Hyloris FIRST LOOK: FY24 results come with a detailed pipeline update

Hyloris reported FY24 results with YE24 cash of € 23.6m (YE23: € 30.4m). Revenue grew to € 8.5m (from € 2.1m), though we note this included one-off milestone payments ($ 2.1m as well as an additional undisclosed amount). We are encouraged by the planned 9 regulatory submissions by YE26, though point out that US filing fees range $ 2-4m. Additionally, Hyloris will require extra funding to commercialise the near-term cardiology products in the US and is exploring multiple options. As such, while we acknowledge the company's operational progress, we'll look to see how Hyloris' funding plans evolve before turning more positive on the name. For now, we reiterate our € 5 TP and Hold rating.