Heidelberg Pharma (HPHA) Q2 2025 earnings summary

Executive summary

• Advanced clinical development of two ATAC candidates: HDP-101 in multiple myeloma and HDP-102 in non-Hodgkin lymphoma, with promising safety and efficacy data for HDP-101 and first patient dosed for HDP-102.

• Amended royalty agreement with HealthCare Royalty led to a $20M upfront payment and potential $70M milestone, extending funding into 2027.

• Share price rose 91% in H1 2025, outperforming biotech indices; market capitalization reached €218.1M.

• New Supervisory Board members elected at the AGM, with strong shareholder approval for all proposals.

Financial highlights

• H1 2025 sales revenue was €1.4M, down from €4.1M year-over-year; total income €5.0M vs. €6.3M.

• Operating expenses increased to €18.0M from €15.6M, mainly due to higher R&D costs for HDP-102 trial.

• Net loss widened to €12.6M from €8.7M year-over-year; EPS at €-0.27 vs. €-0.19.

• Cash at period end was €33.3M, down from €42.6M in H1 2024 but up from €29.4M at FY 2024.

• Equity fell to €18.5M (29.7% equity ratio) from €41.2M (57.2%) year-over-year.

Outlook and guidance

• Full-year 2025 guidance confirmed: sales revenue and other income €9–11M, operating expenses €40–45M, operating result €-30 to €-35M.

• Funding secured into 2027, assuming receipt of $70M milestone from HCRX.

• Ongoing Phase I/IIa trial for HDP-101 to complete Phase I in 2025; Phase IIa to start with recommended dose.

• Patient recruitment for HDP-102 Phase I in NHL progressing as planned; HDP-103 prostate cancer trial application expected in H2 2025.