• The Ozilia treatment is marketed for chronic migraine and rhinitis in select EU and Middle East markets, with Switzerland and Liechtenstein newly added.

• Early-stage activities in London and Oxford, with potential for sweet crude production and American stock involvement.