Curasight (CURAS) Q3 2024 earnings summary

Executive summary

• Advanced clinical pipeline with uTRACE® and uTREAT® platforms, focusing on radiopharmaceuticals for cancer diagnostics and therapy, with key milestones in prostate and brain cancer trials.

• Achieved first patient enrollment in Phase II uTRACE® prostate cancer trial and published positive Phase II data in brain cancer, designating high-grade glioma as the first indication for uTREAT®.

• Secured a heavily oversubscribed rights issue, raising DKK 27.8 million initially, with potential to reach DKK 120 million, extending cash runway into H2 2025.

• Strengthened partnership with Curium, receiving a second milestone payment and advancing collaborative development.

Financial highlights

• Q3 2024 gross loss was KDKK -6,135, operating loss KDKK -8,099, and loss for the period KDKK -7,148, compared to KDKK -6,551, -8,465, and -6,618 in Q3 2023.

• For Q1-Q3 2024, gross loss was KDKK -22,521, operating loss KDKK -28,443, and loss for the period KDKK -25,877, all higher than the same period in 2023.

• Total assets at September 30, 2024, were KDKK 25,778, down from KDKK 41,913 a year earlier; cash at period end was KDKK 7,938.

• Equity ratio declined to 51.6% from 90.1% year-over-year; earnings per share for Q3 was DKK -0.35 (Q3 2023: DKK -0.33), and for Q1-Q3 DKK -1.25 (Q1-Q3 2023: DKK -0.99).

• Cash flow in Q3 2024 was KDKK -446, with operating cash outflow of KDKK -8,246 offset by capital increase of KDKK 7,800.

Outlook and guidance

• Plans to submit clinical trial application for uTREAT® in high-grade glioma in early Q1 2025 and dose first patient by end of Q2 2025.

• Expects to initiate a Phase II basket trial in 2026, expanding uTREAT® and uTRACE® to five additional cancer indications.

• Ongoing business development discussions with major pharma companies and further financing planned through warrant exercises.