LIDDS (LIDDS) Q2 2024 earnings summary

Executive summary

• Focused on consolidation and cost control following major changes and the acquisition of Noviga Research AB, classified as a reverse takeover with negative goodwill recognized.

• Pipeline includes oncology projects leveraging proprietary NanoZolid technology, with key assets Liproca Depot (Phase IIb complete), Nanodotax (Phase Ib ready), Nanoimod (preclinical), and NOV202 (preclinical).

• Board and management changes: new board members elected in January, Mats Wiking appointed CEO from September 2024.

Financial highlights

• Net sales were SEK 0 for both Q2 and the first half of 2024.

• Operating result for Q2 2024 was SEK -2.4 million, improved from SEK -7.4 million in Q2 2023; net result matched operating result.

• Cash flow from operating activities was SEK -2.9 million in Q2 and SEK -3.0 million for the first half.

• Cash and cash equivalents at period end were SEK 8.1 million.

• Significant cost reductions in personnel, consultancy, and clinical development compared to prior year.

Outlook and guidance

• Board assesses cash is sufficient for 2024 if operations remain at current level; further financing needed if costs increase.

• Funding for NOV202 clinical studies under evaluation; further investments in clinical development on hold pending financing.