NOMAD Power Solutions (NMAD) Q4 2024 earnings summary

Executive summary

• Clinical-stage biopharma focused on cancer therapies, primarily developing LB-100, a protein phosphatase 2A inhibitor, with ongoing trials in ovarian clear cell carcinoma, metastatic MSS colon cancer, and advanced soft tissue sarcoma.

• No revenue-generating operations; relies on equity capital and stock-based compensation for funding and employee/consultant compensation.

• Net loss for 2024 was $3.59M, improved from $5.09M in 2023; cash at year-end 2024 was $1.04M, with additional $1.05M raised in February 2025.

• Substantial doubt exists about ability to continue as a going concern; cash expected to fund operations through September 2025, but significant additional capital needed for ongoing development.

Financial highlights

• Research and development costs decreased 19% to $726K in 2024, mainly due to reduced preclinical research spending.

• General and administrative costs decreased 32% to $2.85M, driven by lower stock-based compensation and patent/legal fees.

• Net loss per share improved to $(1.59) from $(2.66) year-over-year.

• Working capital declined to $827K at year-end 2024 from $4.0M at year-end 2023.

Outlook and guidance

• Cash runway extends to September 2025; additional capital required by mid-2025 to sustain operations and clinical programs.

• Company is evaluating strategic alternatives, including partnerships, licensing, or other transactions to secure funding.

• Uncertainty remains regarding Nasdaq listing due to non-compliance with minimum equity requirements; appeal process ongoing.