BRAIN Biotech AG Receives Major Milestone Payment and Maintains Year-End Targets

BRAIN Biotech AG has announced that it received a milestone payment of €1.5 million from its pharma project involving deucrictibant. This payment has significantly bolstered the company's cash position, almost doubling it to €10.2 million compared to September 2023. The company remains on track to meet its fiscal year-end targets.

For the first half of the financial year 2023/2024, BRAIN reported revenues of €27.2 million, matching the previous year. In Q2 alone, revenues increased by €1.0 million to reach €14.5 million, driven by growth in the BioProducts segment. Despite a slight decrease in total operating performance to €27.4 million, adjusted Group EBITDA improved from €-0.9 million to €-0.5 million.

CEO Adriaan Moelker expressed confidence in the company's progress and highlighted the growth in the BioProducts segment. The segment saw a 7.4% increase in Q2 revenues compared to Q1, offsetting some of the challenges in the earlier part of the year. Overall, the company’s segments experienced varied performance but showed signs of stabilizing revenues and controlled costs.

Moving forward, BRAIN Biotech AG maintains its guidance for the full year, aiming for revenues between €58 million and €62 million and expecting adjusted EBITDA to align with revenue growth.