Isofol Medical (ISOFOL) Q2 2024 earnings summary

Executive summary

• Net revenue was kSEK 0 for Q2 2024, unchanged from the prior year; first half net revenue was kSEK 0, down from kSEK 721 year-over-year.

• Result for Q2 2024 was kSEK -11,045, compared to kSEK -7,552 in Q2 2023; H1 2024 result was kSEK -19,527, improved from kSEK -21,942 year-over-year.

• Cash and cash equivalents at June 30, 2024, were kSEK 119,150, down from kSEK 156,717 a year earlier.

• Focus remains on clinical development of arfolitixorin, with new data supporting its efficacy and a new clinical study being prepared.

Financial highlights

• Earnings per share for Q2 2024 were SEK -0.07, compared to SEK -0.05 in Q2 2023.

• Earnings per share for H1 2024 were SEK -0.12, compared to SEK -0.14 in H1 2023.

• No net revenue or other revenue recognized in Q2 2024.

Outlook and guidance

• Company is preparing for a new clinical study of arfolitixorin, focusing resources on this program.

• Positive preclinical and clinical data reinforce confidence in arfolitixorin's potential efficacy.