Modus Therapeutics (MODTX) Q1 2025 earnings summary

Executive summary

• Achieved key clinical milestones, including completion of patient enrollment in the SEVUSMART Phase 1b study for severe malaria and progress in the Phase IIa CKD-anemia study, with a second site opened in Italy.

• Secured bridge financing of up to SEK 5 million from Karolinska Development to support ongoing clinical activities.

• Focused on advancing sevuparin for anemia in CKD, severe malaria, and sepsis, with ongoing business development and global engagement.

Financial highlights

• Net loss after tax for Q1 2025 was TSEK 2,815, an improvement from TSEK 3,105 in Q1 2024.

• Operating loss for Q1 2025 was TSEK 2,715, down from TSEK 3,199 in Q1 2024, reflecting lower R&D and administrative expenses.

• Cash flow from operating activities was negative TSEK 4,059, compared to negative TSEK 3,665 in Q1 2024.

• Cash and cash equivalents at period end were TSEK 5,320, up from TSEK 4,379 at the start of the quarter, supported by bridge financing.

• Shareholders' equity at period end was negative TSEK 678, compared to TSEK 14,577 in Q1 2024.

Outlook and guidance

• Phase IIa CKD-anemia study (Part 1) is on track for completion in late H1 2025, with Part 2 expected to start in Q3/Q4, pending additional funding.

• Preclinical data on sevuparin in CKD to be presented at Biolron 2025, with further research findings anticipated at major conferences later in the year.

• Continued focus on advancing clinical programs, strengthening financial position, and exploring strategic partnerships or licensing opportunities.