Annexin Pharmaceuticals (ANNX) Q4 2025 earnings summary

Executive summary

• Achieved key milestone with first patients dosed in phase 2a study for ANXV in diabetic retinopathy (DR) and retinal vein occlusion (RVO), with initial results deemed favorable and no safety concerns observed.

• Focused on expanding clinical data in DR and RVO to attract potential licensing partners and support future financing.

• Cost-saving measures and delayed activities extended cash runway to June 2026.

Financial highlights

• Net loss for Q4 2025 was -10,515 TSEK, improved from -12,350 TSEK year-over-year; full-year net loss was -36,893 TSEK, improved from -50,252 TSEK.

• Operating loss for Q4 was -10,746 TSEK (vs. -12,630 TSEK); full-year operating loss was -37,358 TSEK (vs. -50,480 TSEK).

• Cash flow from operations for the year was -36,925 TSEK (vs. -50,228 TSEK); year-end cash position was 27,395 TSEK (vs. 16,337 TSEK).

• Equity per share at year-end was 3.77 SEK (vs. 4.29 SEK); EPS for the year was -5.58 SEK (vs. -11.11 SEK).

• Solid equity ratio of 83% at year-end (vs. 72%).

Outlook and guidance

• Financing secured through June 2026 following a 50 MSEK rights issue and cost-saving initiatives.

• Ongoing evaluation of additional financing options to support continued operations and clinical development.

• No dividend proposed for 2025.