EXACT Therapeutics (EXTX) H1 2024 earnings summary

Executive summary

• Advanced ENACT Phase 2 trial in pancreatic cancer, leveraging ACT® technology after promising preclinical and Phase 1 results in other cancers.

• Shifted strategic focus to pancreatic cancer, halting new recruitment in ACTIVATE trial to prioritize ENACT.

• Expanded immuno-oncology research and secured a new UK patent for ACT® in combination with immunotherapy.

• Strengthened board with new director Leiv Askvig, following the resignation of Sir William Castell.

Financial highlights

• Net loss for H1 2024 was NOK -29.3 million, compared to NOK -22.8 million in H1 2023.

• Total operating expenses rose to NOK 29.7 million (H1 2023: NOK 22.3 million), mainly due to increased clinical and preclinical activities.

• Cash and cash equivalents at June 30, 2024, were NOK 15.8 million, down from NOK 46.4 million at year-end 2023.

• Net cash flow from operating activities was negative NOK 30.6 million (H1 2023: negative NOK 29.7 million).

• Total assets decreased to NOK 31.4 million from NOK 61.3 million at year-end 2023, mainly due to reduced cash.

Outlook and guidance

• Preparing IND submission and launch of ENACT Phase 2 trial in pancreatic cancer as a first-line treatment.

• Plans to progress immuno-oncology collaborations and strengthen R&D through partnerships.

• Focused on resource optimization and pipeline expansion for ACT® technology.