Nanexa (NANEXA) Q4 2024 earnings summary

Executive summary

• Achieved first depot formulation of a GLP-1 agonist with one-month release; positive Phase I results for NEX-22 in type 2 diabetes, showing proof of concept and no common side effects observed.

• Collaboration with Novo Nordisk on PharmaShell drug delivery system continues, with evaluation progressing as planned and potential for licensing discussions within the year.

• Cost savings and focused R&D on prioritized projects improved operational efficiency; financing secured via directed share issue and loans in January 2025.

Financial highlights

• Q4 2024 turnover: SEK 4,517k (down from 6,816k); full-year turnover: SEK 24,361k (down from 29,327k) compared to 2023.

• Q4 EBIT: SEK -12,025k (improved from -51,367k); full-year EBIT: SEK -26,062k (improved from -76,625k).

• Q4 net loss: SEK -11,631k (improved from -51,150k); full-year net loss: SEK -24,905k (improved from -76,398k).

• Cash and cash equivalents at year-end: SEK 10,292k (down from 65,168k); cash flow for the year: SEK -54,877k (down from -16,014k).

• No dividend proposed for 2024.

Outlook and guidance

• NEX-22 Phase I study to resume with further dose escalation in Q1 2025, following regulatory approval for higher dosing.

• Focus on securing licensing deals for NEX-22 and advancing collaboration with Novo Nordisk.

• Board believes current working capital, including new capital injection, is sufficient for the next 12 months.