Roquefort Therapeutics (ROQ) H2 2024 earnings summary

Executive summary

• Advanced pre-clinical anti-cancer portfolio, including Midkine and STAT-6 programs, with significant milestones in mRNA and siRNA therapeutics for liver and colon cancer, and progress in immunology models.

• Entered into agreements for the sale of subsidiaries Lyramid Pty Ltd and Oncogeni Ltd for up to $22.8 million, contingent on fundraising and final agreements.

• Raised £584,915 via convertible loan notes and implemented significant cost reductions, including up to 75% reduction in director and staff compensation.

• Leadership transition with CEO and Non-Executive Director resignations and appointment of an Interim Managing Director.

Financial highlights

• Loss for the year ended 31 December 2024 was £971,803, down from £1,744,540 in 2023.

• Administrative expenses decreased to £931,642 (2023: £1,499,193); R&D expenditure reduced to £152,915 (2023: £620,159).

• Net cash outflow for 2024 was £198,816 (2023: £1,786,164 outflow); closing cash balance at year-end was £337,112.

• Net equity at 31 December 2024 was £4,889,019 (2023: £5,499,543).

• No dividend proposed for the year.

Outlook and guidance

• Focused on completing the sale of Lyramid Pty Ltd and Oncogeni Ltd to generate short-term value and pursue further value-accretive opportunities in 2025.

• Directors confident in ability to raise further funds through transactions or financing to support ongoing operations.