Lipum (LIPUM) Q2 2024 earnings summary

Executive summary

• Phase 1 clinical study for SOL-116 nearing completion; phase 2 planning underway.

• Interim results show SOL-116 is well tolerated with no serious adverse events and robust pharmacokinetics.

• Strategic manufacturing partnership with NorthX Biologics established for phase 2 supply.

• Patent application filed for SOL-116 in inflammation-induced cancer; Swelife grant of 2.8 MSEK received.

• Rights issue completed, raising 79.7 MSEK; loan commitment of 20 MSEK secured.

Financial highlights

• No net sales; other operating income of 315 KSEK (64 KSEK) from grants and currency gains.

• Operating loss of -27,958 KSEK (-21,151 KSEK) for H1 2024.

• Net loss after financial items of -28,109 KSEK (-21,122 KSEK) for H1 2024.

• Cash and cash equivalents at June 30: 20,131 KSEK (12,364 KSEK).

• Balance sheet total at period end: 56,898 KSEK (14,237 KSEK).

Outlook and guidance

• Current working capital and undrawn credit facility deemed sufficient for the next 12 months.

• Additional funding will be needed by summer 2025 to initiate phase 2 studies.

• Board confident in ability to secure necessary capital for planned activities.