Lipum (LIPUM) Q3 2024 earnings summary

Executive summary

• Final patient with rheumatoid arthritis included in ongoing phase 1 clinical trial; 90-day follow-up remains before unblinding and final reporting in early 2025.

• Interim data from phase 1 (SAD and MD) show SOL-116 is well tolerated, with no serious adverse events and expected pharmacokinetics.

• Production of study drug for phase 2, in partnership with NorthX Biologics, is on schedule.

• Peter Hovstadius appointed as new Chief Medical Officer in August 2024.

Financial highlights

• Operating income for Q3: 109 KSEK (51 KSEK in Q3 2023), mainly from grants and currency gains.

• Operating expenses for Q3: 1,741 KSEK (6,622 KSEK), with a positive effect from a 5 MSEK cost adjustment.

• Result after financial items: -1,680 KSEK (-6,605 KSEK in Q3 2023).

• Cash and cash equivalents as of September 30: 12,873 KSEK (17,551 KSEK).

• Cash flow from operations in Q3: -7,258 KSEK (-8,547 KSEK in Q3 2023).

Outlook and guidance

• All phase 1 clinical trial results expected in early 2025; phase 2 study planning underway.

• Additional financing will be needed in spring 2025 to initiate phase 2; board sees good prospects for raising required capital.