Active Biotech (ACTI) Q1 2025 earnings summary

Executive summary

• Clinical programs in cancer and inflammatory eye diseases advanced, with key milestones in tasquinimod (myelofibrosis, multiple myeloma) and laquinimod (uveitis).

• First patients enrolled in European and US phase II studies of tasquinimod in myelofibrosis; multiple myeloma study fully recruited.

• Positive top-line results from laquinimod ocular biodistribution study support further development in eye disorders.

• Naptumomab, partnered with NeoTX, is enrolling patients in a cohort expansion for esophageal cancer.

Financial highlights

• No net sales recorded in Q1 2025; operating loss of SEK 11.2M, up from SEK 10.7M in Q1 2024.

• Research and development expenses increased 15% year-over-year to SEK 8.2M, driven by new tasquinimod studies.

• Loss after tax was SEK 11.0M (Q1 2024: SEK 10.5M); EPS of SEK -0.01 (Q1 2024: -0.03).

• Cash and cash equivalents at period end were SEK 26.2M, down from SEK 27.4M at year-end 2024.

• Equity/assets ratio for the Group was 65.5% (year-end 2024: 75.8%).

Outlook and guidance

• Tasquinimod focus remains on myelofibrosis, with two proof-of-concept studies ongoing; results from multiple myeloma study expected H1 2025.

• Laquinimod program seeks a development partner for phase II; positive phase I biodistribution results support further development.

• Naptumomab development is fully financed by NeoTX; esophageal cancer cohort expansion underway.

• Available liquidity expected to fund operations through 2025; additional financing will be required for continued progress.