NOMAD Power Solutions (NMAD) Q2 2024 earnings summary

Executive summary

• Focused on developing LB-100, a protein phosphatase inhibitor, for cancer therapy, with multiple ongoing and planned clinical trials in the US and Europe.

• No revenue-generating operations to date; relies on equity financing and stock-based compensation.

• Recent leadership changes include the appointment of Dr. Jan H.M. Schellens as Chief Medical Officer effective August 1, 2024.

Financial highlights

• Net loss for Q2 2024 was $1,010,919, compared to $1,668,355 in Q2 2023.

• Net loss for the six months ended June 30, 2024 was $1,982,241, down from $3,036,014 for the same period in 2023.

• Cash used in operations for the six months ended June 30, 2024 was $1,608,266; cash balance at June 30, 2024 was $2,595,222.

• General and administrative costs decreased 35.7% year-over-year for Q2, and 32.1% for the six-month period, mainly due to lower stock-based compensation and patent/legal fees.

• Research and development costs decreased 50.7% year-over-year for Q2 and 46.5% for the six-month period, primarily due to lower clinical and oversight costs.

Outlook and guidance

• Current cash is expected to fund operations through December 31, 2024; additional capital will be needed to continue clinical development and operations beyond this period.

• Management is exploring various strategies to raise additional capital, but there is substantial doubt about the ability to continue as a going concern within one year.