Xspray Pharma (XSPRAY) Q2 2024 earnings summary

Executive summary

• No net sales recorded in Q2 or H1 2024; launch of first product, DasynocⓇ, delayed due to FDA requests for additional information following a reinspection of the manufacturing site.

• Loss before tax widened to SEK -53.6 million in Q2 and SEK -121.4 million for H1 2024, mainly due to increased admin and sales expenses for US market preparations.

• Raised SEK 100.3 million from TO6 warrant exercise, strengthening cash position to SEK 126.6 million at June 30, 2024.

• Product pipeline advanced: XS003 (nilotinib) showed positive clinical data; XS025 (cabozantinib) clinical study announced.

• Executive team strengthened with new CFO and COO appointments.

Financial highlights

• Net sales: SEK 0 thousand in Q2 and H1 2024 (unchanged year-over-year).

• Loss before tax: SEK -53.6 million in Q2 2024 (vs. -51.4 million Q2 2023); SEK -121.4 million in H1 2024 (vs. -86.2 million H1 2023).

• Earnings per share before dilution: SEK -1.64 in Q2 2024 (vs. -2.27 Q2 2023); SEK -3.79 in H1 2024 (vs. -3.80 H1 2023).

• Cash flow from operating activities: SEK -64.2 million in Q2 2024 (vs. -56.5 million Q2 2023); SEK -119.5 million in H1 2024 (vs. -102.0 million H1 2023).

• Cash and cash equivalents: SEK 126.6 million at June 30, 2024 (vs. SEK 31.5 million at June 30, 2023).

Outlook and guidance

• Costs expected to decrease in coming quarters due to postponed DasynocⓇ launch and delayed commercialization activities.

• Clinical program for XS003 (nilotinib) targeted for completion by year-end, with FDA submission planned in H1 2025.

• Additional external financing will be needed for DasynocⓇ launch post-approval; non-dilutive options preferred.