DexTech Medical (DEX) Q4 2024 earnings summary

Executive summary

• DexTech Medical AB focuses on developing drug candidates for urological oncology, primarily prostate cancer, with a lead candidate OsteoDex targeting bone metastases in castration-resistant prostate cancer (mCRPC).

• The company operates a cost-effective R&D model through collaborations with universities and hospitals, aiming to out-license drug candidates after Phase II studies for milestone and royalty payments.

• OsteoDex has shown positive clinical results in both mCRPC and multiple myeloma, with ongoing Phase 1 studies in myeloma expected to complete in Q2 2025.

• DexTech holds a robust patent portfolio covering its technology platform and drug candidates, with recent filings extending exclusivity to 2044.

Financial highlights

• No net sales were reported for the year; the company remains pre-revenue and is funded by equity and grants.

• Loss after net financial items was SEK -4.7 million for 2023/2024, compared to SEK -4.6 million the previous year.

• Cash and cash equivalents at year-end were SEK 19.0 million, down from SEK 25.2 million the previous year.

• Equity ratio remains high at 97%, indicating a strong capital structure.

• Earnings per share was SEK -0.25, unchanged from the previous year.

Outlook and guidance

• The ongoing Phase 1 myeloma study is expected to complete in Q2 2025, with proof-of-concept data anticipated.

• DexTech aims to secure a licensing agreement for OsteoDex, with negotiations ongoing but time-consuming due to the scale and complexity.

• The company is financed through 2025, with future operations expected to be funded by license revenues.