Pharma Equity Group (PEG) Q4 2025 earnings summary

Executive summary

• Net loss narrowed to DKK -25.4m in 2025 from DKK -40.6m in 2024, reflecting reduced development spend and cost discipline.

• Regulatory approval obtained to initiate Phase 2 study for RNX-011; advanced partner discussions ongoing for RNX-051.

• New investment strategy launched to diversify the portfolio; continued efforts to recover Portinho receivables.

Financial highlights

• Cash and cash equivalents at year-end were DKK 0.5m, down from DKK 4.2m in 2024.

• Total assets decreased to DKK 38.9m from DKK 49.4m year-over-year.

• Equity at year-end was DKK 25.5m, including DKK 18.2m in convertible instruments.

• Subordinated convertible debt reduced to DKK 4.2m from DKK 8.1m.

• Allowance for Portinho receivable was DKK -8.1m, down from DKK -16.2m in 2024.

Outlook and guidance

• 2026 revenue guidance: DKK 3.0–8.6m; EBIT guidance: DKK -5.8m to -11.3m.

• Key 2026 drivers include first patient enrollment in RNX-011 and RNX-051 trials, signing first license agreement for RNX-051, and strengthening financial position.