Coegin Pharma (COEGIN) Q3 2024 earnings summary

Executive summary

• Achieved major milestones in Q3 2024, including a development agreement for Follicopeptide and expansion into skin pigmentation peptides with exclusive commercialization rights from the University of Bradford.

• Secured capital from TO3 warrant exercise, supporting product launches and business development through most of 2025.

• Dual-listed shares on Börse Stuttgart, broadening investor access.

Financial highlights

• Net revenue was 0 TSEK for both Q3 2024 and the first nine months, unchanged from prior periods.

• Q3 2024 operating profit was -5,586 TSEK, improved from -7,190 TSEK in Q3 2023; nine-month operating profit was -16,198 TSEK, up from -20,073 TSEK year-over-year.

• Earnings per share before and after dilution were -0.28 SEK for Q3 2024 and -1.08 SEK for the nine-month period.

• Cash at period end was 9,469 TSEK, up from 6,424 TSEK a year earlier.

• Equity at period end was 33,470 TSEK, more than doubling from 14,654 TSEK in Q3 2023.

Outlook and guidance

• Follicopeptide hair growth product launch targeted for H2 2025; skin pigmentation product (NPP-4) launch planned for 2026.

• TO3 warrant proceeds expected to fund operations into at least Q4 2025.

• Ongoing partnering and production scale-up activities for both Follicopeptide and NPP-4.