Novakand Pharma (NOVKAN) Q1 2025 earnings summary

Executive summary

• Signed letter of intent with Recardio Inc. to combine assets and form a cardiovascular-focused specialty care company, with a planned name change to Novakand Pharma.

• Strategic focus shifted to cardiovascular diseases, discontinuing R&D in cancer after KANDOVA study completion.

• Last patient visit completed in KANDOVA ovarian cancer study; top-line results expected Q3 2025.

Financial highlights

• Net sales were SEK 0 million (SEK 0 million) for Q1 2025.

• R&D expenses totaled SEK 11.1 million (SEK 11.4 million), 85% of total costs.

• Operating loss was SEK -13.1 million (SEK -13.4 million); net loss SEK -12.9 million (SEK -13.0 million).

• Cash flow from operations improved to SEK -9.0 million (SEK -14.7 million).

• Cash and cash equivalents at quarter-end were SEK 37.4 million (SEK 31.0 million).

Outlook and guidance

• Current cash position sufficient to complete KANDOVA study but not to initiate new development; FRACTIVE study requires additional capital.

• Partnership with Recardio expected to open new financing options, especially in the US.

• If Recardio transaction is delayed, additional capital injection will be needed to continue operations beyond Q1 2026.