NextCell Pharma (NXTCL) Q3 2024 earnings summary

Executive summary

• Operating income for Q3 2024 was SEK 2.5 million, down from SEK 4.2 million in Q3 2023, mainly from Cellaviva operations.

• Operating result improved to SEK -8.8 million from SEK -10.9 million year-over-year, reflecting cost savings.

• Cash and cash equivalents at quarter-end were SEK 20.8 million, down from SEK 63.2 million a year earlier.

• Rights issue in Q2 2024 was oversubscribed, raising SEK 40.1 million before issue costs.

• ProTrans demonstrated long-term efficacy in type 1 diabetes, with 5-year data supporting disease-modifying effects.

Financial highlights

• Q3 operating income: SEK 2.5 million (Q3 2023: SEK 4.2 million); 9M operating income: SEK 9.6 million (9M 2023: SEK 9.9 million).

• Q3 operating result: SEK -8.8 million (Q3 2023: SEK -10.9 million); 9M operating result: SEK -28.7 million (9M 2023: SEK -31.2 million).

• Earnings per share Q3: SEK -0.26 (Q3 2023: SEK -0.32); 9M: SEK -0.84 (9M 2023: SEK -0.91).

• Cash flow from operating activities Q3: SEK -9.7 million (Q3 2023: SEK -12.4 million).

• Equity/assets ratio at 76.9% (Q3 2023: 88.1%).

Outlook and guidance

• SEK 40 million raised is expected to fund planned activities and clinical trials for at least one year.

• By May 2025, results from ProTrans in adolescents (12-21 years) will be presented; recruitment for 7-11 years starts August 2024.

• Subscription rights could raise over SEK 110 million, sufficient to complete the paediatric ProTrans-Young study.

• Cellaviva to become a separate company from September 2024.