Argenica Therapeutics (AGN) H2 2024 earnings summary

Executive summary

• Initiated Phase 2 clinical trial for ARG-007 in acute ischaemic stroke patients, with first patient dosed in March 2024 and recruitment progressing ahead of schedule.

• Secured $12 million in new funding via placement, fully funding the Phase 2 trial and supporting additional studies.

• Expanded preclinical and nonclinical studies for ARG-007 in other neurological indications, supported by over $4 million in grants and philanthropic funding.

Financial highlights

• Revenue for FY24 was $2,790,022, up from $1,810,896 in FY23, mainly from R&D tax incentives and grants.

• Net loss after tax increased to $5,479,488 (FY23: $4,090,752), reflecting higher R&D expenses due to the Phase 2 trial.

• Research and development costs rose to $6,016,753 (FY23: $4,308,080).

• Cash and cash equivalents at year-end were $15,912,660 (FY23: $9,289,156).

• Net assets increased to $13,950,835 (FY23: $7,666,440).

Outlook and guidance

• Patient recruitment for the Phase 2 trial is on track to complete dosing of all 92 patients before the end of 2025.

• The company is fully funded to complete the current clinical trial and advance additional studies.