Nanexa (NANEXA) Q3 2024 earnings summary

Executive summary

• Achieved key milestone in NEX-22 project with completion of Phase I study for long-acting GLP-1 analog liraglutide, showing promising safety and efficacy results.

• Strategic cost savings implemented, resulting in reduced operating and personnel expenses year-over-year.

• Ongoing business development with focus on out-licensing and new collaborations, especially with Novo Nordisk.

Financial highlights

• Q3 2024 turnover: SEK 6,434 thousand (Q3 2023: SEK 6,683 thousand); 9M 2024 turnover: SEK 19,844 thousand (9M 2023: SEK 22,511 thousand).

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

• Q3 2024 net loss: SEK -4,438 thousand (Q3 2023: SEK -6,694 thousand); 9M 2024 net loss: SEK -13,273 thousand (9M 2023: SEK -25,247 thousand).

• Cash and cash equivalents at period end: SEK 29,009 thousand (Q3 2023: SEK 20,569 thousand).

• Cash flow for 9M 2024: SEK -36,160 thousand (9M 2023: SEK -60,613 thousand).

Outlook and guidance

• NEX-22 positioned as potential first one-month GLP-1 product for type 2 diabetes, targeting future product development and regulatory approval.

• Continued focus on cost control and securing long-term financing through partnerships and external capital.

• Ongoing evaluations and optimization of PharmaShell system with Novo Nordisk and other partners.