SoftOx Solutions (SOFTX) Q4 2024 earnings summary

Executive summary

• Completed financial restructuring and spun off SoftOx Wound & Skin Care AS, distributing shares to existing shareholders on a 1:1 basis as an extraordinary dividend in February 2025.

• Strategic focus narrowed to inhalation therapeutics, especially the VAP (Ventilator-Associated Pneumonia) indication, and medical countermeasures against biological threats.

• Board approved a private placement and debt conversion, issuing 289,163,052 new shares at NOK 0.035 per share, raising NOK 9.05 million gross to fund operations and clinical trials.

• Legal disputes from prior years settled, and cost reduction measures implemented.

Financial highlights

• Q4 2024 pre-tax loss of NOK 3.6 million, improved from NOK 28.5 million loss in Q4 2023.

• Full-year 2024 pre-tax loss of NOK 50.5 million, compared to NOK 42.1 million loss in 2023.

• Total operating revenue for 2024 was NOK 7.9 million, mainly from European Defence Fund and Norwegian Research Fund grants.

• Total operating expenses for 2024 were NOK 40.4 million, with significant legal and restructuring costs.

• Net financial items for 2024 were NOK 18 million, up from NOK 9.4 million in 2023.

• Cash and cash equivalents at year-end 2024 were NOK 10.5 million.

Outlook and guidance

• Phase 2 clinical trial for VAP indication planned, with CTA submission in Q3 2025 and first patient enrollment expected Q1 2026, pending funding.

• Ongoing investor dialogues to secure EUR 8 million needed for the VAP study over three years.

• Medical countermeasure program progressing as planned, with Phase 1 trial for new SIS formulation to start in Q1 2026.