Iconovo (ICO) Q4 2024 earnings summary

Executive summary

• Advanced development of ICOres® budesonide/formoterol with Amneal, showing strong bioequivalence to Symbicort® and targeting European registration in 2026.

• Entered strategic partnership with Lonza to develop inhalable GLP-1 for obesity and diabetes, leveraging proprietary ICOone Nasal® platform.

• Expanded ICOpre® licensing discussions to include regional players due to delays in global agreement, aiming for launches in Europe and Asia from 2027.

• Strengthened financial position with a rights issue raising 28.7 MSEK, supporting key projects and reducing workforce by 20% for cost control.

Financial highlights

• Net sales for Q4 2024 were 986 TSEK, nearly flat year-over-year; full-year net sales declined to 2,934 TSEK from 7,078 TSEK in 2023.

• Operating result for Q4 2024 was -10,763 TSEK; full-year operating loss improved to -41,076 TSEK from -45,777 TSEK in 2023.

• Cash and cash equivalents at year-end increased to 24,688 TSEK from 18,480 TSEK a year earlier.

• Total cash flow for 2024 was 6,209 TSEK, up from 5,035 TSEK in 2023.

• Shareholders’ equity rose to 129,212 TSEK at year-end, up from 113,526 TSEK.

Outlook and guidance

• Funds from the rights issue will be used to advance ICOres® with Amneal, ICOpre® for generic Ellipta, and semaglutide in ICOone Nasal®.

• Management expects current liquidity and budget to finance operations for the next 12 months, contingent on successful out-licensing of ICOpre® or similar projects.

• Focus for 2025 is on business development, customer engagement, and progress in key projects.