Poolbeg Pharma (POLB) H1 2024 earnings summary

Executive summary

• POLB 001 lead candidate showed positive efficacy data in reducing cancer immunotherapy-induced CRS, with a potential $10bn market opportunity confirmed by independent research.

• Patent portfolio expanded, including a US patent for Immunomodulator II covering POLB 001 for hypercytokinemia in any disease.

• Exclusive 12-month option agreement signed for tPTX, a novel treatment for oral ulcers in Behçet's Disease, with FDA Fast Track and Orphan Drug Designation.

• Leadership team strengthened by onboarding former Amryt Pharma executives, enhancing expertise in rare and orphan diseases.

• Strategic focus on rare and orphan diseases, aiming for near-term value through partnerships and future revenue from commercial-stage assets.

Financial highlights

• Cash balance of £10.1m as of 30 June 2024, reflecting prudent financial management.

• Loss for the period was £2.3m (H1 23: £1.8m), with R&D expenses at £0.7m (H1 23: £0.9m) and administrative expenses at £2.1m (H1 23: £1.4m).

• Basic and diluted loss per share was (0.45)p, compared to (0.36)p in H1 2023.

• Net cash outflow from operating activities was £2.1m; cash and cash equivalents at period end were £10.1m.

Outlook and guidance

• Continued focus on partnering in-house programmes to unlock near-term value and targeting future revenue from rare and orphan drugs.

• Preparation underway for a proof-of-technology clinical trial for the oral GLP-1R agonist, expected to commence in late 2024.

• Ongoing engagement with potential partners for POLB 001 and AI-led infectious disease programmes.