Saniona (SANION) Q3 2024 earnings summary

Executive summary

• Signed transformational licensing agreement with Acadia Pharmaceuticals for SAN711, securing $28M upfront, $10M early milestone, and up to $572M in future milestones plus royalties.

• Revenue increased to SEK 7.2M in Q3 2024 (SEK 5.5M in Q3 2023) and SEK 21.3M for nine months (SEK 11.5M in 2023).

• Net loss narrowed to SEK -29.5M in Q3 (SEK -24.1M in Q3 2023) and SEK -58.4M for nine months (SEK -67.1M in 2023).

• Cash position at SEK 41.3M as of September 30, 2024.

• Pipeline advanced with regulatory approval and initiation of SAN711 biomarker study, and progress on SAN2355.

Financial highlights

• Q3 2024 revenue: SEK 7.2M (Q3 2023: SEK 5.5M); nine months: SEK 21.3M (2023: SEK 11.5M).

• Q3 operating loss: SEK -18.9M (Q3 2023: SEK -18.4M); nine months: SEK -48.5M (2023: SEK -61.3M).

• Q3 net loss: SEK -29.5M (Q3 2023: SEK -24.1M); nine months: SEK -58.4M (2023: SEK -67.1M).

• Cash and cash equivalents: SEK 41.3M (2023: SEK 49.3M).

• Basic and diluted EPS: SEK -0.26 in Q3 (SEK -0.38 in Q3 2023); SEK -0.53 for nine months (SEK -1.05 in 2023).

Outlook and guidance

• Acadia deal secures funding for over 12 months and enables advancement of proprietary pipeline assets toward Phase 2 studies.

• Phase 1 for SAN2355 could start in late 2025; SAN2219 and SAN2465 Phase 1 could start in 2026.

• Medix continues regulatory efforts for tesofensine in Mexico; approval would unlock further milestones and royalties.