Oncopeptides (ONCO) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales reached SEK 9.9 million, up 35% from Q3 and 87% year-over-year, with strong momentum in Germany and Spain and Italy set for commercialization in H1 2025.

• Full-year 2024 net sales were SEK 31.6 million, tripling from 2023, driven by expanded European market access.

• Cash position at year-end was SEK 179 million, supporting plans for cash flow positivity by end of 2026.

• Regulatory milestones achieved: Italian reimbursement approval and alignment with Japanese PMDA; advanced licensing negotiations ongoing in Japan.

• Real-world study on melflufen plus dexamethasone published, supporting efficacy and safety.

Financial highlights

• Q4 2024 net sales: SEK 9.9 million (Q4 2023: SEK 5.3 million); full-year 2024: SEK 31.6 million (2023: SEK 10.9 million, excluding US reserve reversal).

• Gross profit for Q4 2024 was SEK 7.8 million; full-year gross profit SEK 29.0 million.

• Q4 operating loss: SEK -83.3 million; full-year operating loss: SEK -283.5 million.

• Q4 net loss: SEK -83.4 million; full-year net loss: SEK -284.6 million.

• Cash and cash equivalents at year-end: SEK 179 million.

Outlook and guidance

• On track for cash flow positivity by end of 2026, contingent on sales growth and new partnerships.

• Profitability expected from core European markets: Germany, Spain, Italy, Austria, and Switzerland.

• Italy expected to begin sales in H1 2025 following reimbursement approval.

• R&D expenses expected to decrease in 2025; sales and marketing costs may rise slightly as organization builds out.

• Sufficient liquidity projected if sales and licensing deals progress as planned; additional financing options under consideration.