PCI Biotech (PCIB) Q2 2024 earnings summary

Executive summary

• Focused on advancing photochemical lysis (PCL) for viral vector manufacturing and photochemical internalisation (PCI) for drug delivery, with positive R&D milestones and ongoing scale-up efforts.

• Field testing in Q1 2024 confirmed PCL's potential in AAV manufacturing, achieving a key interim scalability milestone and compatibility with standard downstream processes.

• Cash position at NOK 30.5 million as of June 2024, supporting operations into 2H 2025, with ongoing efforts to secure further financing and strategic partnerships.

Financial highlights

• Net loss of NOK 12.7 million in 1H 2024, compared to NOK 11.8 million in 1H 2023; other income from grants increased to NOK 3.4 million in 1H 2024.

• Operating expenses decreased to NOK 11.7 million in 1H 2024 from NOK 13.1 million in 1H 2023.

• Cash flow from operating activities was negative NOK 10.5 million in 1H 2024, similar to NOK 10.8 million in 1H 2023.

• Cash & cash equivalents declined to NOK 30.5 million at end-June 2024 from NOK 45.6 million a year earlier.

• Received a new public grant for 2024, up to NOK 3.5 million from Innovation Norway for bioprocess development.

Outlook and guidance

• Plans to complete early-stage field testing and demonstrate PCL technology in a commercially representative model in 2024.

• Aims to be ready for late-stage field testing in 2025, laying groundwork for partnership-driven development.

• Priorities include advancing PCL for gene therapy manufacturing, preclinical exploration of PCI for immunotherapy, and expanding partnerships.