Stayble Therapeutics (STABL) Q2 2024 earnings summary

Executive summary

• Clinical phase 1b study of STA363 for chronic disc herniation pain progressing as planned, with final results expected in Q4 2024.

• Interim data from the three-month follow-up show good safety and tolerability for STA363, with no lasting side effects observed.

• Financial position strengthened by a directed share issue in June, raising approximately SEK 2.8 million after transaction costs.

• Recruitment target for the phase 1b study achieved, with 24 patients completing the three-month visit.

• New CFO, Erik Kullgren, appointed effective August 1, 2024.

Financial highlights

• Operating expenses for H1 2024 amounted to SEK 7.6 million, down from SEK 10.6 million year-over-year.

• EBIT for H1 2024 was SEK -7.3 million, an improvement from SEK -10.6 million year-over-year.

• Net loss for H1 2024 was SEK -7.1 million, compared to SEK -10.4 million for the same period last year.

• Cash and cash equivalents at June 30, 2024, totaled SEK 8.1 million, down from SEK 25.6 million a year earlier.

• Equity ratio at period end was 77%, compared to 88% at June 30, 2023.

Outlook and guidance

• Final results from the ongoing phase 1b study are expected in Q4 2024, including pain assessment and MRI data.

• The company is preparing for partnership discussions at the end of 2024 and early 2025.