Cessatech (CESSA) Q3 2024 earnings summary

Executive summary

• Signed exclusive commercialization agreement with Proveca Ltd for CT001 in Europe and select global markets, marking a major milestone.

• Achieved over 50% enrollment in pivotal Paediatric Safety Study 0202, with completion targeted by year-end 2024.

• US manufacturing and launch preparations for CT001 are ongoing, with launch anticipated within the next three months, subject to possible delays.

• Extended loan facility agreement to 2026, providing financial flexibility for upcoming periods.

Financial highlights

• Q3 2024 net revenue was DKK 3,356 thousand, compared to DKK 0 in Q3 2023.

• Operating loss for Q3 2024 was DKK -925 thousand, a significant improvement from DKK -5,811 thousand in Q3 2023.

• Net loss for Q3 2024 was DKK -1,132 thousand, compared to DKK -6,609 thousand in Q3 2023.

• Cash at bank at period end was DKK 5,944 thousand, up from DKK 5,192 thousand a year earlier.

• Earnings per share for Q3 2024 was DKK -0.06, versus DKK -0.43 in Q3 2023.

Outlook and guidance

• First commercial sales from the Proveca partnership are anticipated in 2026, following regulatory submission in 2025.

• Paediatric Safety Study 0202 expected to complete by end of 2024, enabling regulatory submission.

• US launch of CT001 targeted within the next three months, pending manufacturing readiness.