Active Biotech (ACTI) Q3 2025 earnings summary

Executive summary

• Continued progress in clinical development of laquinimod for inflammatory eye disorders and tasquinimod for hematological malignancies, with positive phase I LION study results presented at AAO 2025.

• Focus remains on advancing tasquinimod in myelofibrosis and securing a partnership for laquinimod's further development.

• Announced a fully secured rights issue of approximately SEK 70 million to fund operations through 2027, subject to shareholder approval.

Financial highlights

• No net sales recorded for the quarter or year-to-date.

• Operating loss for Q3 2025 was SEK 6.0 M, improved from SEK 8.1 M in Q3 2024; nine-month operating loss was SEK 28.5 M, slightly better than SEK 29.5 M in the prior year.

• Loss after tax for Q3 2025 was SEK 6.0 M (Q3 2024: SEK 8.0 M); nine-month loss after tax was SEK 28.2 M (2024: SEK 29.1 M).

• Cash and cash equivalents at period end were SEK 9.1 M, down from SEK 27.4 M at year-end 2024.

• Equity/assets ratio declined to 26.6% from 75.8% at year-end 2024.

Outlook and guidance

• Rights issue aims to provide funding for ongoing tasquinimod studies in myelofibrosis through 2027 and business development for laquinimod.

• Recruitment for tasquinimod myelofibrosis studies expected to resume after protocol amendments, with interim readouts in 2026 and efficacy results by end of 2027.

• Ongoing efforts to secure a commercial partner for laquinimod's phase II development.