Modus Therapeutics (MODTX) Q2 2024 earnings summary

Executive summary

• Continued focus on advancing sevuparin, with Phase 2a study in anemia due to chronic kidney disease awaiting regulatory approval; start expected in Q3 2024.

• Ongoing preparatory work for clinical trials in sepsis and severe malaria, with collaborations in Italy and Africa.

• AGM held in May 2024, with board re-elections and authorizations for future share issues and incentive programs.

Financial highlights

• Q2 2024 loss after tax was TSEK 4,738, compared to TSEK 4,695 in Q2 2023; loss per share improved to SEK 0.13 from SEK 0.29.

• H1 2024 loss after tax was TSEK 7,843, down from TSEK 10,735 year-over-year; loss per share improved to SEK 0.22 from SEK 0.67.

• Operating loss for Q2 2024 was TSEK 4,804, up from TSEK 4,365 in Q2 2023; H1 2024 operating loss was TSEK 8,003, down from TSEK 10,173.

• Cash flow from operations was negative TSEK 3,424 in Q2 2024 and negative TSEK 7,089 for H1 2024.

• Cash and cash equivalents at June 30, 2024, were TSEK 11,971.

Outlook and guidance

• Expectation to announce start of Phase 2a anemia study in Q3 2024, pending regulatory approval.

• Continued focus on publishing research and progressing clinical programs in sepsis and malaria.

• Ongoing business development and participation in life science events to drive awareness and partnerships.