Biosergen (BIOSGN) Q4 2024 earnings summary

Executive summary

• Achieved significant clinical milestones in 2024, including completion of first and second patient cohorts in BSG005 clinical trial for life-threatening fungal infections, with strong safety and efficacy signals in patients lacking other treatment options.

• Secured stable funding through a SEK 26 million rights issue in March and SEK 45 million from full subscription of TO3 warrants in November, enabling continued clinical development and drug supply production.

• Strategic partnership with Alkem Laboratories supports clinical trials in India and future expansion to US/EU markets.

Financial highlights

• Q4 2024 operating loss was SEK -3.6 million, improved from SEK -6.7 million in Q4 2023; net loss for the quarter was SEK -3.7 million.

• Full-year 2024 net loss was SEK -18.8 million, compared to SEK -27.0 million in 2023.

• Cash and cash equivalents at year-end were SEK 50.6 million, up from SEK 1.9 million a year earlier.

• Equity increased to SEK 49.1 million from SEK 2.1 million at the end of 2023.

• Cash flow from operating activities for Q4 2024 was SEK -0.7 million; cash flow from financing activities was SEK 41.1 million.

Outlook and guidance

• Plans to initiate regulatory discussions with the US FDA for IND application in 2025, leveraging strong clinical data from India.

• Manufacturing of additional BSG005 supply underway to support further clinical development and regulatory requirements in multiple regions.

• Cohort 3 of the ongoing clinical trial expected to begin in Q4 2025 after replenishing drug supply.

• Continued focus on securing additional funding through partnerships and grants.