Dimerix (DXB) H2 2024 earnings summary

Executive summary

• Achieved significant progress in developing DMX-200 for FSGS, including positive interim Phase 3 results showing efficacy in reducing proteinuria compared to placebo in a larger cohort than prior studies.

• Secured two major licensing deals for DMX-200, with potential total value up to AU$350 million in upfront, milestone, and royalty payments.

• Continued global recruitment for the ACTION3 Phase 3 trial, with approximately 170 clinical sites planned across 19 countries.

• Strengthened partnerships and ongoing discussions for further licensing in key territories, especially the US and China.

Financial highlights

• License income recognized: $407,466 (2023: $8,983,737); other income (mainly R&D tax incentive): $7,984,704 (2023: $8,934,637).

• Net loss after tax: $17,075,083 (2023: $13,802,819), driven by R&D expenses of $21,097,749, corporate/admin expenses of $3,136,452, and share-based payments of $1,409,064.

• Cash and cash equivalents at year-end: $22,141,466 (2023: $7,991,792).

• Net assets: $18,185,510 (2023: $5,963,119).

• Raised $23.8 million via share issues and $5.4 million from option exercises; convertible notes fully converted to equity.

Outlook and guidance

• Second interim analysis of ACTION3 Phase 3 trial expected mid-2025, with potential for accelerated approval submissions depending on results.

• Anticipates further licensing deals in available territories and ongoing engagement with regulatory authorities globally.

• Expects to receive $7.9 million R&D tax incentive refund in FY2025, further strengthening capital resources.