CervoMed (CRVO) Q4 2025 earnings summary

Executive summary

• Reported positive Phase 2b RewinD-LB clinical data for neflamapimod in dementia with Lewy bodies (DLB) at CTAD 2025, with further analyses to be presented at AD/PD 2026.

• Achieved alignment with FDA and global regulators on Phase 3 trial design for DLB, selecting formulation, dose, and regimen.

• Multiple catalysts expected in H2 2026: Phase 3 DLB trial initiation, topline data from Phase 2a ischemic stroke and primary progressive aphasia trials, and ALS trial initiation.

• Strengthened intellectual property with new patents in Europe, Japan, and China.

• Expanded leadership with new Chief Commercial and Business Officer and Board member.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $20.9 million as of December 31, 2025, down from $38.9 million at year-end 2024.

• Grant revenue was $4.0 million for 2025, down from $9.7 million in 2024, reflecting completion of the RewinD-LB trial phases.

• R&D expenses rose to $21.8 million in 2025 from $18.8 million in 2024, driven by increased personnel, consulting, and clinical trial costs.

• G&A expenses increased to $10.5 million in 2025 from $9.2 million in 2024, mainly due to higher personnel, insurance, and professional fees.

• Net loss widened to $27.0 million in 2025 from $16.2 million in 2024.

Outlook and guidance

• Cash runway expected to fund operations for approximately six months from March 2026.

• Phase 3 DLB trial planned for H2 2026, pending sufficient funding.

• Topline data from Phase 2a ischemic stroke and nfvPPA trials, and ALS trial initiation, anticipated in H2 2026.