Pharma Equity Group (PEG) Q3 2024 earnings summary

Executive summary

• Completed a significant capital reduction and subsequent capital increase to strengthen the balance sheet and support ongoing development activities.

• Achieved a key milestone with the grant of a Japanese patent for a novel cancer treatment method, expanding protection to both Europe and Japan until 2039.

• Loss after tax of DKK 19.8 million for the first nine months of 2024, in line with expectations.

• No commercial revenue recognized in the period; focus remains on clinical program development.

• Receivable from Portinho S.A. remains outstanding; legal action initiated to recover EUR 9.55 million plus interest.

Financial highlights

• Operating loss (EBIT) for the nine months was DKK -17.1 million, up from DKK -13.5 million year-over-year.

• Net loss of DKK 19.8 million for the first nine months of 2024.

• Cash and cash equivalents stood at DKK 3.8 million at the end of Q3 2024.

• Total assets decreased to DKK 80.0 million at Q3 2024 from DKK 85.4 million at Q3 2023.

• EBITDA for nine months at DKK -16.7 million.

Outlook and guidance

• Expected full-year net loss is projected between DKK -24 million and DKK -29 million for 2024.

• No commercial revenue anticipated in 2024; outlook excludes potential gains/losses from Portinho S.A. receivable.

• The capital increase was necessary to maintain positive equity and support future development and licensing activities.