Subgen AI (MAGNA) Q2 2024 earnings summary

Executive summary

• Achieved key milestones in the RADx project and secured new funding, positioning for growth.

• Rebranded from Aegirbio to Magnasense AB to better reflect core assets and focus.

• Expanded leadership with new Chairman, CFO, and board members; strengthened scientific advisory board.

Financial highlights

• Group total income for Q2 2024 was 3.1 MSEK, up from 1.3 MSEK year-over-year.

• Group loss before tax reduced to -8.4 MSEK from -16.4 MSEK year-over-year.

• Cash and cash equivalents at quarter-end were 2.4 MSEK, down from 36.6 MSEK last year.

• Earnings per share improved to -0.26 SEK from -0.61 SEK year-over-year.

• Equity ratio declined to -24% from 31% as of June 30, 2024.

Outlook and guidance

• Focus remains on advancing the RADx TECH PROGRAM and business development initiatives.

• Several projects initiated around intellectual property, go-to-market, and business development.