2cureX publishes interim report for Q2 2023
2cureX AB (“2cureX”) hereby publishes the interim report for the second quarter of 2023. The interim report is available as an attached document as well as on the company’s website ((www.2curex.com/investors/reports/). A short summary of the report follows below.
CEO Fernando Andreu comments:
“STRENGTHENING PIPELINE AND IMPRESSIVE COMMERCIAL PROGRESS
In Q2 we achieved promising operational growth, placing a sharp focus on nurturing our robust pipeline. Collaborative efforts with distributors and direct commercial operations have propelled pipeline expansion and notably, our participation in the ESMO World Congress on Gastrointestinal Cancer 2023 added further depth to the pipeline. Total revenues for H1 2023 amounted to 1.5 MSEK, largely driven by DECIDER, IO-Resp, and ADAPT grants.
Our commercial achievements aligned with projections, with over 200 potential customers in the pipeline by Q2's close – a gain of 27 from the previous quarter and 53 since the year's start. The IGNITE program enrolled 30 hospitals, and 40 hospitals expressed keen interest in testing Indi- Treat®. Sample testing surged from 18 in Q1 to 46 in Q2 2023, although influenced by delayed studies and IGNITE site activation.
Geographic expansion aims to include five new European markets, targeting a reach of 25 countries. We welcomed Lennart Bønnelykke as our Commercial Director, bolstering sales and distributor management with extensive experience.
Our participation at the ESMO GI conference amplified awareness and recognition of Functional Drug Sensitivity Testing, fostering discussions with oncologists from 35 countries. A potential IndiTreat® pancreatic cancer test garnered strong interest, reflecting an 85% positive response.
Despite revenue being 25% below plan, 2cureX remains committed to achieving 6 MSEK revenue in 2023. Grant revenue, slightly below due to timing, is expected to align and the outlook for H2 is promising, driven by robust product and technology development, commercial expansion, and adherence to regulatory changes.
With a cash reserve of 26 MSEK, ongoing activities are secure into Q2 2024. To further fuel growth, 2cureX is exploring diverse options, including funding instruments, partnerships, and M&A, while acknowledging shareholders' unwavering support.”
Second quarter of 2023 (2023-04-01 until 2023-06-30) – the group
Net turnover for the period was 67 KSEK (8 KSEK).
Other operating income was 610 KSEK (466 KSEK)
The result before tax was -8 680 KSEK (-6 403 KSEK)
The result per share* was -0.46 SEK (-0.36 SEK)
The solidity** was 92 % (95 %).
The cash and bank were 26 293 KSEK (55 583 KSEK).
*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares in second quarter of 2023: 17 602 916 shares. Total number of shares in 2cureX AB on June 30st, 2023: 17 602 916 shares.
**Equity ratio: Shareholder’s equity divided by total capital.
Significant events during the second quarter 2023
April:
2curex strengthens its IndiTreat® automation project with a prestigious grant from the german federal ministry of education and research
2curex hosts a Q1 update and Q&A session
2curex presents preliminary Q1 2023 commercial results
2curex publishes the annual report for the fiscal year 2022
2curex’s CEO Fernando Andreu purchases shares in the company
2curex provides notice of annual general meeting of 2curex AB
May:
2curex announces positive IndiTreat trial results published in highly recognized scientific journal
2curex held its Annual General Assembly
2curex publishes interim report for the first quarter of 2023
June:
2curex sends out newsletter