CytoMed Therapeutics (GDTC) H1 2024 earnings summary

Executive summary

• Achieved significant milestones since NASDAQ listing in April 2023, maintaining $5 million from the $10 million IPO proceeds for future use.

• Focused on affordable allogeneic cell-based immunotherapies for cancer, leveraging Southeast Asia's low-cost structure and international partnerships.

• Transitioning to a clinical-stage company in Q4 2024 with the first patient dosing for the CTM-N2D program and advancing the ANGELICA Phase I trial.

• Proprietary technologies granted patents in the US, China, Malaysia, and Japan.

• Rising global interest in allogeneic gamma delta T-cells due to affordability and lack of rejection issues.

Financial highlights

• Reported net loss of SGD 1.09 million ($803,000) for H1 2024; excluding public company costs, net loss was SGD 935,000 ($690,000).

• Other operating income increased by 80.5% year-over-year, mainly from higher interest income on IPO proceeds.

• Research expenses rose 20.1% to $974,000 due to increased preclinical activity and higher employee benefits.

• General and admin expenses decreased 39.9% to $666,256 due to absence of IPO-related fees.

• Net asset position at $10.16 million; cash and bank balance at $6.7 million as of June 30, 2024.

Outlook and guidance

• Expenses expected to rise with ongoing clinical trial (ANGELICA) and preclinical activities, but a recent national grant will offset significant costs in the near term.

• No major increase in expenses anticipated for the next six months due to grant support for investigator charges.

• Fundraising planned for 2025, with meetings in New York scheduled for late October to early November.