Scandion Oncology (SCOL) Q3 2024 earnings summary

Executive summary

• Lead compound SCO-101 is in phase II-A for colorectal cancer (CORIST), with final data expected early 2025 and positive top-line results released; maximum tolerated dose (MTD) achieved ahead of schedule.

• Phase I-B trial in pancreatic cancer (PANTAX) showed good tolerability, safety, and a clinical benefit rate of 53% with overall survival of 9.5 months.

• Preclinical data for SCO-101 in gastric cancer are promising, and the program is ready to initiate phase I-B/II-A.

• Preclinical development of SCO-201 is on hold due to cost constraints but remains a potential asset for future indications, including solid tumors and HIV.

• Engaged Back Bay Life Science Advisors to explore strategic and financial alternatives, with business development and partnering as top priorities.

Financial highlights

• Net loss for Q3 2024 was DKK 6.8 million, reduced from DKK 10.2 million in Q3 2023, driven by lower clinical and R&D costs.

• Cash position at end of September 2024 was DKK 14.8 million, with an additional DKK 5.5 million tax credit expected in November.

• Operating loss for Q3 2024 was DKK 7.7 million, down from DKK 10.9 million in Q3 2023.

• Equity ratio remained strong at 83%.

• Net cash outflow from operations in Q3 2024 was DKK 12.3 million.

Outlook and guidance

• Final phase II-A data for CORIST in colorectal cancer expected early 2025; continuation study data in H1 2025.

• Cash reserves are projected to fund operations into Q4 2025, excluding potential warrant proceeds.

• Further development into phase II-B/III will require additional funding and a development partner, with active efforts underway to secure a partner for late-stage clinical trials.