Alzinova (ALZ) Q4 2025 earnings summary

Executive summary

• Achieved key milestones in advancing ALZ-101, a therapeutic vaccine for Alzheimer's, including completion of Phase 1b with positive safety and efficacy signals and regulatory progress with FDA Fast Track and IND approval.

• Entered a memorandum of understanding with a leading Saudi healthcare provider to support the upcoming global Phase II study and future commercialization.

• Strengthened financial position through a rights issue, raising SEK 36.5 million after loan set-offs, and secured short-term loans totaling SEK 11 million.

• Appointed Dr. Marwan Sabbagh as Global Principal Investigator for the planned Phase II study.

Financial highlights

• Full-year 2025 loss after financial items was SEK -26,266 thousand, compared to SEK -20,553 thousand in 2024.

• Cash flow for the year was SEK -15,177 thousand, with cash and cash equivalents at year-end of SEK 319 thousand (down from SEK 15,496 thousand in 2024).

• Total expenses for 2025 were SEK -52,405 thousand, reflecting increased R&D and organizational strengthening for Phase II preparations.

• Equity at year-end was SEK 121,961 thousand, with an equity ratio of 85%.

• Earnings per share before dilution for 2025 was SEK -0.27 (2024: -0.31).

Outlook and guidance

• Focus in 2026 on advancing the Saudi collaboration to a binding agreement, progressing global pharma partner dialogues, and completing operational steps for Phase II.

• Several value-driving milestones anticipated in 2026, including partnership execution and Phase II study initiation.