Herantis Pharma (HRNTS) H2 2025 earnings summary

Executive summary

• HER-096, a first-in-class therapy targeting the Unfolded Protein Response pathway, completed Phase 1b trials in Parkinson's patients, demonstrating strong safety, brain penetration, and biomarker response, meeting all primary and secondary endpoints.

• HER-096 is positioned as a disease-modifying therapy with a unique UPR-modulating mechanism, supported by robust external validation and funding from organizations such as Parkinson's UK, Michael J. Fox Foundation, EU Horizon, and EIC Fund.

• Phase 2 efficacy trial design is nearing finalization, targeting approximately 100 early-stage Parkinson's patients in a multi-center European study.

• Significant market opportunity exists due to high unmet clinical need and projected growth in Parkinson's disease prevalence and economic impact.

Financial highlights

• Operating loss for FY2025 was EUR -6.62 million, compared to EUR -4.94 million in FY2024; other operating income decreased to EUR 0.2 million from EUR 1.6 million year-over-year.

• Cash and securities at year-end 2025 totaled EUR 2.6 million, up from EUR 2.1 million in 2024; post-year fundraising added EUR 4.2 million.

• Two successful directed share issues raised EUR 5.2 million (Feb 2025) and EUR 4.2 million (Feb 2026), strengthening the financial position.

• Long-term debt increased to EUR 3.4 million due to research funding from foundations; total equity was temporarily EUR -1.7 million at end-2025.

Outlook and guidance

• Ready to initiate a Phase 2, double-blind, placebo-controlled efficacy trial in early-stage Parkinson's patients, pending additional funding and final study design.

• EUR 8 million Horizon Europe grant and recent fundraising will support Phase 2, but an additional EUR 20–25 million is needed to fully fund the trial and operations.

• Cash runway extends into Q1 2027; multiple financing pathways, strategic partnerships, and non-dilutive funding options are under evaluation.