Double Bond Pharmaceutical (DBP) Q3 2024 earnings summary

Executive summary

• Focused on preparations for SI-053 clinical trials in partnership with Vivo Biopharma, with European clinical development to begin after year-end transaction completion.

• Vivo Biopharma holds rights for USA, Canada, Australia, and Israel; DBP is seeking partners for other markets, with ongoing due diligence by a Central European pharma company.

• Clinical study protocol for SI-053 adapted to new CTIS system, ensuring regulatory compliance across Europe.

• Manufacturing process improvements for SI-053 aim to enhance safety, cost efficiency, and surgeon usability, with new patents expected.

• Short-term financing secured through a SEK 5 million loan from major shareholders.

Financial highlights

• Q3 2024 total revenue was SEK 0.2 million, down from SEK 0.3 million in Q3 2023.

• Operating loss for Q3 2024 was SEK -1.7 million, improved from SEK -2.3 million in Q3 2023.

• Net loss for Q3 2024 was SEK -0.9 million, compared to SEK -2.3 million in Q3 2023.

• For Jan–Sep 2024, total revenue was SEK 0.9 million (vs. SEK 1.1 million in 2023), with net loss of SEK -8.3 million (vs. SEK -10.2 million in 2023).

• Earnings per share for Jan–Sep 2024 was SEK -0.08, compared to SEK -0.11 for the same period last year.

Outlook and guidance

• Clinical development of SI-053 in Europe to commence after year-end, pending transaction closure with Vivo Biopharma.

• Ongoing search for partners in markets outside Vivo Biopharma's rights, with active due diligence underway.

• Continued focus on optimizing SI-053 manufacturing and advancing other product candidates as planned.