Initiator Pharma (INIT) Q3 2025 earnings summary

Executive summary

• Focused on advancing a Phase IIa proof-of-concept study for pudafensine in vulvodynia, with regulatory approval and patient enrollment initiated in Q4 2025.

• Successfully completed a rights issue in July, raising SEK 48.3 million before costs, and secured additional convertible financing for clinical trials.

• Strategic emphasis on business development and partnering for clinical assets, with increased industry interest following BIO-EUROPE.

Financial highlights

• No revenue generated in Q3 or the first nine months of 2025.

• Operating loss for Q3 2025 was TDKK 4,318, up from TDKK 3,233 in Q3 2024, reflecting increased R&D and fundraising costs.

• Net loss after tax for Q3 2025 was TDKK 3,864, with earnings per share at DKK -0.06; nine-month net loss was TDKK 6,517.

• Cash and cash equivalents rose to TDKK 28,674 as of September 30, 2025, from TDKK 13,371 at year-end 2024.

• Equity increased to TDKK 32,466 as of September 30, 2025, compared to TDKK 14,782 at year-end 2024.

Outlook and guidance

• First patient dosing in the vulvodynia Phase IIa study expected before year-end 2025, with topline results anticipated by late 2026.

• Continued focus on progressing clinical pipeline and attracting partners for further development and commercialization.