Annexin Pharmaceuticals (ANNX) Q1 2026 earnings summary

Executive summary

• Initial clinical signals observed for ANXV in both diabetes retinopathy (DR) and retinal vein occlusion (RVO) patients, with no safety concerns after 30 days in the first two treated patients.

• Patient recruitment in the NEXUS phase 2a study accelerated, with five patients treated and no safety issues reported.

• Cost-saving measures and delayed activities extended cash runway to June 2026; bridge financing and planned rights issue aim to fund operations through year-end.

• Ongoing business development and partner discussions, with focus on phase 2b study design and potential licensing.

Financial highlights

• Net loss for Q1 2026 was -10,516 TSEK, compared to -7,974 TSEK in Q1 2025.

• Operating loss for Q1 2026 was -10,550 TSEK, up from -7,974 TSEK year-over-year.

• Cash flow from operating activities was -10,327 TSEK, compared to -8,250 TSEK in Q1 2025.

• Cash and cash equivalents at quarter-end were 17,068 TSEK, down from 45,229 TSEK a year earlier.

• Equity per share was 2.04 SEK, compared to 7.98 SEK in Q1 2025.

Outlook and guidance

• Bridge loan of 4 MSEK secured in April 2026; planned rights issue of 20 MSEK in summer 2026, with main shareholders committed to their pro-rata share.

• Full subscription of the rights issue would fund operations through December 2026 and support ongoing phase 2a studies.

• Focus on delivering further clinical data, FDA feedback on phase 2b design, and a licensing deal.