Pharma Equity Group (PEG) H1 2025 earnings summary

Executive summary

• New growth strategy launched, focusing on Pharma, Medical Devices, and MedTech, with an Investment Committee to oversee investments.

• CEO and subsidiary leadership changes implemented in April 2025.

• Clinical trial application for RNX-011 (peritonitis) submitted; RNX-051 (colorectal cancer) study in planning.

• Ongoing efforts to recover significant receivable from Portinho S.A.; legal actions and arbitration underway.

Financial highlights

• Net loss for H1 2025 was DKK -9.5 million, improved from DKK -12.9 million in H1 2024.

• No revenue recognized in H1 2025; commercial revenue expected late 2025.

• Equity increased to DKK 39.4 million as of 30 June 2025 (H1 2024: DKK 12.4 million).

• Cash and cash equivalents at DKK 0.7 million (H1 2024: DKK 0.9 million).

• Convertible loans outstanding at DKK 15.2 million (H1 2024: DKK 18.5 million).

Outlook and guidance

• 2025 outlook unchanged: DKK 11 million revenue and pre-tax loss of DKK 4–7 million expected.

• Outlook excludes potential gains/losses from Portinho S.A. receivable recovery.

• Management concludes sufficient funding is available for planned operations in 2025.