Gabather (GABA) Q2 2024 earnings summary

Executive summary

• Clinical development of lead candidate GT-002 is progressing, with a Phase II schizophrenia study set to start in late 2024, largely funded by Innovation Fund Denmark.

• Gabather aims to secure partnerships with major pharmaceutical companies and is prioritizing additional financing in the coming months.

Financial highlights

• Net sales were SEK 0 thousand for both Q2 and the first half of 2024, unchanged from the previous year.

• Operating loss for Q2 was SEK -1,724 thousand (vs. -1,633 thousand Q2 2023); for H1, SEK -4,913 thousand (vs. -3,675 thousand H1 2023).

• Earnings per share for Q2 were SEK -0.09 (vs. -0.11); for H1, SEK -0.27 (vs. -0.18).

• Cash flow for H1 was SEK -126 thousand (vs. -682 thousand), with cash and cash equivalents at SEK 989 thousand as of June 30, 2024.

• Equity as of June 30, 2024, was SEK -3,565 thousand, with equity per share at SEK -0.19.

Outlook and guidance

• First patients in the Phase II GT-002 schizophrenia study expected to be enrolled in late 2024.

• Full results from the EEG/fMRI study on GT-002 to be published later in 2024.

• Focus remains on securing further financing and potential partnership agreements.