Novakand Pharma (NOVKAN) Q4 2024 earnings summary

Executive summary

• Strategic focus shifted to cardiovascular diseases, discontinuing oncology R&D after KANDOVA study completion.

• KAND567 and KAND145 advanced as lead candidates, with positive clinical milestones in 2024.

• Patient recruitment in KANDOVA ovarian cancer study stopped; top-line results expected Q4 2025.

• Robert Edfors appointed Chief Medical Officer.

Financial highlights

• Net sales were SEK 0 million for both Q4 and full year 2024 (unchanged year-over-year).

• Q4 operating loss reduced to SEK -9.9 million from SEK -19.0 million year-over-year; full year loss SEK -46.2 million vs. SEK -65.0 million.

• R&D expenses for Q4 were SEK 8.5 million (down from SEK 17.1 million); full year SEK 40.0 million (down from SEK 58.0 million).

• Cash flow from operations for Q4 was SEK -11.6 million (improved from SEK -12.5 million); full year SEK -58.5 million.

• Cash and cash equivalents at year-end were SEK 46.4 million (SEK 45.7 million prior year).

Outlook and guidance

• Current cash expected to finance operations, including KANDOVA study completion, through Q1 2026.

• Start of new development activities contingent on additional capital injection.

• FRACTIVE phase IIb study in STEMI planned as next major clinical milestone.