EXACT Therapeutics (EXTX) H2 2025 earnings summary

Executive summary

• Achieved significant progress in advancing PS101 for locally advanced pancreatic cancer, with ENACT Phase 2 trial initiated and first patient treated in June 2025.

• Positive final results from ACTIVATE Phase 1 trial in liver metastases, showing 4x greater tumor shrinkage with PS101 plus chemotherapy.

• Strengthened strategic partnership with GE HealthCare and secured additional patents.

• Maintained a focused strategy on high unmet medical need cancers, especially pancreatic cancer.

Financial highlights

• Total operating costs for 2025 were NOK 84.9 million, up from NOK 52.9 million in 2024, reflecting increased R&D activity.

• Comprehensive loss for 2025 was NOK -87.0 million, compared to NOK -52.3 million in 2024.

• Cash and cash equivalents at year-end 2025 were NOK 24.3 million, down from NOK 100 million at end of 2024.

• Equity ratio declined to 46% (from 75% in 2024) due to increased expenses and reduced cash position.

• Government grants recognized totaled NOK 7.8 million in 2025.

Outlook and guidance

• Focus in 2026 will be on executing the ENACT Phase 2 trial, with interim analysis and patient recruitment completion expected in H2 2026.

• Strategic partnership with GE HealthCare to continue, aiming for a commercial-ready ultrasound platform.

• Preclinical programs in blood-brain barrier, immuno-oncology, and gene therapy to progress.

• Successful warrant exercise in early 2026 raised NOK 59 million, ensuring liquidity for planned activities through 2026 and beyond.