Lipidor (LIPI) Q4 2024 earnings summary

Executive summary

• Achieved key milestones including successful refinancing and initiation of Phase III clinical trial for psoriasis candidate AKP02G2; first patient recruited in September 2024 and half of patients randomized by January 2025.

• Results from the Phase III study are expected in April 2025, with preparations underway for regulatory submission and potential product registration.

Financial highlights

• Net sales for Jan–Dec 2024 were 14 tkr (78 tkr year-over-year); H2 2024 net sales were 0 tkr (70 tkr year-over-year).

• Operating loss for Jan–Dec 2024 was -14,210 tkr (-15,454 tkr year-over-year); H2 2024 operating loss was -8,576 tkr (-9,573 tkr year-over-year).

• Net result for Jan–Dec 2024 was -13,806 tkr (-11,485 tkr year-over-year); H2 2024 net result was -8,517 tkr (-8,239 tkr year-over-year).

• Cash flow for Jan–Dec 2024 was 9,587 tkr (-8,299 tkr year-over-year), mainly due to new share issues and asset sales; cash and cash equivalents at year-end were 10,215 tkr (628 tkr prior year).

• Equity per share at year-end was 0.01 SEK (-0.32 SEK prior year); equity ratio improved to 66.68% from -330.70%.

Outlook and guidance

• Phase III study results for AKP02G2 expected in April 2025; positive results could enable product registration and market launch with partner Menarini/Relife.

• Current liquidity is sufficient to complete the ongoing clinical trial, but further funding will be needed for operations beyond the next 12 months.

• Additional liquidity may be secured via milestone payments and exercise of TO 2 warrants, contingent on study outcome and share price.