AlzeCure Pharma (ALZCUR) Q3 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.

• Q3 2025 saw Orphan Drug Designation for ACD440, a successful oversubscribed rights issue, and new scientific data for pain and Alzheimer's projects.

• The company is preparing multiple candidates for clinical trials and is actively pursuing out-licensing and partnership opportunities.

Financial highlights

• Net sales were SEK 0 thousand for both Q3 and the nine-month period, unchanged from the previous year.

• Q3 2025 net loss was SEK -10,025 thousand, compared to SEK -7,474 thousand in Q3 2024.

• Nine-month net loss was SEK -29,912 thousand, compared to SEK -25,994 thousand year-over-year.

• Cash and cash equivalents at period end were SEK 59,190 thousand, up from SEK 39,187 thousand.

• Research expenses accounted for 76.5% of operating expenses in Q3 and 70.2% for the nine-month period.

Outlook and guidance

• The company has sufficient liquidity for the next 12 months following the rights issue.

• Focus remains on advancing clinical trials for ACD856 (NeuroRestore), ACD680 (Alzstatin), and ACD137 (TrkA-NAM), and on securing out-licensing deals.