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Scandion Oncology
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== Financials == In FY21, Scandion reported an operating loss of DKK55.4m, a 132% increase year-on-year (FY20 operating loss: DKK23.8m) due mainly to growing clinical costs driven by R&D expenses associated with the CORIST trial. In Q122 the company reported grant funding of DKK0.1m and an operating loss of DKK16.3m, up 65% y-o-y (Q121: DKK9.9m) again due to increasing R&D costs associated with the clinical program. Assuming a similar expense rate as Q122 (DKK16.4m) in future, Edison Investment Research expects an operating loss for FY22 of DKK60.1m, slightly up year-on-year. Edison Investment Research forecasts an R&D expense for FY22 of DKK52.5m (FY21: DKK47.7m) coinciding with the conclusion of CORIST part 2 and PANTAX studies, and keep administrative costs flat year-on-year at DKK8.5m. Further, Edison Investment Research expects R&D expenses to increase dramatically to DKK107.0m in FY23. Edison Investment Research apportions two-thirds of this figure (DKK75m) to the start of randomised Phase II trials in mCRC based on enrolling 100 patients at a cost of DKK750,000 (c $105,000) per patient. The remaining DKK32m R&D expense in FY23 Edison Investment Research assigns to the commencement of a Phase II trial in PC, based on a similar cost base as CORIST part 2. In total, Edison Investment Research forecasts operating expenses of DKK115m for FY23. In FY24 Edison Investment Research expects an additional six months of R&D expense to be incurred by the company at the same rate as FY23 (leading to DKK53.5m in R&D costs in FY24), until a licensing deal is completed mid-2024, after which Edison Investment Research expects the partner to fund further development of SCO101. These are Edison Investment Research's estimates and may vary with management’s discussions with potential partners. Edison Investment Research notes that its trial timeline forecasts for starting the Phase III programmes (2024) differ slightly from the company’s communicated objectives, where it could potentially initiate pivotal Phase II/III trials in second-line mCRC patients with wtRAS in 2023. Scandion has communicated it is funded to conclude current clinical work and will not begin new trials until extra funding is sourced. Therefore, at the current burn rate of c DKK17.5m per quarter and with a cash position of DKK87.97m, Edison Investment Research estimates a runway into Q123. Edison Investment Research therefore expects the company to raise extra capital in FY22 to fund further clinical development, which Edison Investment Research has modelled as illustrative debt of DKK115m in its forecast. Edison Investment Research sees this amount as sufficient to fund operations (at a similar cost rate to FY23) to mid-2024, when Edison Investment Research forecasts the company will engage in a global licensing deal. Once the rights issue has completed, Edison Investment Research will adjust its forecasts. As of June 2022, the company is engaging in an authorised rights issue with current shareholders for 10.7m shares. If exercised in full at the exercise price of SEK8.75 Edison Investment Research expects the issue would result in c SEK76.7m (c DKK53.6m) net in cash for Scandion Oncology (c SEK93.7m less SEK17m in transaction costs). At the time of writing, the company has guaranteed commitments for 80% of the potential rights proceeds. Edison Investment Research expects the issue to be completed by early July 2022, at which point Edison Investment Research will update its forecasts. If the rights issue is fully exercised, Edison Investment Research anticipates that it will extend the company’s cash runway to late-2023 (from Q123) and note this may extend into 2024 depending on trial timing. Longer term, Edison Investment Research anticipates the company will require an additional DKK200m (roughly) through 2026 to 2027 to be fully self-sustaining (on recurring SCO101-related commercial revenue), excluding milestone or upfront payments from potential partnerships. {| class="wikitable" |+Exhibit 11: Financial summary<ref>Source: Scandion Oncology company accounts, Edison Investment Research.</ref> !Accounts: IFRS, year-end: December 31, DKK’000s !2020 !2021 !2022e !2023e |- | colspan="5" |PROFIT & LOSS |- |Total revenues |1,003 |797 |797 |797 |- |Cost of sales |0 |0 |0 |0 |- |Gross profit |1,003 |797 |797 |797 |- |Total operating expenses |(24,758) |(56,164) |(60,933) |(115,453) |- |Research and development expenses |(21,672) |(47,711) |(52,480) |(107,000) |- |SG&A |(3,086) |(8,453) |(8,453) |(8,453) |- |EBITDA (normalized) |(23,474) |(54,763) |(59,754) |(114,274) |- |Operating income (reported) |(23,755) |(55,367) |(60,136) |(114,656) |- |Operating margin % |N/A |N/A |N/A |N/A |- |Finance income/(expense) |2,233 |(1,846) |0 |0 |- |Exceptionals and adjustments |0 |0 |0 |0 |- |Profit before tax (reported) |(21,522) |(57,213) |(60,136) |(114,656) |- |Profit before tax (normalised) |(21,522) |(57,213) |(60,136) |(114,656) |- |Income tax expense (includes exceptionals) |4,384 |5,508 |5,508 |5,508 |- |Net income (reported) |(17,138) |(51,705) |(54,628) |(109,148) |- |Net income (normalised) |(17,138) |(51,705) |(54,628) |(109,148) |- |Basic average number of shares, m |32.1 |32.1 |32.1 |32.1 |- |Basic EPS (DKK) |(0.53) |(1.61) |(1.70) |(3.40) |- |Adjusted EPS (DKK) |(0.53) |(1.61) |(1.70) |(3.40) |- |Dividend per share (DKK) |0.00 |0.00 |0.00 |0.00 |- | colspan="5" |BALANCE SHEET |- |Tangible assets |136 |386 |338 |306 |- |Intangible assets |0 |0 |0 |0 |- |Right-of-use assets |312 |1,215 |1,215 |1,215 |- |Other non-current assets |148 |314 |314 |314 |- |Total non-current assets |596 |1,915 |1,867 |1,835 |- |Cash and equivalents |5,814 |105,710 |164,645 |54,044 |- |Current tax receivables |4,384 |5,500 |5,500 |5,500 |- |Trade and other receivables |1,414 |2,018 |2,018 |2,018 |- |Other current assets |174,513 |1,076 |1,076 |1,076 |- |Total current assets |186,125 |114,304 |173,239 |62,638 |- |Non-current loans and borrowings |8 |0 |0 |0 |- |Non-current lease liabilities |0 |500 |500 |500 |- |Other non-current liabilities |504 |84 |84 |84 |- |Total non-current liabilities |512 |584 |584 |584 |- |Accounts payable |26,064 |4,580 |4,580 |4,580 |- |Illustrative debt |0 |0 |115,000 |0 |- |Current lease obligations |316 |723 |723 |723 |- |Other current liabilities |3,962 |5,791 |5,791 |5,791 |- |Total current liabilities |30,342 |11,094 |126,094 |11,094 |- |Equity attributable to company |155,867 |104,541 |48,428 |52,795 |- | colspan="5" |CASH FLOW STATEMENT |- |Operating income |(23,755) |(55,367) |(60,136) |(114,656) |- |Depreciation and amortisation |281 |604 |382 |382 |- |Share based payments |0 |0 |0 |0 |- |Other adjustments |4,223 |2,899 |4,023 |4,023 |- |Movements in working capital |2,024 |2,066 |0 |0 |- |Cash from operations (CFO) |(17,227) |(49,798) |(55,731) |(110,251) |- |Capex |(46) |(318) |(334) |(351) |- |Acquisitions & disposals net |0 |(167) |0 |0 |- |Other investing activities |0 |0 |0 |0 |- |Cash used in investing activities (CFIA) |(46) |(485) |(334) |(351) |- |Capital changes |7,892 |150,690 |0 |0 |- |Debt Changes |0 |0 |115,000 |0 |- |Other financing activities |(226) |(511) |0 |0 |- |Cash from financing activities (CFF) |7,666 |150,179 |115,000 |0 |- |Cash and equivalents at beginning of period |15,421 |5,814 |105,710 |164,645 |- |Increase/(decrease) in cash and equivalents |(9,607) |99,896 |58,935 |(110,601) |- |Effect of FX on cash and equivalents |0 |0 |0 |0 |- |Cash and equivalents at end of period |5,814 |105,710 |164,645 |54,044 |- |Net (debt)/cash |5,806 |105,710 |164,645 |54,044 |}
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