Pharma Equity Group (PEG) Q4 2024 earnings summary

Executive summary

• 2024 net loss of DKK 24.4 million, in line with expectations; no revenue recognized in 2024.

• Directed share issue raised DKK 51 million, strengthening capital structure and repaying debt.

• Key clinical programs prioritized: RNX-051 (colon adenomas/cancer), RNX-011 (peritonitis), RNX-041 (IBD/pouchitis).

• Trial applications for RNX-011 and RNX-051 to be submitted in early 2025; RNX-041 in ongoing Phase 2 study.

• CEO transition announced: Thomas Kaas Selsø to be succeeded by Christian Henrik Tange in April 2025.

Financial highlights

• Loss before tax DKK 26.2 million (2023: DKK 26.6 million); EBITDA DKK -21.1 million (2023: DKK -20.4 million).

• Equity increased to DKK 48.9 million (2023: DKK 25.3 million) after share issue.

• Cash and cash equivalents stable at DKK 4.2 million year-end.

• No revenue in 2024; first revenue of DKK 11 million expected from licensing in late 2025.

• Convertible loans at DKK 8.1 million (2023: DKK 7.8 million); equity ratio improved to 74% (2023: 37%).

Outlook and guidance

• 2025 guidance: revenue DKK 11 million, pre-tax loss DKK 4–7 million, reflecting expected licensing deals.

• Cost base for 2025 significantly reduced versus 2024 and 2023; capital requirement lowered.

• Capital runway exceeds 12 months due to new loans and ongoing financing efforts.

• No gains/losses from Portinho S.A. receivable included in 2025 outlook.