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, efficient brain penetration, and safety, with subcutaneous administration.

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

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

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

• HER-096's structural rationale published in Nature Communications.

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 decreased due to absence of this waiver.

• Cash and securities at year-end 2024 totaled EUR 2.1 million, down from EUR 6.5 million at end 2023; equity improved post-fundraising.

• Operating loss widened to EUR -5.0 million in 2024, 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.

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