Thor Medical Asa · OSL:TRMED
Thor Medical Asa — H1 2023 Earnings Presentation
13 slides from Thor Medical Asa's earnings presentation, 2023
Slide 1: 1H 2023 results
1H 2023 results Ludvik Sandnes, Chair Alf Bjørseth, CEO Brede Ellingsæter, CFO
Slide 2: Highlights
Highlights • Close down of the PARADIGME study and the Company met its targets to reduce the burn rate and preserve cash • Acquisition of Thor Medical AS, an emerging supplier of alpha emitters for medical use in cancer treatment, was approved on 28 June. The transaction was closed on 3 July • Strat
Slide 3: Operational review 1H
Operational review 1H • The Extraordinary General meeting elected a new Board of Directors on 3 January, following the resignation of the former members since their proposal to merge with APIM Therapeutics was rejected by the EGM on 1 December 2022 • The new board prioritized to get a new CEO/CFO in
Slide 4: Thor Medical to become the worlds leading supplier of alpha emitters for cancer therapy
Thor Medical to become the worlds leading supplier of alpha emitters for cancer therapy Radiopharmaceutical value chain Thor Medical’s • Thor Medical has developed a proprietary primary market technology for the manufacturing of radionuclides, primarily alpha-emitters • Alpha-emitters make it possib
Slide 5: Fast growing market for radiopharmaceuticals will require large volume of alpha emitters
Fast growing market for radiopharmaceuticals will require large volume of alpha emitters Radiopharmaceutical market CAGR: 19% 35 • The radiotherapeutics market is expected to grow rapidly, reaching USD 35bn by 2031 • Radionuclide therapy based on alpha emitters is a promising technology for cancer t
Slide 6: Proprietary clean, reliable and cost-effective production technology
Proprietary clean, reliable and cost-effective production technology Natural thorium as feedstock Proprietary separation process Alpha emitters for medical use • Thorium from natural sources as • No irradiation required • Readily supply of Th-228 from our feedstock for Thor Medicals process separati
Slide 7: Pilot facilities at Herøya to refine production technology
Pilot facilities at Herøya to refine production technology • Thor Medical has signed an agreement to establish pilot facilities at Herøya industrial park ‒ The pilot will be basis for refining the process and production technology ‒ It will be an important step towards industrial scale manufacturing
Slide 8: Industrial scale manufacturing facility
Industrial scale manufacturing facility • Main work streams towards industrialization ‒ Plant design ‒ Site selection ‒ Regulatory approvals and permitting ‒ Front end engineering design (FEED) • Subject to outcome of customer qualification process, final investment decision is targeted in 2025 • Ca
Slide 9: Financial review
Brede Ellingsæter, CFO Financial review
Slide 10: Completed restructuring and reduced burn in H1 2023
Completed restructuring and reduced burn in H1 2023 1H 1H (figures in NOKm) 2023 2022 2022 Revenues 0.8 0 0 EBITDA -27.6 -198.7 -306.2 EBIT -27.9 -203.1 -317.4 • Revenues of NOK 0.8m from sublease of lab Profit / (loss) before taxes -26.5 -196.1 -310.4 facilities at Kjelsås Cash flow from investment
Slide 11: Free cash sufficient to fund the Company through 2025
Free cash sufficient to fund the Company through 2025 Available cash NOKm 120 • Net cash flow NOK -49m for the period 99 100 • Net current liabilities reduced to NOK 11m in H1 2023 mainly explained by reduction in provision 80 35 for restructuring cost to NOK 0.9m (NOK 25m H2 2022) 60 50 • Remaining
Slide 12: Outlook
Outlook • Main business focus going forward will be to: 1. Refine the process and production technology at the pilot at Herøya 2. Continue the dialog and qualification process with potential customers for future supply of alpha emitters 3. Mature the concept for an industrial scale manufacturing fac
Slide 13: thormedical.com
Thor Medical is a producer and supplier of radionuclides, primarily alpha emitters, for cancer therapy. The production process requires no radiation and provides reliable, low cost supply of sought after α-particles. Thor Medical HQ Karenslyst allé 9C NO-0278 Oslo, Norway thormedical.com