First half of the year
1 January – 30 June 2024
- Net sales amounted to KSEK 17 (0).
- Result after taxes amounted to KSEK -15,244 (-14,668).
- Basic and diluted earnings per share amounted to SEK -0,06 (-0,07).
- Cash flow from operating activities after change in working capital amounted to KSEK -16,247 (-13,734).
- Cash and cash equivalents amounted to KSEK 32,326 (29,199) on the balance sheet date.
Financial overview of the second quarter
1 April to 30 June 2024
- Net sales amounted to KSEK 0 (0).
- Result after taxes amounted to KSEK -8,132 (-7,423).
- Basic and diluted earnings per share amounted to SEK -0,04 (-0,04).
- Cash flow from operating activities after change in working capital amounted to KSEK -9,067 (-7,050).
The company’s development during the second quarter
Net sales and results during the second quarter
Net sales for the second quarter of 2024 amounted to KSEK 0 (0).
Operating costs, including capitalized costs for the second quarter, amounted to KSEK 9,020 (13,543). A smaller proportion of the costs have been capitalized in the quarter compared to the corresponding period last year, KSEK 1,672 (6,038), due to the majority of the development work approaching completion of the product.
Operating income for the second quarter amounted to KSEK -7,243 (-7,420), and the result after taxes amounted to KSEK -8,132 (-7,423).
Cash flow, second quarter
Cash flow from operating activities during the second quarter amounted to KSEK -8,107 (-7,392). After changes in working capital, cash flow for the period amounted to KSEK -9,067 (-7,050). Total cash flow for the period amounted to KSEK -18,862 (-12,914). During the period, loans of KSEK 10,000 were taken out, and new issues were carried out through warrant exercise, for a total of KSEK 19,601 after issue costs.
Net sales and results, first half of the year
1 January – 30 June
Net sales for the first half of the year 2024 amounted to KSEK 17 (0).
Operating costs for the first half of the year amounted to KSEK 17,107 (24,601). A smaller proportion of the costs were capitalized in the year's first half compared to the corresponding period last year, KSEK 3,413 (9,782) due to the majority of the development work approaching completion of the product.
Operating income for the year's first half amounted to KSEK -13,482 (-14,667), and the result after taxes amounted to KSEK -15,244 (-14,668).
Cash flow, first half of the year
Cash flow from operating activities during the first half of the year amounted to KSEK -15,188 (-14,606). After changes in working capital, cash flow for the period amounted to KSEK -16,247 (-13,734). Total cash flow for the period amounted to KSEK 9,872 (-23,516). During the period, loans of KSEK 10,000 were taken out, and new issues were carried out through warrant exercise, for a total of KSEK 19,601 after issue costs.
Personnel
The average number of employees during the period was 13 (15), 3 (3) of whom were women.
Investments, liquidity, and financial position
On 30 June 2024, the cumulative book value of capitalised expenses for research and development amounted to KSEK 92,692 (86,031). The amount refers to development work related to the Company’s products. The capitalisation during the year was in accordance with principles relating to development and primarily comprised consultancy costs incurred.
The book value of investments in the patent portfolio amounted to KSEK 5,280 (4,378), most of which was related to investments in patents and patent applications regarding the Company’s products.
At the balance sheet date, cash and cash equivalents amounted to KSEK 32,326 (29,199).
Equity amounted to KSEK 107,447 (115,308).
The equity ratio was 80 (94) percent.
Significant events during the second quarter
Lumito held a successful product event in Stockholm. The event generated valuable feedback and interest from industry experts and potential customers.
The annual general meeting of Lumito AB (publ) took place on 7 May 2024. The annual general meeting decided that the number of board members should amount to five without board deputies. The meeting decided on the re-election of Stefan Andersson-Engels and Ulf Bladin and the new election of Mattias Lundin, Marcus Åström and Kerstin Jakobsson. Kerstin Jakobsson was newly elected chairman of the board.
Lumito attended the Spring Meeting in Pathology 2024 in Kalmar. Lumito exhibited with its stand and this year's focus was, among other things, thyroid and liver pathology. Lumito's presence was a continued part of the company's processing of the Swedish market before the launch of SCIZYS.
All deviations that prevented Lumito from CE marking were corrected. At the beginning of June, Lumito received notification from the independent testing company Nemko in Germany that all deviations that prevented the company from CE-marking the company's first product had been remedied. Lumito received the final type testing report from the independent testing company Nemko in Germany in end June, where only the internal documentation remained for CE marking the company's first product, SCIZYS.
Warrants of series TO5 were subscribed to approximately 79.2 percent, and Lumito AB (publ) received approximately SEK 20.4 million.
Lumito participated with a booth at the annual European Association for Cancer Research (EACR 2024) congress in Rotterdam on June 10–12. The congress gathered thousands of participants, and interest in Lumito was noticeably higher than in previous years.
At the end of June, the board of Lumito appointed Sanna Wallenborg as CEO. She takes up her new role on 19 August 2024 and succeeds Mattias Lundin, who is resigning as CEO to take a new position outside the company. With a focus on launching SCIZYS, Sanna Wallenborg will take over and lead the company into the commercialisation phase.
Significant events after the end of the period
Lumito published a white paper describing SCIZYS’ unique technology for immunohistochemistry. The report provides evidence that SCIZYS eliminates autofluorescence, enables the detection of single nanoparticles and offers exceptional photostability. These properties enable precise biomarker quantification and create excellent conditions for AI-based applications.
Lumito has CE-marked the company's first product, SCIZYS. This is an essential milestone for Lumito, meaning sales for the histopathological research market can begin. SCIZYS S1 complies with all applicable EU Machinery Directive 2006/42/EC provisions.
The main patent in one of Lumito's three patent families, already approved in Europe, was also approved in the USA at the beginning of July. The patent, entitled "A method of analysing a sample for at least one analyte", protects the use of UCNP (Up Conversion Nano Particles) for imaging tissue and body fluids. Lumito's UCNP reagent forms the core of the digital imaging technology in the SCIZYS product.
CEO comments
In the second quarter of 2024, Lumito continued to make significant progress and prepared for the commercialisation of our first product, SCIZYS. We have successfully conducted product demonstrations, participated in several marketing events, and received valuable and positive feedback from potential customers and industry experts.
One of the spring's successful product events was in April in Stockholm, where we demonstrated the SCIZYS scanner for the first time outside of our premises in Lund. The event generated valuable feedback and interest from industry experts and potential customers, resulting in several promising contacts for possible future collaborations.
Our presence at the annual Spring Meeting in Pathology continued the work to influence the Swedish market before the launch of SCIZYS and a follow-up to our previous presence at the Nordic Oncology Forum in Stockholm last year.
Our participation at the "European Association for Cancer Research" in Rotterdam resulted in new international contacts and a clear increased interest in SCIZYS. This confirms that our work to make SCIZYS visible has been successful.
June was particularly eventful and significant for Lumito. We received the message from the independent testing company Nemko that all deviations that prevented us from CE marking SCIZYS were corrected. Shortly afterwards, we received Nemko's final report, which meant we could issue a "Declaration of Conformity" and CE mark our product, thereby launching SCIZYS to the research market. This is substantial progress for the company.
In parallel with the intensive CE marking work and the marketing of the product during the quarter, parts of the company's staff have worked intensively on supplementary laboratory studies to further demonstrate the technology's advantages and strengths. This has been compiled in a white paper that we released in the press and published on the website at the beginning of July. This White paper is an important document in the marketing of SCIZYS.
Furthermore, our warrants of series TO5 were subscribed to approximately 79.2 percent, which added approximately SEK 20.4 million to the company before issue costs.
This is my 14th quarterly report and my last as CEO of Lumito. At the end of June, Lumito's board appointed Sanna Wallenborg as the new CEO of the company, and I proudly and gladly hand over to her. She takes office on August 19, 2024. Sanna takes over at a time when we are finally fully entering the commercialisation phase, and her extensive life science and medical technology experience will be invaluable to the company's continued success. I have been part of an incredibly inspiring and exciting journey.
Lumito is a fantastic company with great potential for histopathological research, patient diagnostics, and international success. We have talented employees in all functions and an experienced and competent management team. I want to thank my colleagues, partners, board, and shareholders for these years. At the same time, I remain a board member at Lumito and look forward to continuing to be part of Lumito's journey.
Lund in August 2024
Mattias Lundin
CEO, Lumito AB
