Initiator Pharma (INIT) Q2 2025 earnings summary

Executive summary

• Advanced pudafensine into a Phase IIa trial for vulvodynia, targeting a major unmet need in women's health, with first results expected by end of 2026.

• Expanded Female Sexual Dysfunction (FSD) program and secured a GBP 2.5 million financing agreement for the vulvodynia trial.

• Rights issue in Q2 2025 raised SEK 48.3 million, with 86% subscription, strengthening financial position for ongoing R&D.

• Focused on developing pudafensine for both ED and vulvodynia, and IP2018 for psychogenic ED and FSD.

Financial highlights

• No revenue generated in Q2 or H1 2025.

• Q2 2025 operating loss was TDKK 3,844, improved from TDKK 4,991 in Q2 2024 due to lower R&D spend.

• Net loss after tax for Q2 2025 was TDKK 3,864 (Q2 2024: TDKK 4,786); H1 2025 net loss was TDKK 6,517 (H1 2024: TDKK 8,909).

• Cash and cash equivalents at June 30, 2025: TDKK 4,700 (Dec 31, 2024: TDKK 13,371).

• Equity at June 30, 2025: TDKK 8,266 (Dec 31, 2024: TDKK 14,782).

Outlook and guidance

• Proceeds from rights issue and convertible credit agreement secure funding well into 2027.

• Priorities for H2 2025 include launching the vulvodynia trial and accelerating business development.

• Continued focus on advancing pudafensine and IP2018 in both male and female indications.