Avecho Biotechnology (AVE) Q3 2024 TU earnings summary

Executive summary

• Continued pivotal Phase III clinical trial for TPM®-enhanced CBD soft-gel capsule targeting insomnia, with 58 patients dosed and expanded recruitment efforts underway.

• Launched a major manufacturing campaign for US partner Ashland, producing 6.4T of Vital-ET in the quarter and totaling 11T for 2024, with further orders for 2025.

Financial highlights

• Cash receipts from customers were A$90K for the quarter and A$489K year-to-date.

• R&D investment totaled ~A$1,203K for the quarter; employment, admin, and corporate costs were ~A$483K.

• Received an R&D loan of ~A$630K during the quarter.

• Net cash used in operating activities was A$1,804K for the quarter.

• Cash and cash equivalents at quarter end were A$3.6M.

Outlook and guidance

• Additional manufacturing order for Vital-ET placed for January 2025, indicating ongoing partnership with Ashland.

• Recruitment for the Phase III insomnia trial is being expanded to new sites to accelerate enrollment.