Argenica Therapeutics (AGN) Q4 2024 TU earnings summary

Executive summary

• Phase 2 clinical trial of ARG-007 for acute ischaemic stroke is progressing, with 8 of 10 hospitals activated and 23 of 92 patients dosed as of June 2024.

• Preclinical studies showed ARG-007 significantly reduced brain cell damage in a ferret model of traumatic brain injury.

• The company is also exploring ARG-007's utility in other neurological conditions, supported by over $4 million in non-dilutive grants and philanthropic funding.

Financial highlights

• Cash reserves stood at $15.9 million as of 30 June 2024.

• Net cash operating outflows for the quarter were $1.933 million.

• $12.0 million was raised via a placement to institutional and sophisticated investors.

• Operating cash outflows included $1.348 million for R&D, $0.308 million for staff, and $0.327 million for corporate administration.

• $0.077 million in non-dilutive grant funding was received during the quarter.

Outlook and guidance

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

• The company is fully funded to complete the Phase 2 trial and progress studies in other neurological indications.