Heidelberg Pharma (HPHA) Q1 2025 earnings summary

Executive summary

• HDP-101 clinical trial in multiple myeloma advanced to cohort 7, showing safety and tolerability; cohort 8 to begin soon.

• Clinical development of HDP-102 for non-Hodgkin lymphoma initiated, with first patient dosing imminent.

• Amendment of HealthCare Royalty contract resulted in a $20M payment, extending cash reach into 2027.

• TLX250-CDx partnered program received FDA Priority Review, with a PDUFA date set for August 2025.

Financial highlights

• Q1 2025 sales revenue was €1.27M, nearly unchanged from Q1 2024; other income rose to €1.60M from €0.59M year-over-year.

• Operating expenses increased to €8.99M from €6.57M, mainly due to higher R&D costs.

• Net loss widened to €5.94M from €4.49M year-over-year; basic EPS declined to €-0.13 from €-0.10.

• Cash at quarter-end was €20.7M, down from €29.4M at the end of FY 2024.

• Equity ratio decreased to 47.5% from 50.8% at the end of FY 2024.

Outlook and guidance

• FY 2025 sales revenue and other income expected between €9M and €11M.

• Operating expenses projected at €40M–€45M; operating result expected between €-30M and €-35M.

• Cash inflow for 2025 anticipated at €50M–€55M, including further HCRx payment.

• Group funded into 2027, assuming receipt of an additional $70M milestone payment.