Pila Pharma (PILA) investor relations material

Executive summary

• Strategic focus shifted to obesity, alongside type 2 diabetes, driven by industry and investor interest in differentiated metabolic treatments and oral TRPV1 antagonist approaches.

• Rights issue and associated financings raised nearly SEK 30 million before costs, oversubscribed by 293.5%, with strong shareholder and management participation.

• Engagements with pharmaceutical companies highlighted the need for more data, prompting a focus on proof-of-concept studies in obesity.

• Founders and board members increased their stakes, now holding about 15% of shares collectively, with significant set-offs for executive remuneration.

• Clinical trial application for PP-CT03 in obesity and diabetes advanced.

Financial highlights

• Operating income for H1 2025 was TSEK 851, up from TSEK 683 year-over-year.

• EBIT for H1 2025 was TSEK -4,092, nearly unchanged from TSEK -4,082 in H1 2024.

• Burn rate remained consistent with the previous half-year period.

• Cash position improved significantly post-period due to the oversubscribed rights issue.

• Equity at period end was TSEK 1,159, down from TSEK 2,575 year-over-year.

Outlook and guidance

• Preclinical in vivo rat studies for obesity are set to begin in autumn, with results expected around New Year or before the TO2 warrant exercise period in February 2026.

• Pending positive preclinical results and continued funding, human clinical trials in obesity are planned.

• Funds raised are sufficient to finance rat obesity studies and clinical trial application preparations for both diabetes and obesity.

• Additional funding possible from warrant exercise, potentially up to SEK 90 million.

• The company is well-funded for upcoming studies, with prudent spending expected.