SynAct Pharma (SYNACT) Q2 2025 earnings summary

Executive summary

• Focused on advancing resomelagon (AP1189) for inflammatory and autoimmune diseases, especially rheumatoid arthritis (RA), and host-directed therapy in viral infections, with a clear two-track development strategy.

• ADVANCE Phase 2b study in newly diagnosed severe RA is on track, aiming to complete enrollment by end of 2025 and report key data in Q1 2026.

• Initiated a Phase 2 study in Dengue and planning a Phase 2 study in Polymyalgia Rheumatica (PMR) in H2 2025.

• Strengthened financial position through a SEK 37 million share issue, SEK 30 million credit facility, and warrant conversions, extending runway into 2027.

Financial highlights

• Net sales were SEK 0 for both Q2 and H1 2025, consistent with prior periods.

• Q2 operating expenses increased 58% year-over-year to SEK 30,345 thousand; H1 operating expenses rose 30% to SEK 58,443 thousand.

• Q2 loss after tax was SEK 27,522 thousand (vs. SEK 18,628 thousand in Q2 2024); H1 loss after tax was SEK 52,207 thousand (vs. SEK 43,534 thousand in H1 2024).

• Q2 EPS was -0.56 SEK (vs. -0.47 SEK); H1 EPS was -1.07 SEK (vs. -1.16 SEK).

• Cash and cash equivalents at June 30, 2025, were SEK 68,890 thousand (vs. SEK 62,799 thousand a year earlier).

Outlook and guidance

• No revenue expected until at least 2026, post-Phase 2 program completion.

• Current cash and recent financings are sufficient to fund operations for at least the next 12 months, with runway extended into 2027.

• ADVANCE study enrollment to complete by end of 2025; key data expected Q1 2026.