Curasight (CURAS) Q3 2025 earnings summary

Executive summary

• Focus on developing theranostic platforms (uTRACE® for diagnosis, uTREAT® for therapy) targeting uPAR biomarker in cancer, especially brain and prostate cancers, with advanced clinical and strategic progress.

• Strategic partnership with Curium for uTRACE® in prostate cancer, with up to $70mn in milestones and royalties, and first milestone payment received.

• Publicly listed since 2020, with over EUR 35mn raised to date.

• Initiated Phase 1 trial for uTREAT® in brain cancer after EMA approval; first patient dosing and preliminary efficacy data expected Q4 2025.

• Expanded recruitment in the uTRACE® Phase II prostate cancer trial, with all nine European sites now active and topline results expected H1 2026.

Financial highlights

• Q1–Q3 2025: Gross loss kDKK -34,475 (vs. -22,521), operating loss kDKK -38,765 (vs. -28,443), loss before tax kDKK -41,420 (vs. -30,002), loss for the period kDKK -37,295 (vs. -25,877), EPS DKK -0.81 (vs. -1.25), equity ratio 52.6% (vs. 51.6%).

• Q3 2025: Gross loss kDKK -12,076 (vs. -6,135), operating loss kDKK -13,545 (vs. -8,099), loss before tax kDKK -14,262 (vs. -8,523), loss for the period kDKK -12,887 (vs. -7,148), EPS DKK -0.28 (vs. -0.35).

• Cash in hand as of 30 September 2025: KDKK 15,898 (vs. 7,938).

• Equity at September 30, 2025: KDKK 17,471 (vs. 13,305); total assets KDKK 33,202; short-term debt KDKK 15,731.

Outlook and guidance

• Phase 1 trial for uTREAT® in aggressive brain cancer initiated, with first patient dosing and preliminary efficacy data expected Q4 2025.

• Phase 2 prostate cancer study for uTRACE® ongoing, topline results expected H1 2026.

• Plan to initiate a Phase II basket trial in 2026, covering five cancer indications using the theranostic platform.

• Multiple value inflection points anticipated in the next 6-12 months, including regulatory milestones and clinical data.

• Ongoing business development discussions with major pharma companies for UTRACE® and uTREAT® partnerships.