Roquefort Therapeutics (ROQ) H1 2024 earnings summary

Executive summary

• Signed term sheet for first therapeutic out-licensing deal for Midkine antibody program with PDC, initial consideration of US$10 million, plus potential 24% share of trade sale proceeds if Phase 1 is successful.

• Achieved positive pre-clinical results in MK cells, Midkine mRNA, and STAT-6 siRNA programs, with further experiments post-period enhancing licensing prospects.

• Raised £584,915 via convertible loan notes in May 2024, providing at least 12 months of funding.

• Implemented significant cost-cutting, including up to 75% reduction in salaries and director fees, to support cashflow.

• Cash at period end was £595,662, with a net loss of £596,547 for H1 2024.

Financial highlights

• Revenue for H1 2024 was £200,000, unchanged from H1 2023.

• Net loss for H1 2024 was £579,499, improved from £782,358 in H1 2023.

• Operating loss for H1 2024 was £678,192, down from £937,436 in H1 2023.

• Cash and cash equivalents at 30 June 2024 were £595,662, compared to £1,379,021 at 30 June 2023.

• Administrative expenses reduced to £541,171 from £770,812 year-over-year.

Outlook and guidance

• Actively working to finalize binding out-licensing agreement with PDC for Midkine antibody portfolio.

• Ongoing discussions with potential partners for other therapeutic licensing deals, especially for STAT-6 siRNA.

• Confident in ability to sign further agreements and generate stakeholder value.