Cessatech A/S publishes Annual Report for the fiscal year 2023

Cessatech A/S (“Cessatech” or the “Company”) hereby publishes its annual report for the fiscal year 2023, which also includes the fourth quarter of 2023 financial reporting. The annual report is attached as a pdf. The report is also available on Cessatech’s website www.cessatech.com under ‘Fillings & Reports’. 

Full year 2023 for the period 1 January - 31 December (Q4’2023 results in brackets): 

• Net revenue was KDKK 0 (0) 

• Operating result was KDKK -22.510 (-4.852) 

• Net result was KDKK -26.527 (-12.009) 

• Cash at bank end of the period was KDKK 3.373 (3.373) 

• Earnings per share* was KDKK -1,92 (-0,87) 

• Solidity** was -23% (-23%) 

*Earnings per share (DKK per share): Operating result divided by the average number of shares during the period. The total number of shares as of 31 December 2023 amounted to 13.788.755 shares, the average number of shares during the full year was 13.788.755.  
**Solidity: Total equity divided by total capital and liability. 

Highlights during the full year 2023. 

Q1-2023 

• Based on ongoing stability studies of CT001, CT001 has been shown to be stable over a prolonged period of time and is now estimated to have a shelf-life of more than two years at controlled room temperature. This will greatly benefit the future supply chain management and will be a major advantage for the hospitals and clinics storing and working with CT001. 

Q2-2023  

• The Company announced that it entered into an exclusive US license and collaboration agreement with Ventis Pharma Corporation - a biopharmaceutical company focused on developing and formulating innovative pain management therapies - for the development and commercialization of CT001 for the US market. Under the agreement both parties, Cessatech and Ventis Pharma will share costs and net profits 50/50 with the potential to generate revenues from 2024, much earlier than originally anticipated. 

Q3-2023 

• During Q3’2023 we successfully managed to add an extra product to the development pipeline. CT002 is developed to address the unmet medical need of a non-invasive sedative procedure for children undergoing MRI scanning or other procedures requiring sedation. 

Q4-2023 

• The 0205 data demonstrated that CT001 had significant reduction in the pain scale, and although superiority was not achieved for the sufentanil control arm in adults the co-primary endpoint of preliminary modelled exposure-response data substantiates that CT001 is superior in children. 

The annual report is presented for approval at the Annual General Meeting, 27 March 2024. The Board and the CEO have proposed that no dividend is paid out for the fiscal year, 1 January 2023 - 31 December 2023.