Syntara (SNT) H2 2024 earnings summary

Executive summary

• Revenue from ordinary activities and other income decreased 66.9% to $6.4M for the year ended 30 June 2024 compared to the prior year.

• Net loss after tax increased 33.3% to $15.1M (2023: $11.4M), driven by higher clinical trial and employee costs.

• The sale of the Mannitol Business Unit (MBU) was completed in October 2023, resulting in a significant reduction in annual core costs and headcount.

• No dividends were paid or declared for the current or previous financial year.

Financial highlights

• Cash and cash equivalents at 30 June 2024 were $3.5M, down from $9.2M at 30 June 2023.

• Net tangible assets per ordinary security fell to 0.38 cents (2023: 1.23 cents).

• Net operating cash outflows were $14.5M (2023: $7.3M).

• Employee expenses rose to $7.3M (2023: $6.5M); clinical trial expenses increased to $7.2M (2023: $5.7M).

• Other income included $4.6M from R&D tax incentives and $0.8M from Parkinson's UK grant.

Outlook and guidance

• Focus is now on advancing the clinical pipeline, especially SNT-5505 for myelofibrosis and myelodysplastic syndrome (MDS).

• Four clinical trials are expected to report safety and efficacy data in 2025.

• Material uncertainty exists regarding going concern, dependent on further funding, cost management, and successful partnering.