Oryzon Genomics (ORY) Q2 2025 earnings summary

Executive summary

• H1 2025 remained R&D-focused, with no sales revenue and a €1.595m net loss.

• Vafidemstat’s PORTICO-2 Phase III protocol was submitted to the FDA; iadademstat studies advanced across blood cancers and other indications.

• Cash stood at €31.1m at June 30; €13.264m in VANDAM grant proceeds was received in July.

• €52m ($61m) in financing was secured between December 2024 and July 2025, including equity, bank loans, a grant and R&D incentives.

Financial highlights

• H1 operating loss was €2.933m vs. €2.404m in H1 2024; net loss was €1.595m vs. €1.040m.

• No sales revenue was recognized; H1 R&D investment was €4.914m, including €4.220m of capitalized development costs.

• Personnel expense rose to €2.364m from €1.689m, including €435k accrued for the 2023–25 long-term incentive plan.

• Financial income increased to €380k from €62k; finance costs fell to €336k from €529k, mainly due to lower implicit interest on convertible bonds.

• Cash was €31.1m at June 30 vs. €5.6m at Dec. 31, 2024; reported in USD, cash was $36.5m.

Outlook and guidance

• Development is expected to focus on vafidemstat and iadademstat alongside earlier-stage programs; ongoing R&D is expected to keep results negative until licensing agreements are reached.

• PORTICO-2 is a planned 350-patient Phase III vafidemstat study in borderline personality disorder; FDA review was ongoing, with approval expected in 2H25.

• EVOLUTION enrollment continues, with the target reset to 84 patients and expansion planned across five additional European countries.

• HOPE-2 in autism and RESTORE in sickle cell disease were planned; RESTORE was expected to start in H2 2025, with CTA approval anticipated in September.

• VANDAM’s €13.264m grant covers 64% of a €20.68m R&D budget through August 2026; proceeds were received July 25.