Lifecare (LIFE) Q4 2024 earnings summary

Executive summary

• Listed on Euronext Oslo Børs in Q4 2024, marking a key milestone toward commercialization and clinical studies.

• Achieved first implant in longevity study, confirming durability and biocompatibility; no unexpected foreign body responses observed.

• Announced new sensor chemistry with fivefold increase in glucose sensitivity, progressing toward clinical validation.

• Entered Product Development Agreement with Sanofi for sensor miniaturization, securing financial support and potential commercial rights.

• Acquired RemovAid AS to enhance implant removal solutions and expand technology portfolio.

Financial highlights

• Q4 2024 operating expenses were NOK 34 million, higher than the previous quarter due to increased R&D and external expertise.

• Net cash outflow for Q4 2024 was NOK 14 million, offset by NOK 16.6 million raised in a public retail offering.

• Cash balance at year-end 2024 was NOK 61.6 million, up from NOK 48.3 million at end of 2023.

• Operating loss in Q4 2024 was NOK -32.7 million; full year operating loss was NOK -84.8 million.

• No significant capital expenditures planned for Q1 2025.

Outlook and guidance

• Focus remains on implant optimization, automated production, and in vivo validation of new sensor chemistry.

• Ongoing longevity and biocompatibility studies in dogs, with preparations for human clinical trials to support CE-mark claim.

• Best case for CE mark for human use is 2026, with a base case in the first half of 2027.

• Veterinary market entry is planned for 2025, subject to product readiness and strategic considerations.

• Operating expenses expected to decrease in Q1 2025; Board expects adequate resources to continue as a going concern, contingent on investor support.