“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: joo@synactpharma.com
 
Björn Westberg
CFO, SynAct Pharma AB 
Phone: +46 703 33 91 23
Email: BWE@synactpharma.com