The group has released its FY24 results. The figures are not particularly meaningful, as they pertain to products still under development. However, we recognise that financing needs remain a concern. The expected EUA filing in Q225 is confirmed, which is positive. Nonetheless, the immediate requirement for additional funding is evident.
The group released its FY24 results. Operating income was €13.256m compared to €13.326m in the previous year. The operating result was €-12.962m, down from €-11.800m, and the net result was €-12.295m, compared to €-8.639m. The company had €7m in (gross) cash at the end of 2024.
The financial narrative of Crossject centres on the anticipated launch of Zeneo and the targeted New Therapeutic Entities (NTEs). The current revenue figures and reported losses are less significant in this context. Notably, the invoicing of R&D expenses to BARDA amounted to €8.2m, up from €6.2m the previous year. The group remains on track to file for Zepizure in Q2 25, which is reassuring. Crossject also plans to submit a New Drug Application to the FDA by mid-2026 for the commercialisation of ZEPIZURE® in the United States for treating status epilepticus.
On a less positive note, the gross cash position stands at €7m, despite raising €24m last year and repaying approximately €5m in debt through capital increases, bond issuances, and private placements. This highlights the ongoing need for financing. Crossject is allocating resources to R&D for other candidate products, such as hydrocortisone and adrenaline, and intends to explore various financing options, including equity, debt, public funding, and other methods, throughout 2025. Filings for registrations are anticipated from H2 26 onwards in the US or Europe.
The market reacted coolly to the prospect of new financing rounds. The cash burn rate is significant, at approximately €1m per month, and any delays in the Zepizure launch (EUA and later NDA) could lead to further shareholder dilution. In this context, investors are advised to remain patient.
We will incorporate the figures for FY24. Looking forward, we anticipate no significant changes to our figures following this release.
