Heidelberg Pharma (HPHA) investor relations material

Executive summary

• Strategic refocus on lead ADC program HDP-101 (pamlectabart tismanitin) for multiple myeloma, following delay in TLX250-Px FDA approval, resulting in a 75% workforce reduction and major restructuring.

• Monetized royalty streams from TLX250-Px, securing non-dilutive financing and extending cash runway to mid-2027, including USD 20 million upfront from Soleus Capital and amended HealthCare Royalty agreements.

• HDP-101 demonstrated promising efficacy and safety in phase I/IIa trials, with FDA Fast Track designation and positive remission results.

• Partner programs with Takeda and Huadong Medicine advanced, with milestone payments received and new clinical milestones achieved.

• New CEO, Dr. Dongzhou Jeffery Liu, appointed in November 2025, alongside changes in the Supervisory and Executive Boards.

Financial highlights

• FY2025 sales revenue and other income: EUR 6.9 million, down from EUR 12.0 million in 2024; operating expenses rose to EUR 49.0 million, including EUR 10.6 million in restructuring charges.

• Net loss for 2025: EUR 42.3 million; EPS: EUR -0.91; equity at year-end: EUR -10.9 million, equity ratio: -28.6%.

• Cash at year-end 2025: EUR 15.0 million; total assets: EUR 38.1 million (down from EUR 60.7 million prior year).

• Cash inflow of EUR 18.4 million from HealthCare Royalty and Soleus Capital in 2025.

• Research and development costs: EUR 38.7 million (79% of operating expenses); administrative costs: EUR 7.6 million (15% of operating expenses).

Outlook and guidance

• FY2026 revenue guidance: EUR 11–15 million, mainly from milestones and supply agreements; operating expenses expected at EUR 25–29 million.

• Operating result expected to improve to EUR (13.0)–(17.0) million; cash outflow projected at EUR 0–4 million.

• Cash runway secured until mid-2027, with further milestones providing potential upside.

• Phase II-A expansion study for HDP-101 to begin in Q2/Q3 2026, with initial data expected by mid-2027.

• Cost-cutting measures, including staff reductions, to be fully implemented by mid-2026.