Alzinova (ALZ) Q2 2024 earnings summary

Executive summary

• Completed an oversubscribed rights issue in Q2 2024, raising SEK 34.4 million before costs, supporting ongoing clinical development without underwriter commitments.

• All patients dosed in the final high-dose cohort of the phase 1b ALZ-101 study; positive safety and biomarker data presented at AAIC and US Bio conventions.

• CEO transition: Kristina Torfgård stepped down, with Carol Routledge appointed acting CEO from August 2024.

Financial highlights

• Net sales for Q2 2024 were SEK 30 thousand, unchanged from the previous year.

• Loss after financial items for Q2 2024 was SEK -4,963 thousand, compared to SEK -4,272 thousand in Q2 2023.

• Earnings per share before dilution for Q2 2024 was SEK -0.11, improved from SEK -0.13 in Q2 2023.

• Cash and cash equivalents at period end were SEK 4,987 thousand, down from SEK 36,580 thousand a year earlier.

• Equity at period end was SEK 104,020 thousand, with an equity ratio of 92.5%.

Outlook and guidance

• Data from the high-dose cohort of the phase 1b ALZ-101 study expected in Q4 2024.

• Company is accelerating the partnering process, engaging a US adviser for M&A and investment banking support.

• Focus remains on advancing ALZ-101 to phase 2 and preparing ALZ-201 antibody for clinical development.