Double Bond Pharmaceutical (DBP) Q2 2024 earnings summary

Executive summary

• Focused on advancing SI-053, a novel brain tumor treatment, with clinical studies in preparation and significant commercial potential projected for 2035 in the US and EU.

• Entered a strategic agreement with Vivo Biopharma LLC for SI-053 in key territories, securing milestone payments and royalties, with development funded by Vivo.

• Actively negotiating additional partnerships for other global regions and progressing other pipeline projects, including new indications for iron succinate and the BeloGal® drug delivery platform.

Financial highlights

• Q2 2024 total revenue was 0.2 MSEK, down from 0.5 MSEK in Q2 2023; H1 2024 revenue was 0.6 MSEK, down from 0.8 MSEK year-over-year.

• Q2 2024 operating loss was -2.1 MSEK (improved from -4.1 MSEK in Q2 2023); H1 2024 operating loss was -4.1 MSEK (improved from -7.9 MSEK year-over-year).

• Net loss for Q2 2024 was -4.9 MSEK (vs. -4.2 MSEK Q2 2023); H1 2024 net loss was -7.4 MSEK (vs. -8 MSEK H1 2023).

• Earnings per share for Q2 2024 was -0.05 SEK (vs. -0.04 SEK Q2 2023); H1 2024 was -0.07 SEK (vs. -0.08 SEK H1 2023).

Outlook and guidance

• Clinical development for SI-053 expected to reach market approval in 5-7 years, with revenue generation anticipated a few years thereafter.

• First milestone payment from Vivo Biopharma contingent on completion of their Series A financing, expected in H2 2024.

• Ongoing negotiations for additional regional partnerships and participation in EU-funded programs for non-dilutive funding.