2cureX reported its Q4 results earlier today. According to the company, the results for the period have been impacted by the increasing efforts to build market awareness of the company’s InidTreat® technology and commercial efforts to market IndiTreat®.

2cureX strategic focus for 2022 was to build market awareness of the company’s IndiTreat® technology and commercial efforts to market IndiTreat®. Just before the Christmas holidays, 2cureX announced that it had reached its 2022 geographic rollout goal of 20 countries. IndiTreat® is now actively promoted in 20 countries in Europe and the Middle East. The goal for 2023 is to be present in 25 countries, focusing on covering some of the important European markets where IndiTreat® is not yet offered.

By the end of Q3 2022, 15 hospitals had been enrolled on the IGNITE program, and according to 2cureX, the main reason for the delay was longer decision-making times due to the summer holiday season and the long processes to formalize the agreements. Consequently, 2cureX revised the end-of-year goal from 30 to 20 hospitals, wherein the company aimed to enrol five new hospitals during the fourth quarter. The actual enrollment in Q4 2022 was nine hospitals, and 2cureX will continue to offer IndiTreat® in 2023 in order to expose potential customers to the technology and, thus, aims to have at least 500 patient samples tested with IndiTreat®.

Furthermore, in the fourth quarter, 2cureX disclosed that additional clinical studies to support clinical practice and reimbursement activities for its current product are planned. Moreover, the company aims to advance the development of its next improved IndiTreat® test, IndiTreat®Neo, to continue its geographic expansion within Europe and the expansion of the IndiTreat® user base and the number of patients tested. With the current burn rate, we believe the financial position will be sufficient to keep the company financed at least through 2023. However, many of the planned activities, in particular, clinical trials may be associated with high costs. Thus, we cannot disregard that 2cureX may potentially need to raise funds.