Toleranzia (TOL) Q2 2025 earnings summary

Executive summary

• Operating loss widened to SEK -2,835 thousand for Q2 and SEK -6,128 thousand for H1 2025, reflecting increased R&D and merger-related costs.

• Extraordinary General Meeting approved merger with Flerie AB; delisting from Nasdaq First North Growth Market expected August 18, 2025.

• SEK 20 million credit facility secured from Flerie AB to support clinical trial preparations and ongoing operations.

• Focus remains on advancing TOL2 for myasthenia gravis and TOL3 for ANCA vasculitis, with clinical trial preparations ongoing.

Financial highlights

• Q2 operating loss: SEK -2,835 thousand (vs. -1,788 thousand Q2 2024); H1 operating loss: SEK -6,128 thousand (vs. -3,429 thousand H1 2024).

• Cash flow from operating activities: SEK -3,978 thousand in Q2 (vs. -40 thousand Q2 2024); SEK -7,168 thousand in H1 (vs. -3,699 thousand H1 2024).

• Investments in intangible assets: SEK 4,073 thousand in Q2 (vs. 7,414 thousand Q2 2024); SEK 9,244 thousand in H1 (vs. 12,101 thousand H1 2024).

• Cash and bank balances at June 30: SEK 2,366 thousand (vs. 2,293 thousand June 2024).

• Earnings per share: SEK -0.01 for Q2 (vs. 0.01 Q2 2024); SEK -0.02 for H1 (vs. 0.01 H1 2024).

Outlook and guidance

• Clinical trial for TOL2 will not commence without full financing; additional capital injections required.

• Upon merger completion, operations will continue under Flerie AB, with Toleranzia's pipeline expected to benefit from broader ownership and resources.