Biosergen (BIOSGN) Q3 2024 earnings summary

Executive summary

• Successfully completed first cohort in BSG005 clinical trial, with notable patient recoveries and safety profile confirmed by the Safety Review Committee, enabling dose escalation for the next cohort.

• BSG005 targets life-threatening, drug-resistant fungal infections, addressing a significant unmet medical need, with ongoing trials in India and strategic partnership with Alkem Laboratories.

• Orphan drug status granted by FDA for aspergillosis, with plans to apply for QIDP status after Phase 2 data.

Financial highlights

• Q3 2024 operating loss was SEK 4.4 million, improved from SEK 7.5 million in Q3 2023.

• Net loss for Q3 2024 was SEK 4.3 million, compared to SEK 7.5 million in Q3 2023; net loss per share was SEK -0.03 (Q3 2023: -0.18).

• Cash and cash equivalents at period end were SEK 10.2 million, up from SEK 6.4 million a year earlier.

• Equity increased to SEK 11.7 million from SEK 7.5 million in Q3 2023.

• Cash flow from operating activities was SEK -1.9 million for the quarter.

Outlook and guidance

• Enrollment for the second cohort in the BSG005 trial is set to begin soon, with a target of up to 15 patients by January 2025.

• Preparation underway for subsequent clinical phases and expanded access/compassionate use programs.

• Ongoing efforts to secure long-term capital requirements.