Curasight (CURAS) Q2 2024 earnings summary

Executive summary

• Presented interim report for H1 2024, focusing on financials, business updates, strategy, and funding, with emphasis on developing a uPAR-targeted theranostic platform for cancer diagnosis and treatment.

• Advanced clinical milestones in 2024, including EMA approval and first patient enrollment in phase II uTRACE® prostate cancer trial, triggering a milestone payment from Curium.

• Announced a new funding package (directed share issue, loan facility, warrants) providing DKK 27.8 million initially, with potential up to DKK 120 million, extending cash runway into H2 2025.

• Focused on rapid clinical proof-of-concept for uTREAT® therapy and expanding the multi-cancer theranostic platform.

• Leadership change: Kirsten Drejer elected as new Chair of the Board following Per Falholt's resignation.

Financial highlights

• H1 2024 gross loss: kDKK -16,385 (H1 2023: kDKK -13,685); operating loss: kDKK -20,345 (H1 2023: kDKK -16,842); loss before tax: kDKK -21,479 (H1 2023: kDKK -16,844); net loss: kDKK -18,729 (H1 2023: kDKK -13,138).

• Q2 2024 gross loss: kDKK -9,001 (Q2 2023: kDKK -9,029); operating loss: kDKK -10,969 (Q2 2023: kDKK -10,658); net loss: kDKK -10,737 (Q2 2023: kDKK -8,312).

• Cash at June 30, 2024: kDKK 8,384 (June 30, 2023: kDKK 32,104); total assets: kDKK 28,847 (June 30, 2023: kDKK 46,331).

• Equity ratio: 43.9% (June 30, 2023: 95.8%); EPS H1 2024: DKK -0.94 (H1 2023: DKK -0.66); Q2 2024 EPS: DKK -0.54 (Q2 2023: DKK -0.41).

• Cash flow from operating activities Q2 2024: kDKK -13,493; offset by loan proceeds of kDKK 10,000.

Outlook and guidance

• Funding structure in place could provide up to DKK 120 million, extending cash runway into H2 2025 and supporting most 2025 plans.

• Expecting preliminary efficacy data from prostate cancer trial in Q4 2024 and further pipeline progress in H2 2024.

• Plans to initiate a rapid phase I/IIa trial for uTREAT® in a single indication in H1 2025, followed by a larger basket trial in 2026.

• Expects to secure additional funding through warrant exercises in Q4 2024.

• Multiple clinical milestones expected through 2025–2026, including topline results from uTRACE® and uTREAT® trials.