Scandion Oncology (SCOL) Q2 2024 earnings summary

Executive summary

• Achieved full enrollment and completed data collection for the CORIST clinical trial, determining the maximum tolerated dose (MTD) for SCO-101 in combination with FOLFIRI in metastatic colorectal cancer, with positive safety and efficacy signals; final data expected H1 2025.

• Demonstrated significant tumor shrinkage (>30%) in 2 of 6 patients in the latest CORIST cohort, with a clinical benefit rate of 76% after 8 weeks, outperforming historical controls.

• Identified UGT1A1 as a potential biomarker for patient stratification, especially in wild-type colorectal cancer, supporting future regulatory submissions.

• Final data from PANTAX Phase Ib trial in pancreatic cancer confirmed good safety profile, established MTD at 200 mg, clinical benefit rate of 53%, and overall survival of 9.5 months.

• Increased focus on business development and partnering, engaging Back Bay Life Science Advisors to explore strategic and financial alternatives.

Financial highlights

• Q2 2024 operating loss was 9.4 MDKK, down from 11.3 MDKK in Q2 2023, with net loss for Q2 2024 at 7.2 MDKK, compared to 8.8 MDKK in Q2 2023.

• Cash and cash equivalents at June 30, 2024 were 27.0 MDKK, bolstered by a rights issue raising net proceeds of 14.3 million DKK (SEK 31 million).

• Net cash inflow for Q2 2024 was 10.0 MDKK, mainly due to proceeds from the rights issue.

• Equity ratio at quarter-end was 79%, compared to 87% at June 30, 2023.

• Operations are fully funded into Q4 2025, with ongoing cost reductions expected through 2024 and 2025.

Outlook and guidance

• Expect to release further CORIST part three data on overall survival and progression-free survival later in 2024, with final results anticipated in H1 2025 as data matures.

• Next development step is a randomized phase IIb/III trial in colorectal cancer, contingent on securing a partner.

• Top priority is business development and partnering to advance SCO-101 and pipeline assets.

• No further updates expected for pancreatic or gastric programs in the near term; focus remains on colorectal cancer.