Xspray Pharma (XSPRAY) Q4 2024 earnings summary

Executive summary

• No net sales were recorded in Q4 or full-year 2024; focus remains on preparing for the US launch of DasynocⓇ, the lead product candidate.

• Loss before tax widened to SEK -82.0 million in Q4 2024 (vs. -54.5 million Q4 2023) and SEK -285.5 million for the year (vs. -179.7 million 2023), mainly due to increased R&D and non-cash write-offs.

• Rights issue and loan raised SEK 235 million in Q4 to finance launch preparations and ongoing development.

• FDA submission for DasynocⓇ delayed to March/April 2025 due to a remanufactured batch; launch expected in Q2 or autumn 2025 depending on FDA review class.

• Interim data for XS003 nilotinib showed stable bioavailability, supporting the HyNap™ technology platform's benefits.

Financial highlights

• Q4 2024 loss before tax: SEK -82.0 million (Q4 2023: -54.5 million); full-year loss before tax: SEK -285.7 million (2023: -179.7 million).

• Earnings per share before dilution: SEK -2.36 in Q4 (Q4 2023: -1.85); SEK -8.62 for the year (2023: -6.76).

• Cash and cash equivalents at year-end: SEK 208.2 million (2023: 166.3 million).

• Cash flow from operating activities: SEK -61.6 million in Q4 (Q4 2023: -32.6 million); SEK -222.4 million for the year (2023: -203.3 million).

• Rights issue raised SEK 135 million; loan of SEK 100 million secured in Q4.

Outlook and guidance

• DasynocⓇ FDA submission rescheduled to March/April 2025; launch possible in Q2 or autumn 2025 depending on review class.

• Financing expected to cover capital requirements until DasynocⓇ approval and completion of XS003 nilotinib studies.

• Vision through 2030: net sales >USD 400 million, profit margin >65%, five products launched.