AB SCIENCE (AB) H2 2024 earnings summary

Executive summary

• Operating deficit reduced by 55% to €6.1M as of Dec 31, 2024, with cash position at €8.0M.

• Revenue increased 10% year-over-year to €1.07M, driven by veterinary medicine sales.

• Major clinical progress in masitinib and AB8939 platforms, including positive COVID-19 phase 2 results and MS developments.

• Strengthened IP portfolio in mastocytosis and sickle cell disease; new patents granted in EU and US.

• Capital raised via €5M private placement and PACT™ program to support operations.

Financial highlights

• Net loss narrowed 35% year-over-year to €7.83M from €11.99M.

• Operating expenses decreased 50%, mainly due to a 62% reduction in R&D costs.

• Net financial income swung to a loss of €1.75M from a gain of €1.44M in 2023.

• Cash and cash equivalents rose to €7.99M from €6.07M year-over-year.

• Basic and diluted EPS improved to (€0.15) from (€0.24) year-over-year.

Outlook and guidance

• Proceeds from capital increase expected to finance activities for the next 12 months.

• Next clinical steps for AB8939 in AML to be discussed with FDA and EMA.

• Confirmatory study for masitinib in ALS to be launched per FDA/EMA recommendations.

• Focus on R&D and resource allocation, with ongoing conciliation to facilitate tax credit release.