CytoMed Therapeutics (GDTC) H2 2024 earnings summary

Executive summary

• Achieved topline income of US$624,771 in 2024, up from US$588,423 in 2023, with growing interest in donor-derived allogeneic gamma delta T cells for cancer and autoimmune diseases.

• Transitioned to a clinical stage company with first patient dosed in the ANGELICA phase I CAR T trial in Singapore in November 2024.

• Expanded operations with acquisition of a licensed cord blood bank in Malaysia, targeting new therapeutics for autoimmune diseases and cancers.

Financial highlights

• Net loss reduced to US$1.85 million in 2024 (including public company costs), a 39% improvement from US$3.03 million in 2023; adjusted net loss (excluding public company costs) was US$1.66 million.

• Cash and bank balances stood at US$3.64 million as of December 31, 2024, down from US$6.58 million a year earlier.

• Research expenses increased to US$1.40 million in 2024, mainly due to higher clinical trial costs and employee benefits.

• Employee benefits expenses rose to US$453,321, reflecting increased headcount and salaries.

• Other expenses dropped to US$730,532 from US$1.62 million, mainly due to absence of IPO-related costs and lower insurance and investor relations expenses.

Outlook and guidance

• Sufficient cash runway projected through at least 2026, with plans to strengthen financials in 2025 to capitalize on new opportunities.

• Initial clinical readout from the ANGELICA trial expected by end of 2025; IND submission to US FDA for leukemia therapy planned.

• Focus on revenue growth via alternative access programs and partnerships, especially in Asia's expanding medical tourism market.