Saniona (SANION) Q4 2024 earnings summary

Executive summary

• Achieved a transformative year with a strategic partnership, notably the Acadia Pharmaceuticals deal, securing an upfront payment of $28M and potential milestones up to $582M, enabling advancement of three internal programs toward Phase 2 development.

• Revenue surged to SEK 334.7M for 2024 (SEK 16.8M in 2023), driven by licensing and partnership agreements, especially the Acadia deal.

• Net profit for 2024 reached SEK 188.7M (loss of SEK 95.8M in 2023), with cash and cash equivalents at SEK 303.3M (SEK 31.0M in 2023), providing a solid financial foundation.

• Pipeline advanced with SAN2355 and SAN2219 in preclinical epilepsy development, SAN2465 for major depressive disorder, and SAN711 licensed to Acadia for essential tremor.

• Awaiting regulatory approval for tesofensine in obesity in Mexico, with potential for royalty income and market expansion.

Financial highlights

• Q4 2024 revenue: SEK 313.4M (Q4 2023: SEK 5.4M); full-year revenue: SEK 334.7M (2023: SEK 16.8M).

• Q4 operating profit: SEK 290.4M (loss of SEK 19.8M); full-year operating profit: SEK 241.9M (loss of SEK 81.1M).

• Q4 net profit: SEK 247.1M (loss of SEK 28.7M); full-year net profit: SEK 188.7M (loss of SEK 95.8M).

• Cash flow from operations for 2024: SEK 248.9M (2023: SEK -85.5M).

• Equity ratio improved to 68% (2023: -34%); equity at SEK 231.8M (2023: SEK -21.9M).

Outlook and guidance

• Positioned to advance three internal programs to Phase 2, with flexibility for further strategic partnerships or capital raises.

• 2025 expected to be pivotal as internal programs progress and new strategic opportunities are evaluated.

• No dividend proposed for 2024; focus remains on reinvestment and pipeline advancement.