Active Biotech (ACTI) Q3 2024 earnings summary

Executive summary

• Focused on initiating phase II studies of tasquinimod in myelofibrosis, with US patient recruitment underway and European study set to start in Q4 2024.

• Reported promising intraocular concentrations in a clinical biodistribution study of laquinimod eye drops, supporting further development for uveitis.

• Announced a rights issue to secure funding for prioritized programs, with terms adjusted post-period to raise up to SEK 36.2 million.

• Naptumomab, partnered with NeoTX, is advancing in clinical studies for solid tumors, with new expansion cohorts planned pending funding.

Financial highlights

• No net sales recorded for Q3 or the nine-month period.

• Operating loss for Q3 was SEK -8.1M (improved from SEK -10.6M YoY); nine-month operating loss was SEK -29.5M (improved from SEK -33.7M YoY).

• Loss after tax for Q3 was SEK -8.0M; for the nine-month period, SEK -29.1M.

• Cash and cash equivalents at period end were SEK 6.2M, down from SEK 36.2M at 2023 year-end.

• Equity/assets ratio dropped to 9.7% from 69.6% at year-end 2023.

Outlook and guidance

• Tasquinimod phase II studies in myelofibrosis are a key priority, with US study recruiting and European study to start in Q4 2024.

• Results from the ongoing multiple myeloma study with tasquinimod expected within six months.

• Laquinimod phase I biodistribution study to conclude in late 2024/early 2025; partnering activities for phase II development ongoing.

• Naptumomab development is fully financed by NeoTX; new studies depend on additional funding.