Vivesto (VIVE) Q2 2024 earnings summary

Executive summary

• Cost base reduced by over SEK 35 million annually through organizational streamlining and focus on core R&D programs Paccal Vet and Cantrixil, targeting high market potential and near-term success.

• Positive preclinical data for Cantrixil in hematological cancer supports further development; Paccal Vet pilot study in dogs with hemangiosarcoma progressing, with initial results expected around year-end.

• Financial runway extends to end of 2025, enabling continued advancement of prioritized projects.

Financial highlights

• Net sales were SEK 0 thousand (0) for both Q2 and H1 2024.

• Operating loss for Q2 was SEK -11,016 thousand, improved from SEK -28,957 thousand year-over-year; H1 operating loss was SEK -20,195 thousand, improved from SEK -50,580 thousand.

• Net loss after tax for Q2 was SEK -10,362 thousand (vs. -28,174 thousand); H1 net loss was SEK -18,783 thousand (vs. -48,564 thousand).

• Cash and short-term investments at period end totaled SEK 49,223 thousand (99,122 thousand); equity ratio 91% (92%).

• Number of employees reduced to 4 (from 14), reflecting cost-saving measures.

Outlook and guidance

• Focus remains on advancing Cantrixil toward clinical studies in hematological cancers and progressing Paccal Vet pilot study, with key milestones expected late 2024 and early 2025.

• Financial resources are expected to support operations through 2025.