Herantis Pharma (HRNTS) H1 2025 earnings summary

Executive summary

• HER-096, a first-in-class neuroregenerative therapy for Parkinson's, completed final patient visits in its Phase 1b clinical trial in August 2025, with topline data expected by mid-October and full data by year-end; the therapy targets neurodegeneration, inflammation, and protein misfolding, aiming to be the first disease-modifying treatment for Parkinson's.

• Strong preclinical and early clinical data support HER-096's efficacy, safety, and brain penetration, with subcutaneous administration and positive pharmacokinetic results in both healthy volunteers and Parkinson's patients.

• Significant unmet clinical need exists in Parkinson's, as current treatments only address symptoms and not disease progression.

• Robust external validation and funding from the Michael J. Fox Foundation, Parkinson's UK, European Innovation Council, and Parkinson's Virtual Biotech.

• Company remains pre-revenue and dependent on external funding, with no revenue generated to date.

Financial highlights

• Loss for 1H 2025 was EUR 3.2 million, up from EUR 2.6–2.7 million in the prior year, mainly due to increased R&D and payroll expenses.

• Cash and securities stood at EUR 4.6 million as of June 30, 2025, up from EUR 1.7–3.4 million a year earlier, bolstered by a EUR 5.2 million share issue and EUR 0.5 million from the Michael J. Fox Foundation.

• Equity was EUR 2.0 million at period end, compared to EUR 1.7 million a year earlier.

• Long-term debt increased to EUR 2.7 million, mainly from research funding agreements.

• Cash flow from operating activities was EUR -3.4 million, reflecting increased R&D and payroll costs.

Outlook and guidance

• Topline Phase 1b data expected by mid-October 2025, with full dataset including biomarker data by year-end; Phase 2 trial design and initiation depend on these results.

• Cash runway extends into Q2 2026, but additional funding or partnerships are required to commence Phase 2; company is actively exploring equity, grants, and collaborations.

• Phase 1b readout is a key catalyst for partnering discussions and Phase 2 trial preparations.