EXACT Therapeutics (EXTX) H2 2024 earnings summary

Executive summary

• 2024 marked a transformative year with a strategic partnership with GE HealthCare, now the largest shareholder, providing funding and collaboration for clinical research in oncology.

• Focused on advancing Acoustic Cluster Therapy (ACT®) for targeted drug delivery, with progress in pancreatic cancer (ENACT Phase 2) and liver metastases (ACTIVATE Phase 1).

• Expanded ACT applications into immunotherapy and brain cancer, with new patents and collaborations, notably with Agenus Inc. and Cordance Medical.

• Well-capitalized after a NOK 145 million private placement, supporting ongoing and future clinical trials.

Financial highlights

• Total operating expenses for 2024 were NOK 52.9 million, up from NOK 48.4 million in 2023, reflecting increased R&D activity.

• Comprehensive loss for 2024 was NOK 52.3 million, compared to NOK 48.4 million in 2023.

• Cash and cash equivalents at year-end were NOK 100 million, up from NOK 46.4 million the previous year.

• Equity ratio improved to 75% (group) and 85% (parent), with total assets rising to NOK 153.2 million.

• Government grants recognized totaled NOK 10 million, supporting R&D activities.

Outlook and guidance

• ENACT Phase 2 trial in pancreatic cancer to begin patient enrolment in 2025, with initial safety review expected mid-year.

• GE HealthCare partnership to advance ultrasound-mediated therapies in abdominal cancers, with operational impact expected in 2025.

• Early preclinical results in brain cancer anticipated from Cordance Medical collaboration.

• Warrants from the private placement may be exercised after a positive ENACT safety readout, expected in the second half of 2025.