Cessatech (CESSA) Q4 2024 earnings summary

Executive summary

• Net revenue for 2024 was DKK 2.5 million, primarily from a Proveca upfront payment; net loss was DKK -14.7 million, improved from -26.5 million in 2023.

• Operating loss decreased to DKK -19.1 million from DKK -22.5 million year-over-year, reflecting ongoing R&D and commercialization activities.

• Cash at year-end was DKK 12.4 million, bolstered by a successful TO2 warrant exercise raising DKK 17.1 million in Q1.

• Key milestones included a commercial partnership with Proveca for CT001 in Europe/ROW, and progress in pivotal paediatric Study 0202.

• US launch of CT001 delayed due to manufacturing approval, but first commercial packs expected in 2025.

Financial highlights

• Net revenue: DKK 2.5 million (2023: DKK 0); net loss: DKK -14.7 million (2023: DKK -26.5 million).

• Operating loss: DKK -19.1 million (2023: DKK -22.5 million); EPS: DKK -0.85 (2023: DKK -1.92).

• Cash flow from operations: DKK -7.2 million; total cash flow: DKK 9.0 million (2023: DKK -20.0 million).

• Cash at bank: DKK 12.4 million (2023: DKK 3.4 million); equity: DKK 8.3 million (2023: DKK -1.9 million).

• Solvency ratio: 52% (2023: -23%).

Outlook and guidance

• Regulatory submission for CT001 in Europe planned for 2025, with first commercial sales expected in 2026.

• US commercial launch of CT001 anticipated in 2025, pending final manufacturing approval.

• Revenue growth expected in 2025 from US operations; company remains focused on regulatory and commercial milestones.