FY24 and outlook: long is the road…
FY24 and outlook: long is the road…EARNINGS/SALES RELEASES
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.
FACT
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.
ANALYSIS
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.
IMPACT
We will incorporate the figures for FY24. Looking forward, we anticipate no significant changes to our figures following this release.
Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.
AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients. The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.