Marinomed Biotech (MARI) H2 2024 earnings summary

Executive summary

• Completed restructuring proceedings and reached agreement with creditors, enabling business continuation and strategic refocus.

• Sold Carragelose business to Unither Pharmaceuticals for up to EUR 20 million, with EUR 5 million received and further payments tied to milestones.

• Revenues in 2024 were EUR 4.7 million, down 49% year-over-year due to high distributor inventories and lower orders.

• Shifted focus to Marinosolv technology platform and Solv4U services, aiming for profitability and growth in immunology and pharmaceutical services.

• Restructuring plan included two capital increases (EUR 1.4 million) and a convertible bond issued to the EIB.

Financial highlights

• Revenue for 2024: EUR 4.7 million (2023: EUR 9.1 million), mainly from Carragelose products and milestone payments.

• Operating loss: EUR -7.6 million (2023: EUR -5.0 million); net loss: EUR -15.4 million (2023: EUR -6.4 million).

• Gross margin from merchandise sales: 29% (2023: 28%).

• Cash and cash equivalents at year-end: EUR 1.7 million (2023: EUR 2.6 million).

• Negative equity of EUR -26.2 million at year-end (2023: EUR -12.6 million).

Outlook and guidance

• Targeting profitability from 2025 onwards, leveraging Marinosolv platform and Solv4U services.

• Key projects: maximize Carragelose earn-out, secure Budesolv marketing approval, close Tacrosolv partnership, and expand Solv4U business.

• Proceeds from Carragelose sale and new business focus expected to fund restructuring plan and future growth.