Herantis Pharma (HRNTS) H2 2025 earnings summary

Executive summary

• HER-096, a first-in-class therapy for Parkinson's disease, completed phase 1b trials, meeting all endpoints and confirming safety, tolerability, brain penetration, and biomarker response.

• HER-096 targets the Unfolded Protein Response pathway and modulates proteostasis, mitochondrial function, and neuroinflammation, aiming to halt or slow neuron degeneration and modify disease progression.

• Robust external validation and funding from organizations like Parkinson's UK, Michael J. Fox Foundation, EU Horizon grant, and EIC Fund.

• Significant market opportunity due to unmet clinical need and projected growth in Parkinson's disease prevalence, with the market expected to reach $13 billion by 2033.

• HER-096 is positioned as a potential first disease-modifying therapy with a differentiated, multi-modal mechanism.

Financial highlights

• Operating expenses remained stable year-over-year, with payroll at EUR 1.9 million and other operating expenses at EUR 4.6 million.

• Ended 2025 with EUR 2.6 million in cash and securities, up from EUR 2.1 million in 2024; cash flow from operating activities was EUR -6.1 million.

• Full-year loss was EUR 6.6 million, compared to EUR 4.9 million in 2024.

• Long-term debt increased to EUR 3.4 million due to research funding; negative equity at year-end was EUR -1.7 million.

• Grant income was higher in 2024 than 2025; other operating income decreased to EUR 0.2 million from EUR 1.6 million.

Outlook and guidance

• Preparing for a phase two, double-blind, placebo-controlled efficacy trial in early-stage Parkinson's patients, with study design underway and initiation targeted post-preparations.

• EUR 8 million Horizon Europe grant and recent fundraising will support phase two, but an additional EUR 20–25 million is needed to fully fund the trial and operations.

• Exploring strategic partnerships, equity, non-dilutive funding, and partnership agreements.

• Current cash runway extends into Q1 2027, but further funding is required to start phase two.