Spago Nanomedical (SPAGO) Q3 2024 earnings summary

Executive summary

• Tumorad program advanced with positive DMC recommendation to continue phase I/IIa study after satisfactory safety in first three patients; focus shifted to Tumorad as top priority.

• All internal preclinical discovery terminated to allocate resources to Tumorad; SpagoPix development to proceed only via partnerships or grants.

• Active business development ongoing for SpagoPix and Tumorad, with increased industry interest in radionuclide therapies.

Financial highlights

• Net sales for Q3 2024 were KSEK 485, up from KSEK 271 in Q3 2023; net sales for Jan–Sep 2024 were KSEK 1,294, up from KSEK 472 year-over-year.

• Loss for Q3 2024 was KSEK -8,763 (Q3 2023: KSEK -7,755); loss for Jan–Sep 2024 was KSEK -24,679 (Jan–Sep 2023: KSEK -32,806).

• Operating expenses for Q3 2024 were KSEK -10,650 (Q3 2023: KSEK -8,795); for Jan–Sep 2024, KSEK -30,403 (Jan–Sep 2023: KSEK -36,945).

• Cash and cash equivalents at quarter-end were KSEK 39,946, up from KSEK 25,974 a year earlier.

• Cash flow from operating activities for Jan–Sep 2024 was KSEK -27,263 (Jan–Sep 2023: KSEK -35,806); equity at quarter-end was KSEK 41,122 (KSEK 24,330 in 2023).

Outlook and guidance

• Next Tumorad-01 patient cohort expected to be evaluated by DMC in early 2025, with data to inform phase IIa and patient group selection.

• Continued focus on achieving clinical milestones for Tumorad and exploring commercial opportunities for SpagoPix.