Commercial activities remain strong, including CellTolerance® launch
Recently approved safeguard proceeding yielding productive creditor and investor discussions aimed at strengthening Mauna Kea’s long-term financial position
Currently in exclusive negotiations phase with a leading strategic partner for a potential licensing agreement
Extension of cash runway with the renewal of the PACEO with Vester Finance
Paris and Boston, April 24, 2025 – 6:45 p.m. CEST – Mauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today reported its financial results for the full year 2024 and provides a business update.
Commenting on the results, Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies observed: “2024 was perhaps the most challenging period in Mauna Kea’s history. The year was marked by the complete absence of orders and payments from our JV in China as well as reimbursement cuts in the United States, which slowed commercial activity. However, I also believe this moment marked a turning point for the company. In fact, in response to these challenges, we made significant operational progress – improving our gross margin by 12 percentage points, cutting the monthly cash burn by over a third, and delivering a full-year EBITDA (loss) above expectations, despite a sharp revenue decline. These improvements reflect disciplined, value-driven leadership across all areas of the company. At the same time, we’re investing prudently for long-term growth, including the launch of CellTolerance, but also with significant progress on our core GI indications, new AI capabilities, and positive momentum on the reimbursement front in France. Finally, our ongoing safeguard proceedings are a means to strengthen our financial structure and already enabled us to engage in constructive discussions with both creditors and strategic partners. These efforts aim to provide the company with a solid foundation for future growth. The stakes have never been higher and I remain confident that the unwavering contribution of the Mauna Kea team will allow our company to emerge better equipped to unlock the full potential of the Cellvizio platform.”
Outlook
Improving the Group’s financial profile remains the top priority. The positive financial trajectory initiated in 2022 in term of loss reduction is expected to continue. Indeed, the safeguard proceedings initiated on March 31, 2025, is set to significantly enhance the Group’s financial structure through a significant debt restructuring, creating a foundation to attract new financial partners and support long-term growth.
On the commercial front, the Group plans to expand the deployment of CellTolerance across its key markets in Europe and the United States, while also establishing local partnerships in additional geographies. The pipeline of commercial opportunities is expanding rapidly and is expected to support a tripling of revenue from this indication in 2025.
In parallel, the pancreatic cysts application is expected to benefit from sustained momentum following its inclusion in the European guidelines, which is already driving reimbursement discussions across Europe—particularly in France. Additional visibility is anticipated from the upcoming results of the CLIMB study, conducted on 500 patients in the United States.
Lastly, as part of the ongoing strategic process, the Group is engaged in several discussions aimed at securing strategic partnerships, including a potential licensing agreement in a broader indication with a major industry player. One or more of these strategic agreements are expected to materialize in 2025.
For additional details and financial results, please see the full press release.
