Scandinavian Real Heart (HEART) Q3 2024 earnings summary

Executive summary

• Advanced preclinical validation of RealheartⓇ TAH, with new collaborations at University of Gothenburg and Hannover Medical School to accelerate testing and prepare for clinical trials.

• Positive results from three nonclinical studies highlight hematological safety and physiological adaptability of RealheartⓇ TAH.

• Rights issue and directed issue raised SEK 24.3 million before costs, with additional warrants issued to guarantors.

• Announced reverse share split (1:100) to consolidate shares, effective November 22.

• Ongoing optimization of preclinical safety protocol and continued focus on strategic alliances with leading clinics.

Financial highlights

• Group operating income for Q3 2024 was SEK 4,650, mainly from grants; no product sales.

• Net loss for Q3 2024 was SEK -9.9 million, compared to SEK -8.0 million in Q3 2023.

• Cash and cash equivalents at period end were SEK 31.7 million, down from SEK 44.1 million a year earlier.

• Equity/assets ratio at 84% (down from 90% in Q3 2023).

• Number of shares at period end: 206,815,258.

Outlook and guidance

• Focus remains on completing preclinical phase and preparing for clinical studies, including regulatory engagement with EU and US authorities.

• Company is dependent on external financing and is actively evaluating further capitalization options.