Saniona (SANION) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased to SEK 8.0M from SEK 3.9M year-over-year; H1 revenue rose to SEK 14.1M from SEK 6.0M.

• Net loss for Q2 improved to SEK -19.7M from SEK -21.2M; H1 net loss narrowed to SEK -29.0M from SEK -43.0M.

• Cash and cash equivalents at June 30, 2024, were SEK 54.4M, down from SEK 69.4M a year earlier.

• Medix submitted an updated application for tesofensine approval in Mexico; regulatory decision pending.

• Ongoing discussions for new collaborations and partnerships to secure funding and advance pipeline assets.

Financial highlights

• Q2 2024 revenue: SEK 8.0M (Q2 2023: SEK 3.9M); H1 2024: SEK 14.1M (H1 2023: SEK 6.0M).

• Q2 operating loss: SEK -16.0M (Q2 2023: SEK -21.8M); H1 operating loss: SEK -29.7M (H1 2023: SEK -42.9M).

• Q2 net loss: SEK -19.7M (Q2 2023: SEK -21.2M); H1 net loss: SEK -29.0M (H1 2023: SEK -43.0M).

• Cash flow from operations improved; net cash used in H1 2024 was SEK -37.0M, down from SEK -46.8M in H1 2023.

• Rights issue in February 2024 raised SEK 88.9M before costs; SEK 20M used to repay debt.

Outlook and guidance

• Awaiting regulatory approval for tesofensine in Mexico, which could trigger upfront payment and royalties.

• Targeting at least one new collaboration in 2024 to secure additional funding.

• SAN711 Phase 1 MAD/Biomarker study top-line results expected by year-end; pediatric study planned for spring 2025.

• SAN2355 GLP tox batch to be finalized in Q3 2024; Phase 1 filing possible in nine months, subject to funding.