Biosergen (BIOSGN) Q2 2024 earnings summary

Executive summary

• First patient treated with BSG005 for mucormycosis showed recovery without major safety concerns; a second patient has started treatment.

• Regulatory approval for the clinical trial in India was obtained after a delay, with five sites now ready for patient enrollment.

• Strategic partnership with Alkem Laboratories, which will fund phase 2 and 3 trials in India and hold commercial rights there.

• BSG005 is positioned as a broad-spectrum, fungicidal, and kidney-safe alternative to current antifungals, targeting resistant and difficult-to-treat strains.

Financial highlights

• Q2 2024 operating loss was SEK -5.7 million, improved from SEK -8.0 million in Q2 2023.

• Net loss for the period was SEK -5.7 million (Q2 2023: SEK -8.0 million); net loss per share was SEK -0.04 (Q2 2023: SEK -0.19).

• Other operating income was SEK 0.5 million, mainly from government grants.

• Cash and cash equivalents at period end were SEK 12.2 million, up from SEK 10.1 million a year earlier.

• Equity increased to SEK 15.5 million from SEK 9.1 million in Q2 2023.

Outlook and guidance

• Last patient visit for the ongoing clinical trial is expected by end of January 2025.

• Plans to expand BSG005 clinical trials to the US and EU after Indian studies, leveraging adaptive and basket study designs for efficiency.

• Ongoing efforts to secure long-term capital resources.