Coegin Pharma (COEGIN) Q2 2024 earnings summary

Executive summary

• Significant progress in launch preparations for FOL005 hair growth project, including obtaining INCI name and signing MoU with Zhejiang Sukean Pharmaceutical.

• Announced exclusive agreement with University of Bradford for commercialization of pigmentation peptides and expanded portfolio to include self-tanning products.

• Dual-listing of shares on Börse Stuttgart to increase international investor reach.

• Jens Eriksson appointed as permanent CEO in April 2024.

Financial highlights

• Net revenue was 0 TSEK for both Q2 2024 and the first half of 2024, unchanged from previous periods.

• Operating profit improved to -4,486 TSEK in Q2 2024 from -6,562 TSEK in Q2 2023; H1 2024 operating profit was -10,611 TSEK versus -12,883 TSEK in H1 2023.

• Earnings per share before and after dilution were -0.22 SEK for Q2 2024 and -0.71 SEK for H1 2024, both improved year-over-year.

• Cash and cash equivalents at period end were 13,768 TSEK, up from 10,870 TSEK a year earlier.

• Cash flow for Q2 2024 was -4,642 TSEK, an improvement from -5,314 TSEK in Q2 2023.

Outlook and guidance

• FOL005 product line targeted for launch in 2025, with ongoing partner dialogues and regulatory preparations.

• Skin pigmentation product launch planned for 2026, leveraging new peptide platform.

• Financing secured into Q1 2025, excluding potential proceeds from TO3 warrants.