Modus Therapeutics (MODTX) Q4 2025 earnings summary

Executive summary

• Transitioned from planning to execution, advancing lead program sevuparin into Phase IIa Part 2 for CKD/anemia, with first patient dosed in December 2025.

• Completed Part 1 of Phase IIa CKD/anemia study, confirming favorable safety profile and enabling dose selection for Part 2.

• Expanded clinical relevance of sevuparin to severe malaria and sepsis, with ongoing collaborations and non-dilutive funding.

• Strengthened financial position through oversubscribed rights issue and bridge financing, supporting clinical development.

Financial highlights

• Full-year loss after tax was TSEK 18,543 (vs. 15,545 prior year); Q4 loss after tax was TSEK 5,320 (vs. 4,713 prior year).

• Loss per share for the year was SEK 0.30 (vs. 0.43 prior year); Q4 loss per share was SEK 0.04 (vs. 0.13 prior year).

• Cash flow from operating activities for the year was negative TSEK 18,075 (vs. 14,681 prior year); cash equivalents at year-end were TSEK 11,373 (vs. 4,379 prior year).

• Shareholders’ equity at year-end was TSEK 9,071 (vs. 2,137 prior year); equity/asset ratio improved to 72% (vs. 44%).

• R&D expenses increased, representing 60% of operating expenses for the year (vs. 57% prior year).

Outlook and guidance

• Focus remains on disciplined execution of Phase IIa Part 2 CKD/anemia study, aiming for proof-of-concept data by end of 2026.

• Funding, including potential warrant exercise, expected to support operations through end of 2026.

• Continued business development and partnering discussions planned, especially for sepsis and severe malaria programs.