QUARTER 4, OCTOBER – DECEMBER 2024

• Net revenue decreased by 63 percent to SEK 971k (2 657k).
• EBITDA improved by 41 percent to SEK -3 180k (-5 403k).
• EBIT/Operating result deteriorate by 6 percent to SEK -9 241k (-8 683k).

INTERIM PERIOD, JANUARY – DECEMBER 2024

• Net revenue decreased by 34 percent to SEK 2 890k (4 354k).
• EBITDA improved by 21 percent to SEK -17 593k (-22 366k).
• EBIT/Operating result improved by 5 percent to SEK -34 714k (-36 635k).

KEY EVENTS DURING THE QUARTER

• Simris Group major owner and chairman Steven Schapera passed away after complications after surgery. Jonathan Royce, an existing board member, has assumed the role of chairman of the board.
• Simris Group announced that payments from the previously announced and agreed loan facility, established by the recently deceased major shareholder and chairman Steven Schapera’s company, may be delayed. The Simris board is reviewing other financing options in case the payments are further delayed.
• Simris Group resolved a share issue, repayment of convertible debentures, prolongation of loan agreements, entering into and to call for a general meeting to resolve to enter into new loan agreements.

KEY EVENTS AFTER THE END OF THE QUARTER

• Simris Group held an extraordinary general meeting on 20 January 2025. The general meeting resolved on entering into loan agreements from board and management on total €140 000.

CEO UPDATE
Our mission is to treat cancer with greater precision than chemotherapy or radiotherapy. We will do this using our ground-breaking IP protected ADC payload technology, via strategic alliances with experienced drug developers. Every day we move closer towards this pivotal goal.
In reflection writing this update for our Simris Group, it is with sadness we all remember our previous Chairman Steven Schapera’s passing and his vision. However, over this last quarter, we have galvanized our energy, financial status, focus & determination to continue the mission and vision of delivering novel and sustainable ADC payloads to advance the war against cancer.

We continued to push forward our collaborations in a number of fronts. Through our work with an independent global Pharma company, we obtained the first set of in-vitro study data with our novel payloads conjugated to a monoclonal antibody. This work demonstrated promising results for our monomer microcystins—a favorable safety profile and a comparable effectiveness versus leading commercialized ADC constructs. We also continue dialogues with other pharma companies.

We initiated discussion with the world-renowned Cancer Research Centre to build a research programme for multiple myeloma cancer treatment to screen our most advanced microcystin payloads in specific ADC conjugates.

We continue to obtain approval for our patents in several key regions around the world for the next generation of bioconjugate innovation and manufacturing technology, specifically as these inventions relate to ADC payloads. Continuing to build our strong, defensible and protected IP position for our payload platform is a high priority for Simris. Our patent library protects our unique position to offer specifically optimizable payloads which are ready to conjugate for further ADC development and commercialization.

Our unique science and value to cancer precision medicine was recognized in our recent key publication in the American Chemical Society’s Journal of Natural Products (also awarded Editor’s Choice) that describes the outstanding work on “Derivatization of Mycrocystins can increase target inhibition while reducing cellular update”.
https://pubs.acs.org/doi/10.1021/acs.jnatprod.4c00688

Our groundbreaking science is leading the way in ADC payload safety and efficacy for oncology.

The first phase of the Proof of Concept (POC) for our Peptide Drug Conjugate (PDC) research programme with the New Zealand Universities has yielded some interesting early data during a fertility and fecundity (mating) study cycle over a 53 day period. The next steps of this POC is currently being initiated.

With respect our Hammenhög Facility in Southern Sweden, we have thoroughly explored opportunities for industrial and academic collaborations to maximize the future potential for the facility.

Our laser focused plan to continue to grow our expertise in conjugation of ADC payloads and applications with specific microcystin science is leading to fruitful data for further optimization which in turn will attract stronger interest in partnerships/collaborations to achieve in-vivo data.

The report is published on Simris Groups website:
https://simrisgroup.com/financial-information/financial-reports/