Lipum (LIPUM) Q2 2025 earnings summary

Executive summary

• Successfully completed and published the clinical study report (CSR) for phase 1 of SOL-116, confirming safety, tolerability, and target engagement, paving the way for phase 2 in rheumatoid arthritis patients.

• Manufacturing of study drug for phase 2 is in final stages, with production on track for study start in H1 2026.

• Financing secured for ongoing operations in 2025 through bridge loans from major shareholders; additional funding needed for phase 2 study initiation.

• Strategic collaborations and preclinical projects are progressing, with significant partnerships in precision medicine and chronic inflammation research.

Financial highlights

• Operating income for January–June: SEK 760k (previous year: SEK 94k), mainly from grants and project reimbursements.

• Operating loss for January–June: SEK -35,725k (previous year: SEK -27,958k).

• Net loss after financial items: SEK -36,618k (previous year: SEK -28,109k).

• Cash and cash equivalents at June 30: SEK 1,674k (previous year: SEK 20,131k); liquidity later strengthened by SEK 14,150k in bridge loans.

• No net sales generated; company remains in development phase.

Outlook and guidance

• Phase 2 clinical study for SOL-116 in moderate to severe rheumatoid arthritis planned to start in H1 2026, with completion targeted for 2027.

• Additional financing required in autumn 2025 to enable phase 2 study start.

• Ongoing collaborations and preclinical projects expected to yield further results in the coming half-year.