Pharma Equity Group (PEG) Q3 2024 earnings summary

Executive summary

• Loss after tax of DKK 19.8 million for the first nine months of 2024, in line with expectations.

• No commercial revenue recognized in the period; focus remains on clinical program development.

• Patent granted in Japan for RNX-051, extending protection to both Europe and Japan until 2039.

• Receivable from Portinho S.A. remains outstanding; legal action initiated to recover EUR 9.55 million plus interest.

• Capital resources strengthened through convertible loans and a fully subscribed share issue.

Financial highlights

• Operating loss of DKK 17.1 million and net loss of DKK 19.8 million for the nine months ended 30 September 2024.

• Equity at 30 September 2024 stands at DKK 19.2 million, down from DKK 53.2 million a year earlier.

• Total assets of DKK 80.0 million as of 30 September 2024.

• Cash and cash equivalents at DKK 3.8 million at period end.

• No revenue reported for the period; EBITDA for nine months at DKK -16.7 million.

Outlook and guidance

• 2024 guidance maintained: pre-tax loss expected in the range of DKK 24–29 million.

• No commercial revenue anticipated in 2024; outlook excludes potential gains/losses from Portinho S.A. receivable.