Toleranzia (TOL) Q2 2024 earnings summary

Executive summary

• Advanced TOL2 drug candidate for myasthenia gravis, completing all preclinical studies and preparing for clinical trial application submission in Q3 2024.

• Strengthened financial position with a SEK 20 million loan commitment from Flerie Invest AB, effective May 1, 2024.

• Appointed Ann-Sofie Taube as interim CFO and contracted Clinical Trial Consultants (CTC) for the upcoming multicenter study.

Financial highlights

• Operating loss for Q2 2024 was KSEK -1,788, improving from KSEK -2,490 in Q2 2023; H1 2024 operating loss was KSEK -3,429, compared to KSEK -4,477 in H1 2023.

• Cash flow from operating activities for Q2 2024 was KSEK -40, compared to KSEK -1,238 in Q2 2023; H1 2024 was KSEK -3,699, versus KSEK -3,442 in H1 2023.

• Investments in intangible assets were KSEK 7,414 in Q2 2024 (Q2 2023: KSEK 19,659) and KSEK 12,101 in H1 2024 (H1 2023: KSEK 29,792).

• Cash and bank balances as of June 30, 2024, were SEK 2,293 thousand (June 30, 2023: SEK 703 thousand).

• Earnings per share for Q2 2024 were SEK -0.01 (Q2 2023: SEK -0.02); H1 2024: SEK -0.01 (H1 2023: SEK -0.04).

Outlook and guidance

• Clinical trial application for TOL2 planned for submission in Q3 2024, with a multicenter study to follow in Sweden, Denmark, and Germany.

• Full exercise of outstanding warrants in October 2024 could provide an additional SEK 43.4 million in funding.

• Loan commitment from Flerie Invest AB expected to ensure financing for at least 12 months after the balance sheet date.