Initiator Pharma (INIT) Q4 2025 earnings summary

Executive summary

• Transitioned from clinical preparation to execution with the start of a Phase IIa trial for pudafensine in vulvodynia after UK regulatory approval in November 2025.

• First patients dosed in the vulvodynia study, marking a key milestone and entry into a new therapeutic area.

• Strengthened IP position with a European patent granted for pudafensine in Female Sexual Dysfunction in February 2026.

• Business development activities intensified, including presence at the J.P. Morgan Healthcare Conference and ongoing partnering discussions.

Financial highlights

• No revenue generated in Q4 or FY 2025.

• Q4 2025 operating loss of TDKK 6,966, up from TDKK 2,701 in Q4 2024, reflecting increased R&D costs.

• Net loss after tax for Q4 2025 was TDKK 2,920 (Q4 2024: TDKK 851); FY 2025 net loss was TDKK 13,687 (FY 2024: TDKK 12,932).

• Cash and cash equivalents at year-end 2025 were TDKK 26,245, up from TDKK 13,371 at year-end 2024.

• Equity increased to TDKK 29,546 at December 31, 2025 (2024: TDKK 14,782).

Outlook and guidance

• Patient recruitment ongoing for the Phase IIa vulvodynia study, with topline results expected in late 2026.

• Company expects to be financed well into 2027 following the rights issue and convertible credit agreement.