First quarter 2024 (the Group)
- Net sales amounted to 0 TSEK
- The operating result for the period was -1 TSEK
- The net result was -5 TSEK corresponding to earnings per share of SEK -0.00004
- Cash flow from operating activities amounted to -64 TSEK
- Cash and cash equivalents amounted to 10,947 TSEK
1 January - 31 March 2024 LIDDS AB
- Net sales amounted to 0 (0) MSEK
- The operating result for the period was -2.5 (-9.6) MSEK
- The net result was -2.4 (-9.6) MSEK
- Cash and cash equivalents amounted to 10.8 (29.8) MSEK
Significant events January - March 2024
- On the Extraordinary General Meeting of shareholders on the 9 January 2024 Daniel Lifveredson, Torbjörn Browall and Lars-Inge Sjöqvist were elected new members of the Board.
- In January it was announced that an agreement to acquire Noviga Research AB had been signed.
Significant events after the reporting period
- In May, Mats Wiking was appointed new CEO from 1 September 2024.
CEO statement
The beginning of 2024 has been a period of change. A new board was elected at the beginning of January and shortly afterwards the new board presented the acquisition of Noviga Research. The acquisition was approved by the general meeting on February 27 and the acquisition was completed in March.
The acquisition of Noviga Research has been in focus during the first quarter of 2024. An acquisition of such a scope in relation to existing operations involves a lot of administration, but with this report we are soon on target with the work that needs to be carried out. At the same time, preparations have been made for the regulatory toxicological and safety pharmacology studies that need to be carried out before the drug candidate NOV202 is ready for clinical studies, i.e. study in humans. NOV202 has shown good results in other pre-clinical studies in combination with PARP inhibitors, for the treatment of ovarian, pancreatic and prostate cancer.
We had also hoped to present a path forward for Nanodotax and the DTX-002 clinical trial, but the conduct is still not ensured. We continue to work on a solution.
The work to reduce the company's running costs has also continued. The major savings were initiated already in 2023, but we have done what we can to make further cost reductions. As part of this, we have switched from reporting according to IFRS to K3. The conversion means no changes in our reported results, but means that we can spend a little less time and money on administration for our accounting. We have also reviewed our patent portfolio. It was also done a year ago when we abandoned a patent family. This year, adjustments have been made in two older patent families in particular. We have made the assessment that the patents we abandon provide less comprehensive protection and, in addition, their terms are short compared to the other patents in our portfolio. Patent fees increase in cost the older the patents are. As we announced in the annual report, the acquisition of Noviga has been classified as a reverse acquisition for accounting purposes, which means that Noviga is considered the parent company in the group accounting. This means that in this report we show figures that many shareholders do not fully recognize. To show the effects of the savings made, the development in LIDDS AB is commented on under Financial information.
A couple of weeks ago it was also announced that I am moving on to new challenges. Mats Wiking will take over as CEO and CFO of LIDDS. The board has found an excellent solution for the company and the change will not take place until after the next interim report. In other words, we have plenty of time to carry out an orderly handover.
Jenni Björnulfson, CEO and CFO
The interim report is available on the company's website https://liddspharma.com/en/investors/financial-reports/
For additional information, please contact
Jenni Björnulfson, CEO and CFO
Phone: +46 (0)70 855 38 05
E-mail: jenni.bjornulfson@liddspharma.com
LIDDS' Certified Adviser is Redeye AB
LIDDS in brief:
LIDDS is a Swedish pharmaceutical company focused on the development of oncology drugs. LIDDS has a proprietary drug delivery technology, NanoZolid®, on which several projects are based and NOV202. With NanoZolid, LIDDS can formulate drugs for local/intratumoral administration, with a maintained and controlled release for up to six months. LIDDS offers the NanoZolid technology to partners and has its own pipeline focused on oncology, where the technology enables delivery of a local and high drug dose, administered over time with very limited side effects. NOV202 is a small molecule developed for treatment of advanced cancer. NOV202 is in preclinical development. The company is listed on Nasdaq First North Growth market.
