Modus Therapeutics (MODTX) Q2 2025 earnings summary

Executive summary

• Completed Part 1 of Phase IIa trial for sevuparin in CKD anemia; dose selection finalized for Part 2, which is on track to start in Q4 2025.

• Presented new preclinical data showing sevuparin improves hemoglobin and kidney status in CKD models.

• Secured shareholder approval for a fully guaranteed rights issue of SEK 28.3 million to fund continued clinical development.

• Expanded clinical trial sites and completed patient enrollment on schedule, supporting future milestones.

• Broadened commercial and partnership discussions, with ongoing business development in malaria and sepsis programs.

Financial highlights

• Q2 2025 loss after tax: TSEK 6,066 (vs. 4,738 in Q2 2024); H1 2025 loss after tax: TSEK 8,881 (vs. 7,843 in H1 2024).

• Q2 2025 loss per share: SEK 0.17 (vs. 0.13); H1 2025 loss per share: SEK 0.25 (vs. 0.22).

• Cash flow from operating activities Q2 2025: negative TSEK 3,423 (vs. 3,425); H1 2025: negative TSEK 7,482 (vs. 7,090).

• Cash and cash equivalents at June 30, 2025: TSEK 1,897 (vs. 11,971 at June 30, 2024).

• Shareholder's equity at June 30, 2025: TSEK -6,744 (vs. 9,839 at June 30, 2024).

Outlook and guidance

• Part 2 of the Phase IIa CKD anemia study to begin in Q4 2025, with funding secured for continued development.

• Rights issue proceeds and potential warrant exercises expected to finance operations through end of 2026.

• Focus remains on clinical progress in CKD anemia, with additional business development in malaria and sepsis.