Annexin Pharmaceuticals (ANNX) Q2 2025 earnings summary

Executive summary

• Focused on advancing clinical development of ANXV, with preparations for a phase 2a study in diabetic retinopathy and ongoing business development activities targeting licensing opportunities.

• Strengthened financial position through a fully subscribed rights issue of approximately 50 MSEK, supporting ongoing and planned studies.

• No significant events occurred after the reporting period.

Financial highlights

• Net loss for Q2 2025 was -8,503 TSEK, improved from -14,514 TSEK in Q2 2024; H1 2025 net loss was -16,477 TSEK, improved from -26,973 TSEK year-over-year.

• Earnings per share for H1 2025 were -2.67 SEK, compared to -7.28 SEK for H1 2024 (adjusted for 1:100 share consolidation).

• Cash flow from operating activities for H1 2025 was -18,192 TSEK, compared to -28,260 TSEK year-over-year.

• Cash and cash equivalents at June 30, 2025, were 46,257 TSEK, up from 37,352 TSEK a year earlier.

• Equity per share at period end was 7.36 SEK, down from 9.73 SEK year-over-year.

Outlook and guidance

• Financing is secured until mid-Q1 2026 following the rights issue; management is actively evaluating further financing options.

• First patient in the phase 2a diabetic retinopathy study expected in Q3 2025, with top-line data anticipated before year-end.

• Continued focus on expanding the clinical portfolio and preparing for a phase 2b study in RVO.