Ovoca Bio (OVXA) H2 2024 earnings summary

Executive summary

• Unsuccessful clinical trial results for Orenetide in August 2023 led to a strategic pivot, with all pharmaceutical R&D activities wound down and the company reorienting toward new business opportunities, including minerals exploration in Morocco.

• Major restructuring included divestment or suspension of subsidiaries, staff reductions, and a new CEO and CFO appointed in 2024.

• The company exited the biopharmaceutical sector entirely in April 2025, selling its operating assets and patents for a nominal sum.

Financial highlights

• Group total comprehensive loss for 2024 was €371k (US$556k), a significant improvement from €5,134k (US$5,439k) in 2023, mainly due to the cessation of R&D activities.

• Net loss for the company was €4,568k (US$5,350k) in 2024, compared to €2,716k (US$2,939k) in 2023.

• Cash and liquid investments at year-end were €2,506k (US$2,610k), down from €3,337k (US$3,683k) in 2023.

• No dividend was declared for 2024.

Outlook and guidance

• Management is focused on identifying and executing new strategic opportunities, with a conditional LOI to acquire mineral exploration licenses in Morocco.

• The Board believes current cash resources are sufficient for administrative and advisory costs for at least 24 months while new investments are explored.