Scandion Oncology (SCOL) Q4 2024 earnings summary

Executive summary

• Facing critical funding and partnering challenges, the board recommends voluntary solvent liquidation if no partner or funding is secured by March 12, 2025.

• Clinical programs CORIST and PANTAX achieved key milestones, with positive data in metastatic colorectal and pancreatic cancer.

• Cash position at year-end was 12.7 MDKK, with a significant decrease in equity and assets compared to last year.

Financial highlights

• Q4 2024 operating loss was 14.0 MDKK, up from 11.2 MDKK in Q4 2023, mainly due to accruals for potential liquidation.

• Net loss for Q4 2024 was 15.2 MDKK; full-year net loss was 36.7 MDKK, improved from 39.2 MDKK in 2023.

• Cash flow from operating activities in Q4 was an outflow of 1.8 MDKK; year-end cash and equivalents were 12.7 MDKK.

• Equity ratio dropped to 47% from 90% year-over-year; equity at 8.3 MDKK, down from 31.1 MDKK.

• Share count increased to 234.8 million; market cap fell to 17 MSEK from 163 MSEK year-over-year.

Outlook and guidance

• If no partner or funding is secured by March 12, 2025, the board will recommend voluntary solvent liquidation at the March 27 AGM.

• Ongoing efforts to secure a partner or buyer have not succeeded amid a risk-averse funding environment.