Molecure (MOC) Q4 2025 earnings summary

Executive summary

• Focused resources on most promising clinical programs, notably OATD-01 and OATD-02, to maximize scientific and market potential.

• Achieved key milestone in KITE clinical trial for OATD-01, randomizing 30 patients, enabling interim analysis in H1 2026.

• Accelerated patient recruitment in KITE trial, with over 20 centers activated across the US, EU, UK, and Norway.

• OATD-02 program advanced with significant pharmacodynamic biomarker response at 40mg/day; escalation to 80mg/day planned.

• Suspended early-stage projects (USP7, mRNA platform) to prioritize clinical assets and manage financial resources.

Financial highlights

• Operating revenue rose to PLN 6.52m in 2025 from PLN 2.15m in 2024, mainly from grants.

• Operating loss narrowed to PLN -16.56m from PLN -32.33m year-over-year.

• Net loss was PLN -15.69m, improved from PLN -31.53m in 2024.

• Cash at year-end: PLN 16.35m; total assets: PLN 94.43m; equity: PLN 87.45m.

• R&D capitalized as unfinished development work increased to PLN 70.40m.

Outlook and guidance

• Expect key interim results from KITE trial in H1 and H2 2026, with final results in mid-2027.

• Targeting at least one partnering agreement for clinical programs in 2026.

• AI-driven drug discovery platform development supported by PLN 27m grant, aiming for accelerated preclinical timelines.

• Additional funding of approx. PLN 65m needed to complete clinical trials and early-stage projects; sources include partnering, grants, equity, or debt.