Modus Therapeutics (MODTX) Q2 2026 earnings summary

Executive summary

• Advanced toward key milestones, including ongoing Phase IIa study in CKD with anemia and progress in severe malaria program, with top-line data expected around year-end 2026/2027.

• Strengthened financial position through successful warrant exercise, raising SEK 9.5 million before costs at a 94.8% exercise rate.

• Reinforced scientific foundation with presentations at EHA2026 and EIC 2026, and submission of SEVUSMART Phase Ib malaria study manuscript.

• Board refreshed with two new members and continued focus on capital-efficient operations and strategic partnerships.

Financial highlights

• Q2 2026 loss after tax: TSEK 4,645 (vs. 6,066 in Q2 2025); loss per share: SEK 0.03 (vs. 0.17).

• H1 2026 loss after tax: TSEK 7,927 (vs. 8,881 in H1 2025); loss per share: SEK 0.06 (vs. 0.25).

• Cash flow from operations in Q2: TSEK -3,539 (vs. -3,423); cash equivalents at period end: TSEK 12,489.

• Equity/assets ratio improved to 77% (vs. -197% in Q2 2025).

• Shareholder equity at period end: TSEK 10,239 (vs. -6,744 in Q2 2025).

Outlook and guidance

• Recruitment for Phase IIa CKD with anemia study expected to complete in Q4 2026; top-line data anticipated around year-end 2026/2027.

• Company financed into Q1 2027, covering expected proof-of-concept data readout.

• Continued focus on partnering and business development across all indications.