Chordate Medical (CMH) Q4 2024 earnings summary

Executive summary

• Achieved market breakthroughs for Ozilia® migraine treatment in Germany, Saudi Arabia, and Switzerland, with first orders and regulatory approvals in these markets.

• Initiated the final step in the exit strategy by appointing an advisor to find an international buyer for the business.

• Published a pivotal migraine study in Neurology, confirming Ozilia's efficacy comparable to conventional drug-based alternatives.

• Strengthened financial position through a rights issue raising SEK 17.7 million after year-end, supporting ongoing operations and exit process.

• Terminated the Shanghai joint venture after unsuccessful product registration, with no financial loss to Chordate.

Financial highlights

• Net turnover for January–December 2024 was SEK 664,687, down from SEK 976,281 year-over-year.

• Profit/loss after tax for the year was SEK -27,253,583, an improvement from SEK -29,186,675 year-over-year.

• Cash flow from operating activities was SEK -24,407,728, compared to SEK -27,263,296 in the previous year.

• Cash and bank balances at year-end were SEK 2,529,506, down from SEK 8,455,210 at the end of 2023.

• Earnings per share for the year were SEK -27.96, compared to SEK -0.13, reflecting a 500:1 share consolidation.

Outlook and guidance

• Focus for 2025 is on executing a successful exit, increasing installations in focus markets, and completing ongoing clinical studies.

• The company has secured working capital for the next 12 months but may require additional financing if forecasts are not met or the company is not sold.