Futura Medical PLC said it expects to be in a break-even position next year as the commercial traction grows around its erectile dysfunction (ED) gel Eroxon.
The product, which has regulatory sign-off in the US as the first over-the-counter product of its kind, has quickly garnered 20% market share in the UK and Belgium for clinically proven ED treatments.
It is fast acting and has none of the side effects associated with blue pill-style medications, which marks it out as an alternative to existing products.
As part of the commercial roll-out, Futura has a licensing deal for the Middle East with first sales from this source expected in the fourth quarter, investors learned from the company's interim results statement.
Crucially, it inked a deal with GSK consumer health spin-out Haleon, which garnered a £3.2 million upfront payment and, potentially, a further £36 million for hitting certain sales and performance-related milestones.
Futura posted a loss of £1.76 million for the six months ended 30 June 2023, which is to be expected from a company in the formative stages of its commercial journey.
More importantly, it had £9.36 million in its coffers as of 31 August. While it expects to get to break-even next year, "sustained profitability" will be achieved in 2025.
“As local marketing approvals are being granted, the focus has switched to preparation and execution of product launches, to growing and accelerating revenue generation, as well as ensuring secure, competitive and scalable product supply,” Futura said alongside interim results.