Modus Therapeutics (MODTX) Q3 2025 earnings summary

Executive summary

• Completed patient enrollment for Part 1 of the Phase IIa sevuparin study in CKD anemia; Part 2 set to begin in Q4 2025 following regulatory approval in Italy.

• Raised SEK 28.3 million in an oversubscribed rights issue, extending cash runway through end-2026 and supporting ongoing clinical activities.

• Presented new preclinical data showing sevuparin improved anemia and kidney function in CKD models, reinforcing its hepcidin-lowering mechanism.

• Strengthened global outreach and partnerships, including participation in major industry events and a new Certified Adviser appointment.

Financial highlights

• Q3 2025 loss after tax: TSEK 4,342 (vs. 2,989 in Q3 2024); loss per share: SEK 0.08 (unchanged year-over-year).

• 9M 2025 loss after tax: TSEK 13,223 (vs. 10,831 in 9M 2024); loss per share: SEK 0.31 (vs. 0.30).

• Cash flow from operations Q3: TSEK -5,590 (vs. -3,971); 9M: TSEK -13,072 (vs. -11,060).

• Cash and cash equivalents at period end: TSEK 16,534 (vs. 7,999 in Q3 2024).

• Shareholders’ equity at period end: TSEK 14,549 (vs. 6,851 in Q3 2024).

Outlook and guidance

• Part 2 of the Phase IIa CKD anemia study to initiate in Q4 2025, with regulatory approval and site activation underway.

• Funding secured to support operations and clinical development through end-2026, with potential for further proceeds from warrant exercises.

• Continued focus on advancing sevuparin in CKD anemia, with future development planned in severe malaria and sepsis.