Molecure (MOC) Q4 2024 earnings summary

Executive summary

• Focus on two main clinical assets: QATD-01 (sarcoidosis, GUIDE study) and QATD-02 (solid tumors, phase I), with updates on preclinical pipeline and development plans.

• Active development of four projects, two in clinical stage; some pipeline projects temporarily suspended but not abandoned.

• Significant partnering and business development efforts, especially for QATD-01 and MASH indications, with over 100 meetings held with potential partners.

• Priority on accelerating patient enrollment and securing partnerships to support clinical and preclinical programs.

Financial highlights

• First consolidated financial statement due to US branch; NIH grant had a visible impact on revenue.

• 2024 revenue lower than 2023 due to closure of a previous program; grant inflows unblocked, with PLN 42 million co-financing available and PLN 30 million remaining.

• Costs reduced by 15% year-over-year, mainly due to a reduced pipeline and lower administrative burden; net loss higher due to a one-time motivation program expense.

• Clinical trial expenses totaled PLN 18 million; capital increase registered at year-end, providing a stable financial position.

• Total expenses in 2024 decreased by 25% compared to 2023; headcount reduced by 10% to 102 employees, with over 50% scientific staff holding PhDs.

Outlook and guidance

• Available funds (PLN 40 million as of March) expected to cover planned actions until early 2026.

• Cash needs for 2025-2026 estimated at PLN 105 million to maintain all projects at current scale.

• Plans to seek further grants, subsidies, and potential capital increases; partnering agreements prioritized for funding.

• Expectation of increased enrollment rates and potential interim results for QATD-01 in mid-2026.

• Ongoing efforts to secure a partnership for MASH and QATD-01, with highest priority on rapid agreement signing.