Herantis Pharma (HRNTS) H2 2024 earnings summary

Executive summary

• HER-096 is a disease-modifying peptide for Parkinson's, showing strong preclinical and early clinical efficacy and safety, with efficient brain penetration and subcutaneous administration.

• Phase 1b clinical trial is ongoing, with top-line data expected in Q3 2025; Part 1 completed in healthy elderly, Part 2 dosing Parkinson's patients.

• Secured over EUR 6 million in non-dilutive funding from Michael J. Fox Foundation, Parkinson's UK, and European Innovation Council in two years.

• Active pursuit of pharma partnerships, with confidentiality agreements signed with 10 companies and over 50 contacted.

• Initiated a new employee stock option program and published key scientific findings supporting HER-096's mechanism.

Financial highlights

• Received EUR 750,000 from the European Innovation Council Accelerator grant and EUR 3.6 million from Michael J. Fox Foundation and Parkinson's UK for phase 1b and biomarker projects.

• Raised EUR 5.2 million in a direct share issue in early 2025, with strong support from existing and new investors.

• Other operating income in 2023 was high due to a one-off EUR 4.5 million loan payment from Business Finland; 2024 income was EUR 1.6 million, down from EUR 5.3 million in 2023.

• Cash and securities at year-end totaled EUR 2.1 million, down from EUR 6.5 million at the end of 2023.

• Operating loss widened to EUR -5.0 million in 2024 from a profit of EUR 0.3 million in 2023, reflecting increased R&D and clinical trial expenses.

Outlook and guidance

• Cash runway extends into Q2 2026, well beyond the phase 1b data readout.

• Preparing for phase 2 trial, with design informed by phase 1b results and ongoing biomarker analysis.

• EIC Fund committed up to EUR 15 million in direct equity investments, with EUR 3.2 million invested by February 2025.

• Actively seeking licensing or collaboration deals with Big Pharma, aiming for a partnership before phase 2.