Pharma Equity Group (PEG) Q2 2024 earnings summary

Executive summary

• Loss after tax of DKK 13.0 million for H1 2024, in line with expectations; equity at DKK 25.9 million as of 30 June 2024.

• No commercial revenue recognized; focus remains on advancing clinical programs for future commercialization.

• Positive phase 2 clinical results reported for drug candidate RNX-051 in right-sided colon cancer and adenomas.

• Receivable from Portinho S.A. (DKK 58 million) remains outstanding; legal actions intensified to recover payment.

• Capital reduction of share nominal value approved but not yet implemented due to ongoing creditor claims.

Financial highlights

• H1 2024 net loss: DKK 13.0 million, compared to DKK 6.8 million loss in H1 2023.

• EBITDA for H1 2024: DKK -11.6 million; operating loss (EBIT): DKK -11.8 million.

• No revenue recognized in H1 2024; total assets at DKK 76.6 million as of 30 June 2024.

• Cash and cash equivalents at period end: DKK 0.9 million; unused credit facility of approx. DKK 5 million.

• Subordinated convertible loans increased to DKK 18.5 million as of 30 June 2024.

Outlook and guidance

• 2024 guidance maintained: expected pre-tax loss of DKK 24–29 million; no commercial revenue anticipated in 2024.

• Outlook excludes any potential gains or losses from recovery of the Portinho S.A. receivable.