AlzeCure Pharma (ALZCUR) Q2 2025 earnings summary

Executive summary

• Focused on developing small-molecule drugs for Alzheimer's disease and pain, with three main platforms: NeuroRestore, Alzstatin, and Painless.

• Q2 2025 marked by positive FDA feedback for ACD440 (pain) and a successful oversubscribed rights issue raising SEK 58.5 million.

• NeuroRestore ACD856 advanced with a EUR 2.5 million EIC grant for Phase II trials in Alzheimer's; Alzstatin ACD680 continues preclinical development.

• Orphan Drug Designation granted for ACD440 in erythromelalgia, enhancing market exclusivity and regulatory advantages.

Financial highlights

• Net sales remained at SEK 0 for Q2 and H1 2025, unchanged from prior periods.

• Q2 2025 net loss was SEK -9,738 thousand (vs. -8,653 thousand Q2 2024); H1 2025 net loss was SEK -19,846 thousand (vs. -18,457 thousand H1 2024).

• Cash flow from operating activities for H1 2025 was SEK -18,922 thousand (vs. -19,241 thousand H1 2024).

• Cash and cash equivalents at period end: SEK 12,576 thousand (vs. SEK 43,916 thousand prior year).

• Total assets at period end: SEK 16,394 thousand (vs. SEK 47,257 thousand prior year).

Outlook and guidance

• Proceeds from the rights issue will fund ongoing and planned clinical trials, including Phase II for ACD856 and further development of pain projects.

• Additional EIC funding for NeuroRestore ACD856 is being pursued.

• Focus remains on advancing clinical programs and securing out-licensing or partnership agreements.