Molecure (MOC) Q1 2025 earnings summary

Executive summary

• Molecure focuses on R&D of small-molecule drugs for oncology, fibrotic, and inflammatory diseases, with a business model based on partnering and licensing.

• Key clinical programs: OATD-01 (CHIT1 inhibitor, phase II for sarcoidosis) and OATD-02 (dual arginase inhibitor, phase I for solid tumors).

• Strategic priorities for 2025–2026 include clinical milestones for OATD-01/02, mRNA-targeting platform development, and new preclinical candidates.

• Company aims to secure strategic partners for further clinical development and to finance ongoing R&D.

Financial highlights

• Q1 2025 revenue: PLN 0.60m, mainly from grants, up from PLN 0.03m in Q1 2024.

• Operating loss: PLN -5.55m (Q1 2024: PLN -7.26m); net loss: PLN -5.18m (Q1 2024: PLN -6.84m).

• Operating cash flow: PLN 26.15m (Q1 2024: PLN -2.15m), driven by grant inflows.

• R&D assets (work in progress): PLN 56.96m as of 31.03.2025, up from PLN 53.74m at year-end 2024.

• Cash at period end: PLN 40.66m (31.12.2024: PLN 18.19m); equity: PLN 98.21m.

Outlook and guidance

• Key 2025 milestones: interim OATD-01 phase II data (H2 2025), OATD-02 therapeutic dose achievement, and at least one new preclinical candidate.

• Additional funding of ~PLN 60m needed to complete both clinical trials and early-stage R&D; sources include partnering, grants, equity, and debt.

• Strategic focus on securing at least one revenue-generating partnership/licensing deal in 2025.