SynAct Pharma publishes Q1 2024 interim results

SynAct Pharma AB (publ) (“SynAct”) today publishes the interim report for the first quarter of 2024.

“The first quarter of 2024 was incredibly busy, but I feel confident that the company now has the right team and plan in place to put SynAct back on the right path,” said Jeppe Øvlesen, CEO of SynAct.

January – March 2024

  • The Group’s net sales amounted to SEK 0 (0) thousand.
  • Operating expenses amounted to SEK 25,706 (58,248) thousand, a decrease of 56%.
  • The Group’s loss after tax amounted to SEK 24,906 (49,878) thousand.
  • The Group’s earnings per share before and after dilution amounted to SEK -0.70 (-1.59).
  • Cash flow from operating activities amounted to SEK -11,189 (-30,472) thousand.
  • Cash flow from financing activities amounted to SEK -154 (-246) thousand.
  • Cash flow for the period amounted to SEK -11,343 (-30,482) thousand.
  • Cash and cash equivalents at the end of the period amounted to SEK 51,553 (78,214) thousand.

Significant events during the period

  • Jan 30 – SynAct expands its Rheumatology Clinical Advisory Board with three new highly experienced advisors.
  • Feb 1 – SynAct appoints Kirsten Harting as Chief Medical Officer.
  • Feb 7 – Notice of extraordinary general meeting in SynAct Pharma AB. Upon request by >10% of the shareholders, an extra general meeting has been set to March 20, 2024.
  • Feb 22 – SynAct announces additional data from the EXPAND P2b clinical trial supporting continued development of the compound in rheumatoid arthritis.
  • Mar 10 – SynAct announces outcomes of the independent audit of the 4-week RESOLVE P2a clinical trial in Rheumatoid Arthritis.
  • Mar 20 – The Extraordinary General Meeting resolved, in accordance with the proposal to elect a new Board for the period until the end of the 2024 Annual General Meeting. The Board of Directors appointed Jeppe Øvlesen as CEO of SynAct.
  • Mar 22 – SynAct comments on ownership changes among senior executives.
  • Mar 26 – SynAct Pharma AB announces intention to carry out directed share issues in total of approximately 48 MSEK.
  • Mar 27 – SynAct Pharma AB has successfully completed the bookbuilding procedure – directed issues provides the company with a total of up to 49.2 MSEK and sends out notice of extraordinary general meeting in SynAct Pharma AB.

Significant events after the end of the period

  • Apr 30 – 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.

For further information about SynAct Pharma AB, please contact:

Jeppe Øvelsen
CEO, SynAct Pharma AB
Phone: +45 28 44 75 67
Mail: [email protected]

Björn Westberg
CFO, SynAct Pharma AB
Phone: +46 703 33 91 23
Email: [email protected]