SynAct Pharma publishes Q3 2024 interim results

“The SynAct team continued to work focused during the third quarter as the company initiated the Phase 2b ADVANCE study in patients with newly diagnosed severe rheumatoid arthritis (RA) with the company’s lead compound resomelagon (AP1189). There are more than 400,000 newly diagnosed patients each year in the Western World of which a large fraction would benefit from treatment with resomelagon as a new effective and safe treatment option.”

Jeppe Øvlesen, Chief Executive Officer and Board Member

Third quarter 2024 (July – September)

• The Group’s net sales amounted to SEK 0 (0) thousand.
• Operating expenses amounted to SEK 24,309 (31,692) thousand, a decrease of 23%.
• The Group’s loss after tax amounted to SEK 20,489 (31,878) thousand.
• The Group’s earnings per share before and after dilution amounted to SEK -0.50 (-1.00).
• Cash flow from operating activities amounted to SEK -24,076 (-14,653) thousand.
• Cash flow from financing activities amounted to SEK -124 (-153) thousand.
• Cash flow for the period amounted to SEK -24,200 (-14,804) thousand.
• Cash and cash equivalents at the end of the period amounted to SEK 38,487 (28,876) thousand.

 
First nine months 2024 (January – September) 

• The Group’s net sales amounted to SEK 0 (0) thousand.
• Operating expenses amounted to SEK 69,183 (133,434) thousand, a decrease of 48%.
• The Group’s loss after tax amounted to SEK 64,023 (125,267) thousand.
• The Group’s earnings per share before and after dilution amounted to SEK -1.65 (-3.96).
• Cash flow from operating activities amounted to SEK -71,418 (-79,782) thousand.
• Cash flow from financing activities amounted to SEK 47,206 (-577) thousand.
• Cash flow for the period amounted to SEK -24,213 (-79,989) thousand.

Significant events during the third quarter

• SynAct initiates filing process for Phase 2b ADVANCE study with resomelagon.
• First scientific publication showing treatment potential of a pro-resolving compound in human virus infection.
• SynAct initiates the Phase 2b ADVANCE study with resomelagon (AP1189) in the US.

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.