SynAct Pharma (SYNACT) Q3 2024 earnings summary

Executive summary

• Initiated Phase 2b ADVANCE study for resomelagon in newly diagnosed severe rheumatoid arthritis, with active recruitment in the US and approvals progressing in Europe; key results expected after Q4 2025.

• Refocused strategy in 2024 included new funding at a premium, cost reductions, and a strengthened management team.

• Hosted a Capital Markets Day to communicate scientific progress, market potential, and strategy.

Financial highlights

• Net sales were SEK 0 for both Q3 and the first nine months; no revenue expected before 2026.

• Q3 operating expenses decreased 23% year-over-year to SEK 24,309 thousand; nine-month operating expenses down 48% to SEK 69,183 thousand.

• Q3 loss after tax was SEK 20,489 thousand (improved from SEK 31,878 thousand); nine-month loss after tax was SEK 64,023 thousand (improved from SEK 125,267 thousand).

• Cash flow from operating activities for Q3 was SEK -24,076 thousand; cash and cash equivalents at period end were SEK 38,487 thousand.

• Earnings per share for Q3 was SEK -0.50 (improved from -1.00); nine-month EPS was SEK -1.65 (improved from -3.96).

Outlook and guidance

• No revenue expected until at least 2026, pending completion of Phase II for resomelagon.

• ADVANCE study on track, with all patient enrollment planned for completion in H2 2025 and results expected soon after.

• Board is evaluating capital raising options to address liquidity needs for the next 12 months.