Modus Therapeutics (MODTX) Q1 2026 earnings summary

Executive summary

• Q1 2026 focused on disciplined execution of the Phase IIa Part 2 study in CKD with anemia, with patient enrollment progressing as planned at two Italian sites.

• Financial position strengthened post-period by a 94.8% warrant exercise, raising approximately SEK 9.5 million before costs.

• Scientific profile of sevuparin broadened with accepted presentations at EHA2026 and EIC 2026, highlighting preclinical and clinical data.

• Business development advanced through participation in major European partnering events, supporting ongoing discussions with potential partners.

Financial highlights

• Net loss after tax for Q1 2026 was TSEK 3,282, compared to TSEK 2,815 in Q1 2025.

• Loss per share improved to SEK 0.03 from SEK 0.08 year-over-year.

• Cash flow from operating activities was negative TSEK 4,440, versus negative TSEK 4,059 in Q1 2025.

• Cash and cash equivalents at period end were TSEK 6,933, down from TSEK 11,373 at the start of the quarter.

• Equity/assets ratio increased to 74% from 72% year-over-year.

Outlook and guidance

• Initial proof-of-concept data from the Phase IIa Part 2 CKD with anemia study targeted by end of 2026.

• Additional warrant exercise window in September 2026 could provide up to SEK 15.2 million in further funding.

• Focus remains on disciplined execution, partnering, and capital efficiency throughout 2026.