Disruptive Pharma (DPHA) Q1 2025 earnings summary

Executive summary

• Strong start to 2025 with key milestones in the POINTER phase 2b study, including rapid patient recruitment and positive safety review from an independent committee.

• Secured approximately SEK 120 million through a rights issue after the reporting period, supporting completion of POINTER and phase 3 preparations.

• RMC-035, the lead candidate, continues development as a kidney-protective therapy in open-heart surgery, with Fast Track Designation from the FDA.

Financial highlights

• Net sales for Q1 2025 were SEK 0 thousand (0), unchanged from the previous year.

• Net loss before and after tax was SEK -34,215 thousand, compared to SEK -14,507 thousand in Q1 2024.

• Earnings per share were SEK -2.78 (-1.44) for the period.

• Cash and cash equivalents at March 31, 2025, were SEK 16,096 thousand (65,085), with SEK 120 million added post-period from the rights issue.

• Operating loss for Q1 was SEK -32,734 thousand (-17,347), mainly due to increased R&D expenses for the POINTER study.

Outlook and guidance

• Patient recruitment for POINTER expected to complete in summer 2025, with topline results anticipated by year-end 2025/26.

• The capital raised is expected to fund operations through summer 2026, enabling completion of POINTER and phase 3 preparations.

• Upcoming milestones include the second safety analysis in Q2 2025 and continued business development activities.