Alzinova (ALZ) Q3 2026 earnings summary

Executive summary

• ALZ-101’s global Phase IIa ADVANCE study entered operational start-up; first participant enrollment is targeted around the turn of 2026/2027.

• A rights issue completed after quarter-end raised approximately SEK 44.0 million before issue costs, supporting trial preparations and related manufacturing and quality work.

• Amsterdam UMC diagnostic research found measurable antibodies against toxic amyloid-beta oligomers and lower reactivity in Alzheimer’s patients than age-matched controls.

Financial highlights

• Q3 loss after financial items was SEK 4.977 million, versus SEK 6.960 million; 9M loss was SEK 16.451 million, versus SEK 20.375 million.

• Q3 operating expenses were SEK 13.759 million versus SEK 12.967 million; R&D costs were SEK 8.752 million versus SEK 6.003 million.

• Q3 cash flow was negative SEK 12.565 million versus negative SEK 11.025 million; 9M cash flow was positive SEK 424,000 versus negative SEK 15.010 million.

• Cash and cash equivalents were SEK 744,000 at September 30, 2026, versus SEK 485,000 a year earlier.

Outlook and guidance

• ADVANCE is planned to enroll approximately 120 participants aged 50–85; study execution and results analysis are scheduled for 2027–2028.

• The Phase IIa primary efficacy endpoint is change in cognitive function after 52 weeks, measured using ADCOMS; total follow-up is 92 weeks.

• Recruitment preparations continue at seven selected US sites; 20 additional sites are planned across Europe and the UK.

• A European clinical trial application via CTIS was planned for November; first US enrollment remains targeted around the turn of 2026/2027.