Pila Pharma (PILA) Q2 2025 earnings summary

Executive summary

• Focus shifted to a parallel development track targeting obesity, in addition to type 2 diabetes, based on industry feedback and market opportunity.

• Positive industry response to the TRPV1 antagonist project, with plans to demonstrate Proof of Concept in preclinical and clinical obesity studies.

• Rights issue and associated financings raised SEK 29.9 million before costs, with strong shareholder support and oversubscription of 293.5%.

• Management and board members increased their holdings, with significant set-offs for executive remuneration.

Financial highlights

• Operating income for H1 2025 was TSEK 851, up from TSEK 683 year-over-year.

• EBIT for H1 2025 was TSEK -4,092, nearly unchanged from TSEK -4,082 in H1 2024.

• Net result for H1 2025 was TSEK -4,102, compared to TSEK -4,086 in H1 2024.

• Cash at period end was TSEK 1,082, down from TSEK 2,543 at June 2024.

• Equity at period end was TSEK 1,159, down from TSEK 2,575 year-over-year.

Outlook and guidance

• Preclinical in vivo obesity study results expected before the TO2 warrant exercise period in February 2026.

• Funds raised are sufficient to finance rat obesity studies and clinical trial application preparations for both diabetes and obesity.

• Additional funding possible from warrant exercise, potentially up to SEK 90 million.