Molecure (MOC) Q4 2024 earnings summary

Executive summary

• Focus on two main clinical assets: OATD01 (sarcoidosis, GUIDE study) and OATD02 (solid tumors, phase I), with updates on preclinical pipeline and development plans.

• Active development of four projects, two in clinical stage; some pipeline projects temporarily suspended but not abandoned.

• OATD01 GUIDE study progressing with increased enrollment efforts, protocol amendments, and expanded site activation, especially in the US and Europe.

• OATD02 phase I trial shows no dose-limiting toxicity, enabling dose escalation and protocol amendment for higher dosing.

• MASH (metabolic dysfunction-associated steatohepatitis) identified as a key future indication, with strong preclinical and translational data supporting further development.

• Company actively seeking partners for MASH due to resource constraints; main objective is to secure financial and operational support.

Financial highlights

• First consolidated financial statement due to US branch; NIH grant had a visible impact on revenue and project financing.

• 2024 revenue lower than 2023, mainly due to closure of a previous program and lower grant inflows.

• Cost reduction of 15% year-over-year, with a one-time motivation program impacting reported costs.

• Net loss increased, but actual loss lower when adjusting for the motivation program; clinical trial spending at PLN 18 million.

• Cash position at PLN 40 million as of March 2025, sufficient to fund operations through end of 2025 and into early 2026.

Outlook and guidance

• Total funding needs for 2025-2026 estimated at PLN 105 million to maintain all projects at current scale.

• Plans to seek additional grants, subsidies, and potential capital increases; partnering agreements are a key funding strategy.

• Priority is rapid advancement of OATD01 and initiation of MASH phase II trial, with ongoing efforts to secure a partner.

• Expectation of increased enrollment rates in GUIDE study as more European sites become active.