Hansa Biopharma Reports Second Quarter 2024 Financial Results and Business Update
Søren Tulstrup, President and CEO,
Financial Performance
The Company delivered strong financial performance for the third consecutive quarter with total revenue of 54.2 MSEK. Of this, 47.1 MSEK is attributed to IDEFIRIX sales. This excludes the impact of an approximate 20 MSEK provision related to potential price adjustments from cumulative sales since the launch of IDEFIRIX in
Sales performance was primarily driven by continued expansion of IDEFIRIX in key European markets. To date, the Company has secured reimbursement in 14 European markets.
In Q2 2024, the Company completed a directed share issue, raising gross proceeds of 372 MSEK (US
Pipeline Progress
Progress across the pipeline included the completed randomization in the ConfIdeS pivotal Phase 3 US trial in kidney transplantation, further enrollment in the European Post Approval Efficacy Study in kidney transplantation (70 percent) with expected completion by 2025, and continued enrollment (70 percent) in the GOOD-IDES-12 Phase 3 trial in anti-GBM disease with data readout in 2025.
Financial Summary
MSEK, unless otherwise stated – unaudited |
Q2 2024 |
Q2 2023 |
H1 2024 |
H1 2023 |
Revenue |
34.3 |
36.7 |
90.3 |
60.8 |
- thereof: Product sales1(Q2 product sales 47.1 MSEK less provision 19.9 MSEK = 27.2 MSEK) |
27.2 |
29.6 |
74.7 |
43.9 |
SG&A expenses |
(88.2) |
(129.5) |
(179.5) |
(232.8) |
R&D expenses |
(91.7) |
(114.7) |
(194.6) |
(207.5) |
Loss from operations |
(187.4) |
(228.5) |
(346.8) |
(410.8) |
Loss for the period |
(207.9) |
(251.2) |
(426.5) |
(456.6) |
Net cash used in operations |
(189.2) |
(181.9) |
(378.3) |
(388.9) |
Cash and short-term investments |
705.0 |
1,102.5 |
705.0 |
1,102.5 |
EPS before and after dilution (SEK) |
(3.30) |
(4.79) |
(7.38) |
(8.71) |
Number of outstanding shares |
67,814,241 |
52,443,962 |
67,814,241 |
52,443,962 |
Weighted average number of shares before and after dilution |
62,929,675 |
52,443,962 |
57,800,736 |
52,443,962 |
No of employees at the end of the period |
146 |
162 |
146 |
162 |
1 Product sales in the second quarter 2024 totaled 47.1 MSEK. Sales were offset by a provision totalling 19.9 MSEK for potential credits associated with volume discounts and potential refunds. First half 2024 product sales totaled 94.6 MSEK and were offset by the provision totaling 19.9 MSEK. Net of the provision, first half product sales totaled 74.7 MSEK. |
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Conference Call Details
The event will be hosted by Søren Tulstrup, President and CEO,
Slides used in the presentation will be live on the company website during the call under "Events & Presentations" and will also be made available online after the call. Link to presentation
To participate in the telephone conference, please use the dial-in details provided below:
Participant access code: 765135
The webcast will be available on https://hansabiopharma.eventcdn.net/events/half-year-january-june-2024
For the full financial calendar and list of events in 2024 please visit https://www.hansabiopharma.com/investors/calendar/
This is information that
For more information:
Evan Ballantyne, CFO
E: ir@hansabiopharma.com
Stephanie Kenney, VP Global Corporate Affairs
E: media@hansabiopharma.com
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The following files are available for download:
20240718 HNSA - Q2 2024 Quarterly Report ENG |
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