Spago Nanomedical (SPAGO) Q2 2024 earnings summary

Executive summary

• Focused on advancing Tumorad program, with first three patients treated in ongoing phase I/IIa study for advanced cancer; no serious adverse events reported.

• Non-clinical data for 177Lu-SN201 in triple-negative breast cancer showed significant anti-tumor effect and low radiotoxicity.

• SpagoPix program progressing, with positive topline results in phase IIa study for endometriosis; preparing for next clinical steps via licensing or collaborations.

• Strengthened management with new Head of CMC & Supply; capital injection from warrant exercise to fund clinical progress.

Financial highlights

• Net sales for Q2 2024 were KSEK 459, up from KSEK 114 year-over-year; H1 net sales reached KSEK 809, up from KSEK 201.

• Loss for Q2 was KSEK -8,152 (improved from -9,449); H1 loss was KSEK -15,915 (improved from -25,051).

• Operating expenses for Q2 were KSEK -10,255 (down from -10,982); H1 operating expenses were KSEK -19,752 (down from -28,150).

• Cash and cash equivalents at period end were KSEK 47,700, up from KSEK 31,392.

• Earnings per share for Q2 were SEK -0.03 (improved from -0.10); H1 EPS was SEK -0.07 (improved from -0.28).

Outlook and guidance

• Continued focus on advancing Tumorad-01 clinical study, with phase IIa direction dependent on phase I results.

• SpagoPix program aims to secure financing or partnerships for larger clinical studies in endometriosis.

• Confident outlook for 2024 with strengthened financial position and organizational capacity.