PCI Biotech (PCIB) Q4 2024 earnings summary

Executive summary

• Focused on advancing photochemical lysis (PCL) technology for AAV gene therapy and viral vector manufacturing, aiming to improve productivity, reduce impurities, and make gene therapies more accessible and cost-effective.

• Achieved significant R&D milestones in 2024, including successful scale-up, demonstration of PCL's benefits in mini benchtop bioreactors, and adaptation to suspension cells.

• Cash position of NOK 27.1 million at year-end 2024 supports operations into Q4 2025, with ongoing efforts to secure additional financing and strategic partnerships.

• Targeting research market readiness in 2H 2025, with a two-year plan to commercial manufacturing.

• No revenues recorded; other income from grants increased to NOK 6.7 million in 2024, mainly due to Innovation Norway support.

Financial highlights

• Net loss for 2024 was NOK -16.4 million, an improvement from NOK -20.3 million in 2023, mainly due to higher grant income.

• Operating loss reduced to NOK -18.0 million from NOK -22.2 million year-over-year.

• Operating expenses decreased slightly to NOK 24.7 million in 2024 from NOK 25.2 million in 2023.

• Cash and cash equivalents at year-end 2024 were NOK 27.1 million, down from NOK 41.2 million at year-end 2023.

• Cash flow from operating activities improved to NOK -13.8 million from NOK -15.0 million year-over-year.

Outlook and guidance

• Cash reserves expected to support operations into Q4 2025, providing a window to demonstrate commercial potential.

• Plans to complete early-stage field testing and demonstrate technology in commercially representative models in 2025.

• Aiming for readiness for late-stage field testing in 2H 2025.

• Main priorities include further PCL development, pre-clinical immunotherapy exploration, and alliance management.

• Securing additional financing remains critical to continue operations and realize technology value.