Nanexa (NANEXA) Q3 2024 earnings summary

Executive summary

• Achieved key milestones in the NEX-22 project, completing patient dosing and finalizing the Phase I study for a long-acting GLP-1 formulation for type 2 diabetes, with promising preliminary results and a positive safety profile.

• Strategic cost-saving measures have been implemented, resulting in reduced operating expenses and improved cash flow compared to the previous year.

• Ongoing business development with Novo Nordisk and other partners, focusing on PharmaShell system optimization and potential licensing opportunities.

Financial highlights

• Q3 2024 revenue: 6,434 KSEK (vs. 6,683 KSEK Q3 2023); 9M 2024 revenue: 19,844 KSEK (vs. 22,511 KSEK 9M 2023).

• Q3 2024 EBIT: -4,450 KSEK (vs. -6,488 KSEK Q3 2023); 9M 2024 EBIT: -14,037 KSEK (vs. -25,258 KSEK 9M 2023).

• Q3 2024 net result: -4,438 KSEK (vs. -6,694 KSEK Q3 2023); 9M 2024 net result: -13,273 KSEK (vs. -25,247 KSEK 9M 2023).

• Cash flow for Q3 2024: -12,302 KSEK (vs. -17,790 KSEK Q3 2023); cash and equivalents at period end: 29,009 KSEK (vs. 20,569 KSEK Q3 2023).

Outlook and guidance

• Full Phase I results for NEX-22 expected later in 2024, with ongoing discussions for potential partnerships and licensing.

• Current cash and capital are insufficient for the next 12 months, but management sees good prospects for additional funding through partnerships or external capital.