Lipigon Pharmaceuticals (LPGO) Q4 2024 earnings summary

Executive summary

• New CEO Johan Liwing appointed in December 2024, focusing on advancing Lipisense® clinical development and business partnerships.

• Fully guaranteed rights issue of SEK 37.4 million announced in March 2025 to secure funding for ongoing operations and clinical milestones.

• Positive Phase I results for Lipisense® from partner Leaderna Therapeutics in China, supporting safety profile and regulatory documentation.

• Increased recruitment pace in Phase II Lipisense® study, with last patient expected to be included in H1 2025 and preliminary results in H2 2025.

Financial highlights

• Net sales for 2024 were SEK 10.3 million, down from SEK 16.4 million in 2023, mainly from Leaderna partnership.

• Operating loss for 2024 was SEK -25.6 million, compared to SEK -12.4 million in 2023.

• Net loss for 2024 totaled SEK -25.3 million, versus SEK -12.1 million in 2023.

• Cash and cash equivalents at year-end were SEK 11.8 million, down from SEK 31.9 million at end of 2023.

• Earnings per share for 2024 were SEK -0.18, compared to SEK -0.19 in 2023.

Outlook and guidance

• Rights issue proceeds are expected to provide sufficient working capital for the next 12 months, enabling completion and reporting of Phase II Lipisense® results.

• Last patient in Phase II Lipisense® study expected to be included in H1 2025, with preliminary results in H2 2025.

• Increased focus on business development and partnering activities to maximize value from upcoming clinical milestones.