Annexin Pharmaceuticals (ANNX) Q3 2026 earnings summary

Executive summary

• NEXUS recruitment completed at 12 patients; safety and tolerability follow-up and clinical/regulatory milestones are planned through Q1 2027.

• July rights issue raised SEK 19.9m; cash at 30 Sep was SEK 14.436m, expected to fund operations through February 2027.

Financial highlights

• Q3 operating loss and net loss were both TSEK 9,488, versus TSEK 10,055 and TSEK 9,901, respectively, in Q3 2025.

• 9M operating loss was TSEK 31,595 and net loss TSEK 31,562, versus TSEK 26,612 and TSEK 26,378 in 9M 2025.

• 9M R&D costs rose to TSEK 23,286 from TSEK 18,240, mainly due to RVO/DR clinical studies and expanded patent portfolio.

• 9M cash flow from operations was TSEK -31,742 versus TSEK -27,444; period cash flow was TSEK -12,959 versus TSEK 20,539.

Outlook and guidance

• DR 120-day follow-up data for three patients are expected in November 2026; initial 30-day results for three RVO patients treated after anti-VEGF are expected in December.

• A Type C meeting request to FDA is planned in Q4 2026 or Q1 2027 to discuss phase 2b/3 study design and treatment strategy; meeting expected in early 2027.

• NEXUS follow-up is expected to finish in Q1 2027, with topline data targeted by quarter-end; cash runway is forecast through February 2027.

• Further financing alternatives are under evaluation; continued operations could be at risk if key financing assumptions are not met.