Marinomed Biotech AG Reports Q1 2024 Financial Results

Marinomed Biotech AG has announced its financial results for the first quarter of 2024, reporting revenues of EUR 0.7 million. This marks a decline to pre-pandemic levels due to high customer stock levels and a return to seasonality. The operating result (EBIT) was EUR -1.9 million, slightly worse than the EUR -1.4 million recorded in Q1 2023. The net loss for the period remained consistent at EUR -2.1 million.

The company highlighted new partnerships and progress with key products. Two new distribution agreements and advancements in clinical studies for Carragelose were noted. Marinomed also reported progress with its Marinosolv products and an agreement with financing partners to defer repayments, giving more flexibility.

Despite ongoing challenges, Marinomed remains focused on generating cash flows to cover its financing needs. Efforts are being made to close deals with potential partners and to reduce cash burn. The company aims to evaluate its Carragelose portfolio by mid-year.