Modus Therapeutics (MODTX) Q3 2024 earnings summary

Executive summary

• Advanced clinical pipeline with approval to initiate Phase 2a trial in chronic kidney disease (CKD) and anemia; recruitment progress in severe malaria study.

• Secured SEK 5M bridge financing from Karolinska Development to support ongoing research and clinical activities.

• Board member Torsten Goesch passed away; Johan Dighed appointed as new board member.

• Active participation in industry events and increased scientific engagement through data presentations.

Financial highlights

• Q3 2024 loss after tax: TSEK 2,989 (vs. 3,093 in Q3 2023); loss per share: SEK 0.08 (vs. 0.19).

• 9M 2024 loss after tax: TSEK 10,831 (vs. 13,828 in 9M 2023); loss per share: SEK 0.30 (vs. 0.86).

• Cash flow from operations Q3: negative TSEK 3,971 (vs. 2,955); 9M: negative TSEK 11,061 (vs. 13,557).

• Cash equivalents at period end: TSEK 7,999 (vs. 3,867 in Q3 2023).

• R&D expense/operating expense: 61% in Q3 2024 (vs. 40% in Q3 2023).

Outlook and guidance

• Focused on executing Part 1 of the CKD Phase 2a study, aiming for completion in H1 2025; Part 2 contingent on further financing.

• Ongoing evaluation of long-term financing options to support continued clinical development.