AlzeCure Pharma (ALZCUR) Q4 2025 earnings summary

Executive summary

• Focused on advancing clinical programs in Alzheimer's and pain, with key grants and regulatory milestones achieved.

• Received EUR 2.5 million EIC grant for Phase II trial of NeuroRestore ACD856 in Alzheimer's; first disbursement in December.

• Orphan Drug Designation granted for pain candidate ACD440 by both FDA and EMA, supporting rare disease development.

• Completed oversubscribed rights issue, raising SEK 58.5 million before expenses, strengthening financial position.

• Continued business development and out-licensing discussions for pipeline assets.

Financial highlights

• Net sales were SEK 0 thousand for both Q4 and full year 2025, unchanged from prior year.

• Q4 2025 net loss was SEK -17,742 thousand, compared to SEK -9,354 thousand in Q4 2024.

• Full year 2025 net loss was SEK -47,654 thousand, versus SEK -35,348 thousand in 2024.

• Cash and cash equivalents at year-end were SEK 50,336 thousand, up from SEK 31,498 thousand.

• Research expenses accounted for 75.7% of operating expenses in 2025.

Outlook and guidance

• Main focus for 2026 is preparation and execution of Phase II clinical study with NeuroRestore ACD856.

• Preparing TrkA-NAM ACD137 (osteoarthritis pain) and Alzstatin ACD680 (Alzheimer's) for Phase I trials.

• Ongoing business development to secure out-licensing or partnership agreements.

• Evaluating additional funding opportunities, including potential EIC direct investment.