SynAct Pharma publishes Q2 2024 interim results

“The second quarter of 2024 was a period of remarkable progress and strategic execution for SynAct Pharma. Building on the momentum from Q1, our dedicated team is focused on propelling resomelagon back into clinical trials within RA (Rheumatoid Arthritis) after strengthening our financial and operational foundations. We are confident resomelagon has incredible potential for early intervention in patients with severe RA, so progressing with ADVANCE is top priority.”

Jeppe Øvlesen,
Chief Executive Officer and Board Member

Second quarter 2024 (April – June)

• The Group's net sales amounted to SEK 0 (0) thousand.
• Operating expenses amounted to SEK 19,167 (43,495) thousand, a decrease of 56%.
• The Group's loss after tax amounted to SEK 18,628 (43,511) thousand.
• The Group's earnings per share before and after dilution amounted to SEK -0.47 (-1.37).
• Cash flow from operating activities amounted to SEK -36,153 (-34,657) thousand.
• Cash flow from financing activities amounted to SEK 47,483 (-179) thousand.
• Cash flow for the period amounted to SEK 11,331 (-34,704) thousand.
• Cash and cash equivalents at the end of the period amounted to SEK62,799 (44,421) thousand.

First six months 2024 (January – June)

• The Group’s net sales amounted to SEK 0 (0) thousand.
• Operating expenses amounted to SEK 44,873 (101,743) thousand, a decrease of 56%.
• The Group’s loss after tax amounted to SEK 43,534 (93,389) thousand.
• The Group’s earnings per share before and after dilution amounted to SEK -1.16 (-2.96).
• Cash flow from operating activities amounted to SEK -47,342 (-65,129) thousand.
• Cash flow from financing activities amounted to SEK 47,329 (-425) thousand.
• Cash flow for the period amounted to SEK -12 (-65,186) thousand.

Significant events during the second quarter

• SynAct Pharma AB announces that the number of shares and votes has increased by 5,725,484 as a result of the directed share issues resolved upon by the extraordinary general meeting on April 24, 2024.

Significant events after the end of the period

• SynAct initiates filing process for Phase 2b ADVANCE study with resomelagon.

For further information about SynAct Pharma AB, please contact:

Jeppe Øvelsen
CEO, SynAct Pharma AB
Phone: +45 28 44 75 67 
E-mail: joo@synactpharma.com
 
Björn Westberg
CFO, SynAct Pharma AB 
Phone: +46 703 33 91 23
E-mail: bwe@synactpharma.com

About SynAct Pharma AB
SynAct Pharma AB (Nasdaq Stockholm: SYNACT) is a clinical stage biotechnology company focused on the resolution of inflammation through the selective activation of the melanocortin system. The company has a broad portfolio of oral and injectable selective melanocortin agonists aimed at inducing anti-inflammatory and inflammation resolution activity to help patients achieve immune balance and overcome their inflammation. For more information: www.synactpharma.com.