Active Biotech (ACTI) Q2 2024 earnings summary

Executive summary

• Advanced clinical programs for tasquinimod in myelofibrosis and multiple myeloma, with new agreements and patent rights secured during the quarter.

• Laquinimod eye drop phase I biodistribution study enrollment started; safety confirmed in prior phase I study.

• Naptumomab clinical activity and safety data in NSCLC presented at ASCO 2024; further development contingent on partner funding.

Financial highlights

• No net sales recorded; operating loss SEK 10.7M for Q2 2024, improved from SEK 11.3M in Q2 2023.

• Net loss after tax SEK 10.6M for Q2 2024, compared to SEK 11.2M in Q2 2023.

• Cash and cash equivalents at period end SEK 13.9M, down from SEK 36.2M at year-end 2023.

• Equity/assets ratio at 43.4% (Group) and 48.8% (Parent Company) as of June 30, 2024.

• Research and development expenses decreased 8% year-over-year for H1 2024, reflecting lower laquinimod costs and increased tasquinimod activity.

Outlook and guidance

• Tasquinimod phase lb/lla multiple myeloma study results expected in H2 2024; two myelofibrosis proof-of-concept studies to start in H2 2024.

• Laquinimod phase I biodistribution study to conclude in 2024, with partnering activities planned thereafter.

• Naptumomab expansion in esophageal cancer pending new partner financing; timing uncertain.

• Additional financing required to fund operations beyond Q4 2024; options under evaluation.