Dicot Pharma (DICOT) Q3 2024 earnings summary

Executive summary

• No net sales reported for the period; company remains in development phase with all costs expensed directly to the income statement.

• Phase 1 clinical trial for LIB-01 completed with positive safety and efficacy signals; phase 2a study approved and set to begin in Q4 2024.

• Rights issue in August 2024 was oversubscribed, raising SEK 134.9 million before costs, fully funding the phase 2a study and advancing R&D activities.

• Nasdaq Stockholm approved listing on First North Growth Market, with first trading day scheduled for November 7, 2024.

Financial highlights

• Net sales for Q3 and Jan–Sep 2024 were MSEK 0.0 (0.0); company has no revenue.

• Net loss after financial items for Q3 was MSEK -10.2 (-8.5); for Jan–Sep, MSEK -37.0 (-28.5) year-over-year.

• Earnings per share for Q3 was SEK -0.01 (-0.01); for Jan–Sep, SEK -0.04 (-0.06) year-over-year.

• Operating expenses in Q3 were MSEK 10.4 (8.7), higher due to increased R&D and IP protection activities.

• Cash and cash equivalents at quarter-end were SEK 130.4 million (44.9), reflecting proceeds from the rights issue.

Outlook and guidance

• Phase 2a clinical trial for LIB-01 to start in Q4 2024, fully funded and expected to last until mid-2025.

• Preparations for phase 2b study and preclinical program in metabolic diseases to be initiated, leveraging strong financial position.

• Strategy to seek partnerships with larger pharmaceutical companies for later-stage trials and commercialization.