Initiator Pharma (INIT) Q1 2026 earnings summary

Executive summary

• Strategic focus shifted entirely to pudafensine, discontinuing IP2018 development after Q1.

• Phase IIa clinical trial for pudafensine in vulvodynia progressing well, with topline results expected by end of 2026.

• European patent granted for pudafensine in Female Sexual Dysfunction, strengthening IP position.

Financial highlights

• No revenue generated in Q1 2026.

• Operating loss of TDKK 11,432 in Q1 2026, up from TDKK 2,653 in Q1 2025, mainly due to increased R&D costs for the vulvodynia trial.

• Net loss after tax was TDKK 11,551 in Q1 2026, compared to TDKK 2,653 in Q1 2025.

• Cash and cash equivalents at March 31, 2026 were TDKK 19,803, down from TDKK 26,245 at year-end 2025.

• Cash flow from operations was TDKK -11,813 in Q1 2026, reflecting increased clinical trial activity.

Outlook and guidance

• Focus for 2026 is completion of the vulvodynia Phase IIa study and reporting topline data.

• Current resources, including undrawn convertible facility, expected to fund operations through completion of the vulvodynia study and into 2027.