EXACT Therapeutics (EXTX) H1 2025 earnings summary

Executive summary

• Achieved key milestones in clinical development, including first patient dosed in the ENACT Phase 2 trial for pancreatic cancer and final results from the ACTIVATE Phase 1 trial showing significant tumor shrinkage and safety profile.

• Secured NOK 145 million in financing and strengthened strategic collaboration with GE Healthcare, now the largest shareholder.

• Expanded intellectual property portfolio with new patents granted in the US, Japan, and UK, extending protection to at least 2040.

Financial highlights

• Operating loss for H1 2025 was NOK -45.9 million, compared to NOK -29.7 million in H1 2024.

• Net loss for H1 2025 was NOK -49.2 million, up from NOK -29.3 million in H1 2024.

• Cash and cash equivalents at June 30, 2025, were NOK 58.5 million, down from NOK 99.5 million at year-end 2024.

• Shareholders’ equity at June 30, 2025, was NOK 67.7 million, with an equity ratio of 67%.

• Negative cash flow from operations in H1 2025 was NOK -33.6 million, mainly due to clinical and preclinical activities.

Outlook and guidance

• Focus remains on advancing the ENACT Phase 2 trial, with initial safety read-out expected in 2025 and interim efficacy assessment in H1 2026.

• Patient recruitment is underway in the US and UK, with site initiations being finalized.

• Continued progress in preclinical collaborations, especially in immuno-oncology and brain tumors.

• Exercise of warrants from the December 2024 capital raise is contingent on positive safety read-out.