Poltreg (PTG) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was 100k PLN, a significant decrease from 899k PLN in H1 2023, mainly due to certification and ramp-up of the new manufacturing facility, with production resuming in July 2024.

• Net loss for H1 2024 was 8,298k PLN, compared to a net loss of 4,428k PLN in H1 2023.

• Cash and cash equivalents decreased to 54,301k PLN as of June 30, 2024, from 65,951k PLN at the end of 2023.

Financial highlights

• Operating loss for H1 2024 was 9,132k PLN, up from 6,513k PLN in H1 2023.

• Net cash outflow from operating activities was 5,039k PLN in H1 2024, compared to 5,355k PLN in H1 2023.

• Net cash outflow from investing activities was 8,301k PLN, mainly due to capital expenditures for the new laboratory.

• Net cash inflow from financing activities was 1,690k PLN, primarily from grants.

• Total assets as of June 30, 2024, were 112,441k PLN, with equity at 79,444k PLN.

• Basic loss per share was (1.78) PLN, compared to (0.95) PLN in H1 2023.

Outlook and guidance

• Production in the new manufacturing facility resumed in July 2024 after certification and equipment review.

• The company expects continued grant inflows and ongoing R&D activities, including clinical and preclinical studies.