Annexin Pharmaceuticals (ANNX) Q2 2026 earnings summary

Executive summary

• Achieved significant clinical progress in the NEXUS phase 2a study, demonstrating improved retinal blood supply in both RVO and DR patients, with vanexin showing a favorable safety profile and no observed safety issues.

• Completed the first DR patient cohort, shortened RVO treatment duration, and received regulatory approval to expand recruitment in Germany and to include patients pre-treated with anti-VEGF.

• Secured financing through a rights issue, raising approximately 19.9 MSEK, ensuring operations are funded through year-end 2026.

• Ongoing active business development and licensing discussions, with increased commercial potential for vanexin.

Financial highlights

• Net loss for Q2 2026 was -11,557 TSEK (vs. -8,503 TSEK Q2 2025); for H1 2026, net loss was -22,074 TSEK (vs. -16,477 TSEK H1 2025).

• Earnings per share for H1 2026 was -3.13 SEK (vs. -2.67 SEK H1 2025); equity per share at period end was 0.36 SEK (vs. 7.36 SEK H1 2025).

• Cash flow from operations for H1 2026 was -21,788 TSEK (vs. -18,192 TSEK H1 2025); cash and cash equivalents at June 30, 2026, were 5,272 TSEK (vs. 46,257 TSEK June 30, 2025).

• After the July rights issue, cash position improved to 21,768 TSEK.

Outlook and guidance

• Financing is secured through December 2026 following the successful rights issue.

• Focus remains on completing the NEXUS study, preparing for phase 2b in RVO, and pursuing a licensing deal.

• Additional financing options are being evaluated for future needs.