Annexin Pharmaceuticals (ANNX) Q3 2025 earnings summary

Executive summary

• Net loss for Q3 2025 was -9,901 TSEK, an improvement from -10,928 TSEK year-over-year.

• For January–September 2025, net loss was -26,378 TSEK, significantly reduced from -37,901 TSEK year-over-year.

• Proof-of-concept phase 2a study for ANXV in diabetic retinopathy (DR) and retinal vein occlusion (RVO) approved by UK MHRA in August.

• Medical Advisory Board with leading US ophthalmology experts established in September to support clinical strategy.

• Focus shifted to ophthalmology, delaying oncology and SCD activities, extending cash runway to April 2026.

Financial highlights

• Q3 2025 operating loss: -10,055 TSEK (Q3 2024: -10,928 TSEK).

• Q3 2025 result per share: -1.53 SEK (Q3 2024: -2.57 SEK, adjusted for 1:100 reverse split).

• Cash flow from operations Q3 2025: -9,252 TSEK (Q3 2024: -11,688 TSEK).

• Cash at period end: 36,876 TSEK (Q3 2024: 25,640 TSEK).

• Equity per share at period end: 5.48 SEK (Q3 2024: 5.90 SEK).

Outlook and guidance

• Cash runway extended to April 2026 due to project reprioritization.

• Board and management actively evaluating further financing options.

• Ongoing phase 2a study in DR and RVO expected to inform phase 2b planning and potential partnerships.