Herantis Pharma (HRNTS) H1 2025 earnings summary

Executive summary

• HER-096, a first-in-class subcutaneous therapy for Parkinson's, completed patient visits in Phase I-B, with topline data expected by mid-October and full data by year-end; phase II preparations are underway.

• HER-096 targets neurodegeneration, inflammation, and protein misfolding via the unfolded protein response pathway, 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.

• Significant unmet clinical need in Parkinson's, with current treatments only addressing symptoms and not disease progression.

• Positive pharmacokinetic data reported in healthy volunteers; first Parkinson's patient dosed in January 2025.

Financial highlights

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

• Cash and securities totaled €4.6 million at June 30, 2025, with cash at €446 thousand and securities at €4.1 million.

• Cash position was bolstered by a €5.2 million share issue and €500,000 from the Michael J. Fox Foundation.

• Equity ratio was 34.2% at period end, down from 55.9% a year earlier; equity stands at €1.7 million.

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

Outlook and guidance

• Topline Phase I-B results expected by mid-October, with full data by year-end; Phase II trial design and initiation depend on these results.

• Preparations for Phase II are underway, but additional funding or partnerships are required to commence the trial.

• Cash runway extends into Q2 2026, but not sufficient to start Phase II without new funding.