SoftOx Solutions (SOFTX) Q2 2024 earnings summary

Executive summary

• Continued financial restructuring with NOK 76.2 million in debt converted to shares and NOK 22.3 million raised via private placement and repair issue.

• Company to be split into SoftOx Skin and Wound Care AS and SoftOx Inhalation Solutions AS; new board to be elected.

• Focus on developing non-toxic, broad-spectrum antimicrobial technology for infection prevention and treatment.

Financial highlights

• First half 2024 operating revenue: NOK 4.9 million (down from NOK 10.2 million in H1 2023), mainly from European Defence Fund and Norwegian Research Fund.

• Operating loss for H1 2024: NOK 19.7 million (NOK 18.4 million in H1 2023); pre-tax loss: NOK 29 million (NOK 7.9 million in H1 2023).

• Net financial items for H1 2024: NOK -14.2 million (NOK 0.3 million in H1 2023).

• Cash and cash equivalents at June 30, 2024: NOK 8.1 million (NOK 10.2 million at June 30, 2023).

• Equity at end of H1 2024: NOK 74.6 million (NOK 33.5 million at June 30, 2023).

Outlook and guidance

• R&D focus on phase 2 proof-of-concept trial for SoftOx Inhalation Solution in Ventilator Associated Pneumonia, pending funding.

• Spin-out of Skin and Wound Care segment into a separate company, subject to fundraising of at least NOK 10 million.

• Ongoing search for strategic partners to advance product commercialization.