Vivoryon Therapeutics (VVY) Q4 2025 earnings summary

Executive summary

• Robust clinical and preclinical evidence supports varoglutamstat's advancement in diabetic kidney disease, with pronounced benefits in high-risk patients and those with lower baseline eGFR.

• Differentiated mechanism of action targets pro-inflammatory and pro-fibrotic pathways, with synergy observed with SGLT-2 inhibitors.

• Strategic focus on advancing to a Phase 2b study in stage 3b/4 DKD, with interim analysis planned at 15 months.

• Multiple active partnership and due diligence discussions underway to fund the next development phase.

• Intellectual property protection for varoglutamstat extended in the U.S. until at least 2044, with potential extension to 2049.

Financial highlights

• No revenues generated in 2025; R&D expenses decreased to EUR 4.4 million from EUR 14.1 million, mainly due to reduced clinical and manufacturing costs.

• General and administrative expenses fell to EUR 4.8 million from EUR 6.9 million, driven by lower personnel and legal costs.

• Net loss for 2025 was EUR 8.9 million, a significant reduction from EUR 20.6 million in 2024.

• Cash and cash equivalents at year-end 2025 were EUR 5.6 million, down from EUR 9.4 million in 2024.

• EUR 5.1 million raised via private placement in October 2025; SEPA agreement for up to EUR 15 million entered in April 2025.

Outlook and guidance

• Phase 2b DKD study planned, with interim data expected within 15 months and full data within 24 months of study start.

• Continued focus on securing strategic partnerships and additional financing to fund further development.

• Cash runway expected to fund operations into Q4 2026, excluding potential SEPA proceeds.