Curatis Holding has reported its financial results for the first half of 2024, showcasing significant growth in its core distribution business despite only including two months of data from its recently acquired subsidiary, Curatis AG. The company’s revenues reached CHF 2.0 million, with Curatis AG contributing to this figure for just two months following its acquisition on April 26, 2024.
Notably, Curatis AG’s distribution business experienced a remarkable 31% year-over-year increase in sales, climbing from CHF 3.3 million in the first half of 2023 to CHF 4.3 million in the same period of 2024. This growth trajectory aligns with the company’s performance over the past three years prior to its listing.
The company reported a loss of CHF 3.8 million for the period, which includes several non-cash items and one-time expenses. These include personnel costs related to the revaluation of the company’s
long-standing option plan (CHF 2.5 million), amortization of intangible assets from the acquisition (CHF 528,000), and transaction costs exceeding CHF 1 million.
Despite these expenses, Curatis maintains a strong cash position of CHF 3.5 million. Combined with positive cash flow from operations (excluding transaction costs) and a lean organizational structure, the company expects to sustain its operations for years to come, even without factoring in potential income from partner contracts in 2025.
In addition to its financial performance, Curatis has made progress in its product development pipeline. The company has submitted an orphan drug designation application to the U.S. Food and Drug Administration (FDA) for its lead product candidate, C-PBTE-01, with a response expected in the fourth quarter of 2024.
Curatis’s business model encompasses both the distribution of specialty pharmaceuticals and the development of proprietary medicines, with a focus on rare and ultra-rare diseases. The company aims to expand its distribution business geographically across key European markets while advancing its development portfolio of four product candidates.
The lead project, C-PBTE-01, targets an extremely rare group of aggressive brain tumors known as Diffuse Midline Glioma (DMG), which primarily affects children. The treatment aims to address peritumoural brain edema (PTBE) associated with DMG, potentially offering a steroid-sparing alternative to current treatments that often come with severe side effects.
Other pipeline candidates include C-AM-01 for migraine with aura, C-MOH-01 for medication-overuse induced headache, and KIN001 for idiopathic pulmonary fibrosis. Each of these candidates addresses significant unmet medical needs in their respective indications.
Curatis’s strategy involves seeking partnerships for the further development and commercialization of its product candidates, particularly in global markets. The company’s strong cash position and lean structure position it well to advance its pipeline and pursue growth opportunities in the specialty pharmaceutical market.
As Curatis continues to progress its development programs and expand its distribution business, it remains focused on delivering innovative treatments for rare and ultra-rare diseases, potentially generating significant cash flow from 2025 onward.