Annexin Pharmaceuticals (ANNX) Q1 2025 earnings summary

Executive summary

• Final analysis of phase 2a study in retinal vein occlusion (RVO) confirmed clinically relevant effect signals and favorable safety profile for ANXV, supporting further development and partnership discussions.

• Fully subscribed rights issue of approximately SEK 50 million, including top guarantee commitments, secures funding for prioritized development activities and extends financial runway to mid-Q1 2026.

• Preparations underway for phase 2b RVO study and a proof-of-concept study in diabetic retinopathy, with study start expected in summer 2025.

• Preclinical oncology and sickle cell anemia programs continue, broadening ANXV's potential indications.

Financial highlights

• Net loss for Q1 2025 was SEK -7,974 thousand, improved from SEK -12,458 thousand in Q1 2024.

• Earnings per share were SEK -0.01 (Q1 2024: -0.04); equity per share increased to SEK 0.08 (Q1 2024: 0.02).

• Cash flow from operating activities was SEK -8,250 thousand (Q1 2024: -13,536 thousand).

• Cash and cash equivalents at quarter-end were SEK 45,229 thousand (Q1 2024: 7,870 thousand), boosted by the rights issue.

• Equity at period end was SEK 42,881 thousand (Q1 2024: 6,345 thousand); solid equity ratio of 89% (Q1 2024: 54%).

Outlook and guidance

• Funding secured until mid-Q1 2026 following the rights issue; management continues to evaluate additional financing options.

• Focus on advancing ANXV into phase 2b RVO study, initiating proof-of-concept in diabetic retinopathy, and progressing partnership discussions.

• No dividend proposed for 2024.