Pharma Equity Group (PEG) H1 2026 earnings summary

Executive summary

• Won the Portinho arbitration case, leading to a DKK 5.6m revaluation of the Portinho receivable to DKK 39.3m and reducing legal uncertainty.

• Net loss for H1 2026 was DKK -2.7m, a significant improvement from DKK -17.6m in H1 2025, reflecting cost reductions and a reversal of credit loss allowance.

• Additional financing secured during and after H1 2026 to support ongoing operations and development.

• Reponex advanced clinical programs, finalizing RNX-051 formulation and preparing for clinical trials in Germany and India, with first patient enrolment expected late 2026 or early 2027.

• Intellectual property was strengthened with a new European patent for inflammatory bowel disease and expanded patent applications for RNX-051.

Financial highlights

• EBIT improved to DKK -6.9m from DKK -8.6m year-over-year, driven by cost reductions.

• Cash and cash equivalents at period end were DKK 29k, down from DKK 702k in H1 2025.

• Total equity increased to DKK 25.8m from DKK 15.1m year-over-year, with convertible instruments classified as equity increasing to DKK 21.2m.

• Underlying cash burn improved by approximately DKK 1.7m compared to H1 2025.

• No revenue was recognized in H1 2026.

Outlook and guidance

• 2026 profit/loss guidance is DKK -5.8m to -11.4m, with revenue guidance of DKK 3.0m to 8.6m.

• Guidance reflects uncertainty around timing of licensing agreements and RNX-051 clinical study initiation.

• Priorities for H2 2026 include advancing clinical programs, progressing licensing, and securing further financing.