Annual Report for the fiscal year 2022
Copenhagen, Denmark, 23 February 2023 - Curasight A/S (“Curasight” or “the Company” – TICKER: CURAS) hereby publishes the Annual Report for the fiscal year of 2022. The Annual Report is available as an attached file to this release and on the Company’s website. Below is a summary of the report.
Curasight’s CEO Ulrich Krasilnikoff comments:
"2022 was a pivotal year characterized by intensive strategic work. Much progress has been made since our IPO just two years ago, not least with the presentation of positive results from multiple investigator-initiated studies with uTRACE®. During 2022 we updated our clinical strategy, and we are now pursuing four promising indications with uTRACE® - brain cancer, prostate cancer, head- and neck cancer and neuroendocrine tumours.
The new strategy enables Curasight to pursue a theranostic strategy – combining more accurate diagnosis with effective treatment. We do this by leveraging Curasight’s accurate diagnostic technology uTRACE® which uses intelligent cancer imaging, with targeted treatment solutions from our uTREAT® technology. By pursuing this theranostic solution, we can create potentially more gentle and efficient new treatment options for various cancers.
An important part of our new strategy is to establish synergistic partnerships which could build further value in our business. During discussions with potential partners, we have seen a genuine interest in Curasight’s technology and its application in several promising indications. We look forward to continuing these discussions as we work to progress uTRACE® and uTREAT® solutions through clinical development.
As we continue to accelerate our development and execute our strategy, Curasight has maintained a solid financial position during the year with a cash position of approximately DKK 50 million. The current financing is expected to last well into 2023 as we explore additional future funding options including the potential partnerships given the go-to-market strategy for each indication.
Last but not least Curasight is building its drug development function to meet the regulatory demands of running a late stage clinical development company. This focus involves our first discussions with the US Food and Drug Administration (FDA)about our clinical programs on uTRACE® and continuing the clinical Investigation of uTRACE® in the prostate cancer indication. In summary, all the hard work in 2022 sets the foundation for a rich news flow during 2023 that will fuel Curasights value inflection points. Thank you for sharing our mission to improve the lives of millions of people with cancer.”
January – December 2022
- Net sales amounted to 0 (0) DKK
- Operating profit/loss amounted to -18,962,317 (-11,401,890) DKK
- Profit/loss before taxes amounted to -19,488,453 (-11,781,790) DKK
- Profit/loss for the year amounted to -18,349,187 (-11,115,350) DKK
- Total assets amounted to 59,667,946 (77,915,451) DKK
- Equity ratio amounted to 96,5 (97,4) %.
- Earnings per share amounted to -0.92 (-0.56) DKK
Change in accounting policy
The company has changed its accounting policy in the following areas:
The company wants to adapt and use the International Financial Reporting Standards (IFRS) from the fiscal year 2023. Recognition of development costs as expense in the in the income statement previously, development costs were capitalized in the balance sheet. In future, development costs will be recognised as expenses in the income statement as management believes that this will provide a fairer presentation and it will be more comparative with other companies in the Pharma industry. The comparative figures have been restated in accordance with the new accounting policy. The changes in accounting policy has a negative impact of DKK 3,537k on the net loss in 2021. The changes in accounting policy has effected the equity at 01.01.21 with a decrease by DKK 19,716k. The changes in accounting policy has a negative impact of DKK 5,559k on the net loss for 2022. As at 31.12.22, the total negative impact of the changes in accounting police on the equity is amounting to DKK 28,812k.
Except for the areas mentioned above, the accounting policies have been applied consistently with the previous year and has no cash impact.
Highlights from 2022
- January 10: Management attended J.P. Morgan 40th Healthcare Conference.
- January 18: Company Investor Presentation at the SEB Nordic Healthcare Seminar 2022.
- January 27: Announced positive results from an investigator-initiated phase II study using uTRACE® in accurate diagnosis of patients with neuroendocrine tumors
- February 10: Curasight announced that the Company has signed and completed an agreement to acquire the early-stage R&D company TRT Innovations ApS. Curasight intends to expand and accelerate its clinical programs and is strengthening the therapeutic platform.
- February 23: Curasight announced that the Company has expanded its clinical programs with two additional indications — Neuroendocrine tumors (NET) and head and neck cancer.
- April 12: Curasight gave notice of the Annual General Meeting 2022 to be held on April 27, 2022, at the Company’s premises.
- April 22: Curasight announced that the United States Patent and Trademark Office has granted Curasight’s United States Patent Application no. 16/870,776 is ready for allowance and the patent will be issued with patent no. 1131137.
- April 25: Ulrich Krasilnikoff and Andreas Kjær were invited and attended Sedermeradagen Stockholm. The presentation is available on Sedermeras Youtube channel.
- April 27: Curasight held an Annual General Meeting. Resolutions with summarized decisions are available on the company’s website.
- May 18: Ulrich Krasilnikoff and Andreas Kjær gave an update on the company’s strategy at Kapital Partner’s Life Science Seminar.
- June 7: Curasight issued a total of 956,770 warrants for the purpose of launching the Company’s long-term incentive program covering the Company’s Board of Directors, Executive Management and other key employees.
- June 24: Curasight announced that a transaction with shares in Curasight A/S was made by managerial employee in the period 9 – 10 June 2022. Hanne Damgaard Jensen (Chief Development Officer) bought a total of 16.400 shares. Hanne Damgaard Jensen total holdings in Curasight A/S after the purchase of the shares is 20,000 shares.
- June 30: Curasight announced that the investigator-initiated phase II study using uPARPET in brain cancer had completed the inclusion of patients. First data from the study is expected to be published during H2 2022.
- August 25: Ulrich Krasilnikoff and Andreas Kjær presented the company and the Q2 2022 report at HC Andersen Capital.
- September 4: Curasight announced that the company’s CDO Hanne Damgaard Jensen had purchased 7,600 shares at an aggregated volume price of 97,964 DKK on November 1, 2022. Hanne Damgaard Jensen total holdings in Curasight A/S after the purchase of the shares is 35,000 shares.
- October 13: Curasight announced that it has initiated pre-clinical studies of uPAR targeted radionuclide therapy (uTREAT®) in head and neck cancer and in neuroendocrine tumors (NET). Results are expected to be available during 1H 2023.
- November 21: Ulrich Krasilnikoff and Andreas Kjær presented the company and the strategy at SEB Healthcare Seminar 2022.
- November 28: Ulrich Krasilnikoff and Andreas Kjær presented the company and the Q3 2022 report at HC Andersen Capital.
For more information regarding Curasight, please contact:
Ulrich Krasilnikoff, CEO
Phone: +45 22 83 01 60
E-mail: uk@curasight.com
Curasight is a clinical development company based in Copenhagen, Denmark. The Company is a pioneer in the field of exploiting a novel Positron Emissions Tomography (PET) imaging platform targeting the urokinase-type plasminogen activator receptor (“uPAR”). The technology provides improved diagnosis and risk stratification in multiple cancer types.