RedHill Biopharma (RDHL) investor relations material

Executive summary

• Strategic, financial, and operational overhaul led to a more focused business and progress in both commercial and R&D activities.

• Recruitment began for a Bayer-supported Phase 2 study in advanced prostate cancer; positive FDA feedback received for a next-generation Crohn's disease program targeting MAP-positive patients.

• Talicia achieved increased net revenues and expanded U.S. formulary coverage, with geographic expansion efforts ongoing, including a pending UK MAA submission.

• Out-licensing deal for RHB-102 signed with Hyloris Pharmaceuticals, potentially worth up to $60 million.

• Legal victories secured, including a New York Supreme Court judgment and asset attachment in Korea.

Financial highlights

• Net revenues rose 59% year-over-year to $4.1 million in H1 2025, up from $2.6 million in H1 2024.

• Gross profit doubled to $2.5 million from $1.2 million year-over-year, driven by higher revenues and cost-free royalty/license contributions.

• Operating loss reduced to $4.4 million from $8.4 million year-over-year due to higher gross profit and lower operating expenses.

• Net loss increased to $4.1 million from $3.1 million, mainly due to a sharp drop in financial income from warrant revaluation.

• Cash balance at June 30, 2025, was $3 million; net cash used in operations decreased to $5 million from $6.2 million year-over-year.

Outlook and guidance

• Management expects continued losses as focus remains on advancing R&D and supporting commercial operations.

• Current cash resources are insufficient to fund operations for more than one year; additional capital raising or asset divestment is being pursued.

• Nasdaq granted an extension until October 13, 2025, to regain compliance with minimum equity listing requirements.