ASX Quarterly Wrap: Dimerix receives $10.8 million from licensing partner, Spenda achieves record-breaking cash receipts

It’s the quarterly season again as the ASX market announcements page becomes increasingly flooded with update lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

Dimerix (ASX:DXB)

The pharmaceutical company says its made significant strides in its business operations during the December quarter including securing a license agreement covering the European Economic Area, the UK, Switzerland, Canada, Australia, and New Zealand for the commercialisation of its Phase III drug candidate DMX-200 to treat focal segmental glomerulosclerosis (FSGS) kidney disease.

The eagerly awaited outcome of Part 1 of the DMX-200 FSGS Phase III ACTION3 trial is anticipated on or around March 15, 2024.

During the quarter DXB received an upfront payment of €6.5 million (AUD$10.8 million) from its licensing partner Advanz Pharma.

In addition DXB may receive up to an additional €132 million (~AU$218 million) in milestones and royalties based on net sales.

During the quarter DXB’s ACTION3 Phase 3 Investigational New Drug (IND) application gained approval in China, accompanied by ethics approval to support the ACTION3 Phase III clinical trial.

DXB has also made key leadership appointments including Mark Diamond as the new non-executive chairman and appointing Dr. David Fuller to the role of chief medical officer.

The company has actively participated in industry events, presenting at AusBioInvest to showcase its FSGS ACTION3 program and making a notable appearance at the BioEurope partnering conference, a significant gathering of global pharmaceutical companies.

Financially, DXB has reported a robust cash position of $14.8 million as of December 31, 2023, with a net operating cash inflow of $7.8 million for the December quarter.

Zeotech (ASX:ZEO)

The emerging mineral processing complany says has provided an updated on activities during the December quarter with batch experiments conducted as part of the Methane Emissions Control Program showing promising oxidation efficiencies, reaching up to 70-80% for two tested tradmarked zeoteCH₄ compounds.

Simultaneously, a research project kicked off in collaboration with Griffith University, focusing on the development of scalable methanotroph technology. The initiative aims to expedite commercial prospects for broader industry adoption.

ZEO has also initiated a research program with Central Queensland University, exploring metakaolin properties. Early results suggest high pozzolanic reaction, affirming the potential for a high reactivity metakaolin (HRM) product and supplementary cementitious material (SCM).

The company has expanded its reach by providing further product samples of Toondoon kaolin to a major supplier and manufacturer of building materials in Australia and New Zealand for thorough testing and analysis.

In a significant development, ZEO says it has also been accepted as a partner organisation within the ARC Centre of Excellence for Green Electrochemical Transformation of Carbon Dioxide (GETCO2).

The company’s project within this framework aims to advance polymer-zeolite composite membrane technology for the direct air capture of CO₂.

ZEO’s zeolite technology aims to achieve 70-80% methane oxidation when combined with methane oxidising bacteria.

Spenda (ASX:SPX)

Software company providing electronic payment solutions across a supply chain or trading networks has announced record-breaking cash receipts from customers reaching $1.38 million in Q2 FY24.

SPX says its experiencing a surge in revenue momentum from recently forged program partnerships, anticipating multiple revenue streams for an extended period after their rollout in 2024.

The revenue composition in each program is expected to include Software as a Service (SaaS), both B2B and B2C payments, and B2B supply chain finance. Projections for Q3 FY24 indicate SPX surpassing the revenue achieved in Q2 FY24.

SPX’s says its collaboration with Airplus introduces a novel card blended finance capability for eligible clients. Leveraging a virtual Mastercard credit card product supported by AirPlus, clients can now access funds for purchases through SPX’s AP and Payment widget software, thereby enhancing the funds flow within its platform.

The company says payment volumes were up 3.6% quarter-on-quarter, reaching $64 million in Q2 FY24 compared to $61.8 on pcp.

SPX had a cash balance of $6 million as of December 31, 2023.

SciDev (ASX:SDV)

The environmental water treatment player has announced a strong Q2 FY24, including record quarterly revenue of $28.5 million up 19% on pcp and cash receipts of $25.9 million.

Underlying EBITDA was $2.5 million with gross profit margin of 26%, materially consistent with prior quarters. SDV says net operating cash outflow for the quarter was $800k due to longer project durations in energy services impacting the working capital cycle

The company reported cash and cash equivalents at December 31, 2023 of $5.8 million with $8.1 million in inventory.

Furthermore, SDV says H1 FY24 financial highlights include revenue of $50.1, unaudited and underlying EBITDA of A$3.2m with positive operating cashflow generation of $500k.