Cantargia Releases Q1 2024 Interim Report

Cantargia, a biotechnology company listed on Nasdaq Stockholm under the ticker CANTA, shared its interim report for the first quarter of 2024, highlighting significant progress in its clinical projects. The company, known for developing antibody-based treatments for severe diseases, focuses on two main programs: CAN10 and nadunolimab (CAN04).

The CEO of Cantargia, Göran Forsberg, expressed optimism about the company's recent achievements. He noted that the clinical project CAN10 has shown considerable promise in treating various inflammatory diseases. Recent studies, both internal and by competitors, have supported the potential of CAN10. Additionally, Cantargia's other project, nadunolimab, has also shown substantial progress during the first quarter.

One of the notable milestones in the first quarter was the initial results from the ongoing phase 1 clinical study of CAN10. The study demonstrated that CAN10 effectively binds to its target, IL1RAP, and has shown a good safety profile. The phase 1 study is advancing as planned.

Moreover, new clinical and preclinical data revealed that nadunolimab could mitigate neuropathy, a severe side effect often associated with chemotherapy and antibody drug conjugates (ADCs). This finding is particularly significant as it points to nadunolimab's potential to improve the quality of life for patients undergoing cancer treatment.

Another critical achievement was obtaining regulatory approval in the United States for a phase 2b study involving nadunolimab in pancreatic cancer. This approval marks a crucial step towards evaluating nadunolimab's efficacy and safety in a larger patient population within a significant therapeutic area.

Following the first quarter, Cantargia continued to make strides. In April, three scientific articles related to CAN10 were published, covering its impact on atherosclerosis, systemic sclerosis, and the antibody's mechanism of action. This publication underscores the scientific community's recognition of CAN10's potential and the broad applicability of Cantargia's research.

Cantargia also announced that a third party had withdrawn an appeal related to one of its patents, clearing a potential obstacle and further solidifying its intellectual property position.

Financially, the first quarter of 2024 presented a mixed picture. Cantargia reported net sales of SEK 0.0 million, consistent with the same period last year. The operating loss for the quarter was SEK 41.7 million, a significant improvement from the SEK 77.6 million loss in the corresponding quarter of the previous year. The loss after tax was SEK 37.0 million, compared to SEK 75.9 million in the first quarter of 2023. The loss per share, both before and after dilution, was SEK 0.20, down from SEK 0.45. The company's equity/assets ratio was 78%, slightly higher than the 77% reported at the end of the first quarter of the previous year. Cantargia's cash and cash equivalents stood at SEK 107.6 million, with short-term investments amounting to SEK 35.0 million.

To discuss the interim report and provide additional insights, Cantargia invited investors, analysts, and media to an audiocast and teleconference on May 21, 2024. The session featured presentations by CEO Göran Forsberg and CFO Patrik Renblad, followed by a Q&A segment.

Cantargia continues to advance its mission of developing innovative antibody-based treatments for life-threatening diseases, leveraging its platform based on the IL1RAP protein. The company's main program, nadunolimab, is primarily being studied in combination with chemotherapy for pancreatic cancer, non-small cell lung cancer, and triple-negative breast cancer. The second program, CAN10, focuses on systemic sclerosis and myocarditis, targeting autoimmune and inflammatory diseases through a different mechanism.

Cantargia remains committed to pioneering treatments that can significantly impact patients' lives, with its promising research and development efforts gaining traction within the scientific and medical communities.