Poolbeg Pharma (POLB) H2 2024 earnings summary

Executive summary

• Advanced drug pipeline, notably POLB 001 for cancer immunotherapy-induced CRS, with Phase 2a trial design completed and market opportunity exceeding $10 billion confirmed by independent research.

• Progressed oral encapsulated GLP-1 programme targeting obesity and diabetes, with proof-of-concept trial expected to start soon and topline data in H1 2026.

• AI-led drug discovery programmes identified novel targets for influenza and RSV, with ongoing partnership discussions.

• Ended 2024 with £7.8m cash, loss for the year of £5.8m, and continued disciplined capital allocation.

Financial highlights

• Cash balance at year-end: £7.8m (2023: £12.2m).

• Loss for the year: £5.8m (2023: £3.9m), including R&D expenses of £1.4m and administrative expenses of £5.3m.

• No revenue generated; all R&D costs expensed as incurred.

• Loss per share: (1.16)p (2023: (0.79)p).

• Net cash outflow from operations: £4.6m.

Outlook and guidance

• Well-positioned for success with a strong leadership team and high-value pipeline.

• Phase 2a trial for POLB 001 targeted to commence in H2 2025, topline data expected H2 2026.

• Oral GLP-1 proof-of-concept trial to start soon, topline data expected H1 2026.

• Focus remains on executing strategy to generate shareholder value and address unmet medical needs.