Lifecare (LIFE) Q4 2024 earnings summary

Executive summary

• Listed on Euronext Oslo Børs in Q4 2024, marking a milestone toward commercialization and clinical studies for diabetes patients.

• Advanced product development with a focus on manufacturability, sensor miniaturization, and collaboration with TTP (UK) and Sanofi.

• Progressed longevity study in dogs, confirming durability, biocompatibility, and intact glucose sensitivity after 12 weeks.

• Developed new sensor chemistry with five-fold improved glucose sensitivity, aiming for superior accuracy and pending in-vivo validation.

• Acquired RemovAid AS to enhance implant removal solutions and expand technology portfolio.

Financial highlights

• Q4 2024 operating expenses were NOK 34 million, higher than previous quarter due to increased R&D and external expertise.

• Net cash outflow was NOK 14 million in Q4, offset by NOK 16.6 million raised in a public retail offering.

• Cash balance at year-end: NOK 61.6 million, up from NOK 48.3 million at end of 2023.

• Revenue and other income for Q4 2024: NOK 1.3 million; full year 2024: NOK 9.7 million.

• Operating loss in Q4 2024: NOK -32.7 million; full year operating loss: NOK -84.8 million.

Outlook and guidance

• Focus on implant optimization, automated production, and in-vivo validation of new sensor chemistry.

• Preparing for clinical studies to support CE marking for human use, with best-case CE mark timeline in 2026 and base case in first half of 2027.

• Veterinary market entry targeted for 2025, with commercialization preparations underway.

• Operating expenses expected to decrease in Q1 2025; no significant capex planned.