Subgen AI (MAGNA) Q4 2024 earnings summary

Executive summary

• Q4 2024 total income rose to SEK 5.3M from SEK 2.9M year-over-year, driven by grant funding and ongoing product development.

• Loss before tax was SEK -23.8M, widening from SEK -10.9M in Q4 2023, reflecting higher operating costs and project write-downs.

• Cash at quarter-end was SEK 0.3M, down from SEK 12.1M, highlighting liquidity constraints.

• Focus remains on saliva-based diagnostics, with strategic initiatives in oral health and grant applications for further funding.

• Rights issue of approx. SEK 26M announced post-period to support working capital and new product development.

Financial highlights

• Net sales and other income for Q4 2024 were SEK 5.3M (SEK 2.9M in Q4 2023).

• Operating loss for the quarter was SEK -21.0M (SEK -9.5M), impacted by SEK 18.9M release of capitalized RADx project costs.

• Loss per share was SEK -0.41, nearly flat year-over-year.

• Equity ratio at year-end was -119%, with equity at SEK -38.6M.

• Loans and borrowings increased to SEK 43.4M (SEK 32.1M in Q4 2023).

Outlook and guidance

• Preparing a rights issue to raise SEK 26M for continued development of saliva-based diagnostics and oral health projects.

• Strategic focus on expanding product capabilities and pursuing grant opportunities, including IHI funding review in April 2025.

• Emphasis on cost-effective, accessible diagnostics for preventive and remote healthcare.