Lipum (LIPUM) Q1 2025 earnings summary

Executive summary

• Successfully completed and published the clinical study report (CSR) for phase I study of SOL-116, demonstrating favorable safety, tolerability, and pharmacokinetics in both healthy volunteers and RA patients.

• Exploratory analyses confirmed target engagement with reduced BSSL levels, supporting further clinical development into phase 2.

• Ongoing collaborations with academic and industrial partners aim to deepen understanding of BSSL and identify patients most suitable for SOL-116 treatment.

Financial highlights

• Operating income for Q1 2025: 492 KSEK (94 KSEK in Q1 2024), mainly from grants and re-invoicing.

• Operating loss: -18,609 KSEK (-9,278 KSEK in Q1 2024); net loss: -19,010 KSEK (-9,313 KSEK in Q1 2024).

• Cash and cash equivalents at March 31, 2025: 4,262 KSEK (1,473 KSEK in Q1 2024).

• Cash flow from operations: -12,370 KSEK (-8,753 KSEK in Q1 2024); financing cash flow: 10,000 KSEK (0 KSEK in Q1 2024).

• Equity at period end: 2,986 KSEK (-4,741 KSEK in Q1 2024); equity ratio: 48% (39% in Q1 2024).

Outlook and guidance

• Phase 2 clinical study for SOL-116 in RA planned to start in summer 2025, pending additional financing.

• Management is actively working to secure necessary capital for continued operations and clinical development.