Sprint Bioscience (SPRINT) Q2 2024 earnings summary

Executive summary

• Achieved significant progress in research programs, especially TREX1 inhibitors, with positive preclinical results showing improved immune response and reduced tumor growth; strong interest from potential partners at major biotech conferences.

• Continued delivery of services under the Day One Biopharmaceuticals agreement, generating recurring revenue and supporting internal program development.

Financial highlights

• Net sales for Q2 2024 reached 16.7 MSEK, up from 0 MSEK in Q2 2023; H1 2024 net sales totaled 34.6 MSEK, up from 0 MSEK year-over-year.

• Operating loss for Q2 2024 was -5.6 MSEK, improved from -11.8 MSEK in Q2 2023; H1 2024 operating loss was -9.4 MSEK, improved from -24.1 MSEK year-over-year.

• Net loss after tax for Q2 2024 was -5.8 MSEK, compared to -11.7 MSEK in Q2 2023; H1 2024 net loss was -8.9 MSEK, compared to -24.0 MSEK year-over-year.

• Cash flow from operations for H1 2024 was -12.9 MSEK, compared to -14.0 MSEK year-over-year; cash and cash equivalents at period end were 36.0 MSEK, up from 15.5 MSEK.

• Earnings per share for H1 2024 were -0.13 SEK, compared to -0.34 SEK year-over-year.

Segment performance

• Portfolio includes six programs: five in oncology and one in MASH; one program (VRK1) is out-licensed to Day One Biopharmaceuticals, generating upfront and milestone payments.

• VRK1 program licensed to Day One Biopharmaceuticals with a potential value of $316 million plus royalties; Sprint leads preclinical development.

• VPS34 and STK25 programs were returned to Sprint after previous out-licensing; efforts underway to find new partners.

• TREX1 and NNMT programs showed strong preclinical results and increased industry interest; PETRA01 in process of being reclaimed after partner exit.