Active Biotech (ACTI) Q2 2025 earnings summary

Executive summary

• Achieved key clinical milestones in hematological oncology and inflammatory eye diseases, advancing prioritized projects and reporting positive clinical data for tasquinimod and laquinimod.

• Presented final results from the tasquinimod multiple myeloma study at ASCO 2025 and positive top-line results from the LION laquinimod eye study.

• Initiated two proof-of-concept clinical studies for tasquinimod in myelofibrosis in the US and Europe.

• Focus remains on progressing tasquinimod in myelofibrosis and securing a partnership for laquinimod.

Financial highlights

• No sales recorded in Q2 2025; operating loss was SEK 11.3M compared to SEK 10.7M in Q2 2024.

• Loss after tax for Q2 2025 was SEK 11.2M (Q2 2024: SEK 10.6M); EPS was SEK -0.01 (Q2 2024: SEK -0.03).

• Cash and cash equivalents at period end were SEK 16.8M, down from SEK 27.4M at year-end 2024.

• Research and development expenses increased 11% year-over-year to SEK 15.8M for H1 2025.

• Equity/assets ratio for the Group was 46.3% at June 30, 2025 (75.8% at year-end 2024).

Outlook and guidance

• Ongoing focus on advancing tasquinimod in myelofibrosis and establishing commercial partnerships for laquinimod.

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

• Board is actively exploring financing options, including partnerships and share issuances.