Nanoform Finland (NANOFH) Q4 2024 earnings summary

Executive summary

• Achieved a record number of new customer projects signed in 2024, with 20–25 new projects and 10 new customers, including a major pharma, and expanded customer base to 52, with intensified dealmaking on product kernels.

• Expanded market presence into Japan, strengthened commercial team with new hires and C-level consultants, and increased visibility at global industry events.

• Significant progress on product kernels (nanoenzalutamide, nanoapalutamide, nanoencorafenib), with pivotal studies and commercial deals expected in 2025 and launches targeted for 2027–2028.

• Manufacturing for pivotal studies on nanoenzalutamide advanced, with pivotal studies to start early Q2 2025 and planned US launch in 2027 and EU in 2028.

• Biologics technology offering gained traction, with exclusivity discussions, new collaborations, and Takeda partnership for rare diseases.

Financial highlights

• Revenue grew 8% year-over-year in 2024, reaching EUR 3.49m, with a record number of projects generating revenue (43 projects).

• Operating free cash flow improved to EUR -22.6m in 2024 from EUR -23.1m in 2023, with further improvement targeted for 2025.

• Gross profit increased to EUR 2.2m and gross margin improved to 80% (from 67%).

• Number of projects signed increased to 25 in 2024 (24 non-GMP, 1 GMP), with strong growth in 2H 2024.

• Cash and cash equivalents at year-end were EUR 41.5m, with net debt improved to EUR -35.9m.

Outlook and guidance

• Near-term 2025 targets include signing several license/commercial supply agreements, starting pivotal clinical studies, increasing project signings, and improving free cash flow.

• First pivotal bioequivalence clinical study with a nanoformed medicine planned for 2025.

• New midterm business targets for 2030 to be announced at Capital Markets Day in 2025.

• Expectation of increased pace in deal-making and project development due to growing industry recognition and internal efficiencies.