Lipigon Pharmaceuticals (LPGO) Q3 2024 earnings summary

Executive summary

• Milestone payment of $1M received from Leaderna Therapeutics for Lipisense® Phase 1 bridge study approval in China; total potential deal value up to $90M plus royalties.

• Last patient treated in Chinese Phase 1 Lipisense® study; Swedish Phase II study start delayed due to site changes and slow patient screening.

• Swedish Phase II study now expected to be fully recruited in H1 2025, with preliminary results anticipated by mid-2025.

Financial highlights

• Net sales for Jan–Sep 2024: SEK 8,970k (16,407k year-ago); Q3 net sales: SEK 0k (357k year-ago).

• Operating loss Jan–Sep: SEK -14,493k (-4,578k year-ago); Q3 operating loss: SEK -6,722k (-4,868k year-ago).

• Cash and cash equivalents at Sep 30, 2024: SEK 10,736k (25,218k year-ago).

• Cash flow from operations Jan–Sep: SEK -25,845k (-7,839k year-ago), mainly due to higher clinical costs and delayed milestone payment.

• Equity at Sep 30, 2024: SEK 18,470k (22,720k year-ago); equity per share: SEK 0.12 (0.28 year-ago).

Outlook and guidance

• Swedish Phase II Lipisense® study expected to complete recruitment in H1 2025; preliminary results by mid-2025.

• Initial results from Chinese Phase 1 Lipisense® study expected early 2025.