Iconovo (ICO) Q3 2024 earnings summary

Executive summary

• No revenue was generated in Q3 2024 due to lack of invoicing in ongoing projects; project revenues are milestone-based and unevenly distributed.

• Significant progress was made in the ICOpre and ICOres projects, including a positive FDA opinion on ICOpre's substitutability and a third clinical study for ICOres with Amneal.

• Iconovo expanded into metabolic diseases, initiating development of intranasal semaglutide for obesity and overweight, leveraging upcoming patent expirations.

• A fully guaranteed rights issue of 28.7 MSEK is planned to support key projects and strengthen liquidity.

Financial highlights

• Net sales were 0 TSEK in Q3 2024, down from 3,181 TSEK in Q3 2023; YTD net sales were 1,948 TSEK, down from 6,110 TSEK.

• Operating result for Q3 2024 was -11,080 TSEK (Q3 2023: -9,953 TSEK); YTD operating result was -30,313 TSEK (YTD 2023: -35,919 TSEK).

• Cash and cash equivalents at period end were 8,912 TSEK, down from 16,737 TSEK a year earlier.

• Cash flow from operating activities in Q3 2024 was -9,113 TSEK; total cash flow for the quarter was -14,959 TSEK.

• Earnings per share for Q3 2024 were -0.70 SEK (Q3 2023: -0.97 SEK); YTD EPS was -1.99 SEK (YTD 2023: -3.59 SEK).

Outlook and guidance

• The rights issue in November 2024 is expected to provide net proceeds above 26 MSEK, supporting operations for at least the next 12 months.

• Out-licensing of ICOpre is a significant part of the 2024 budget and cash flow, but alternative plans are in place if this is delayed.

• Launch of the ICOres budesonide/formoterol product with Amneal could occur in 2026, pending successful registration studies.