Curasight (CURAS) Q2 2024 earnings summary

Executive summary

• Focused on developing a uPAR-targeted theranostic platform for cancer diagnosis and treatment, aiming for more precise and less toxic therapies.

• Advanced clinical milestones in 2024, including EMA approval for Phase 2 prostate cancer trial and first patient enrollment, triggering a milestone payment from Curium.

• Secured significant funding, including a new package with DKK 27.8 million initially and 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 theranostic platform across multiple cancer types.

• Leadership change: Kirsten Drejer elected as new Chair of the Board.

Financial highlights

• Q1–Q2 2024 gross loss: kDKK -16,385 (vs. kDKK -13,685 year-over-year); operating loss: kDKK -20,345 (vs. kDKK -16,842); net loss: kDKK -18,729 (vs. kDKK -13,138).

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

• Total assets at period end: kDKK 28,847 (vs. kDKK 46,331 year-over-year); cash at June 30, 2024: kDKK 8,384 (vs. kDKK 32,104).

• Equity ratio: 43.9% (vs. 95.8% year-over-year); EPS H1 2024: DKK -0.94 (vs. DKK -0.66); Q2: DKK -0.54 (vs. DKK -0.41).

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

Outlook and guidance

• Cash runway extended into the second half of 2025 following new funding initiatives.

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

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

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

• Anticipates further pipeline progress in H2 2024, including ongoing phase 2 uTRACE® trial and execution of next financing steps.