MetaVia (MTVA) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in cardiometabolic portfolio, highlighted by positive Phase 1 data for DA-1726 showing 9.1% weight loss, improved glucose control, and liver benefit in obesity treatment.

• Advanced vanoglipel (DA-1241) with positive Phase 2a results in MASH, demonstrating improvements in glucose control, liver health, and lipid profiles.

• Strengthened intellectual property with 39 patents for DA-1726 (protection through 2041) and 48 patents for vanoglipel (protection into 2035).

Financial highlights

• Net loss for 2025 was $13.0 million, or $7.35 per share, compared to $27.6 million, or $39.13 per share, in 2024.

• Total operating expenses decreased to $13.7 million in 2025 from $28.8 million in 2024, mainly due to lower R&D and G&A expenses.

• Cash and cash equivalents were $10.3 million at year-end 2025, with additional $9.3 million raised in January 2026 public offering.

• Research and development expenses dropped to $6.8 million in 2025 from $21.6 million in 2024.

• General and administrative expenses were $6.9 million in 2025, down from $7.3 million in 2024.

Outlook and guidance

• Phase 1 Part 3, 16-week titration study for DA-1726 (48 mg and 64 mg regimens) to begin dosing in April 2026, with data expected in Q4 2026.

• Cash position, including proceeds from the January 2026 offering, expected to fund operations into Q4 2026.

• Planning end-of-Phase 2 meeting with FDA for vanoglipel in MASH.