SynAct Pharma (SYNACT) Q3 2025 earnings summary

Executive summary

• No revenue generated in Q3 or the first nine months; focus remains on advancing clinical programs, especially for lead candidate resomelagon in inflammatory and autoimmune diseases, and host-directed viral infection therapies.

• Raised SEK 35.4m in Q3 through warrant conversions, extending cash runway into 2027; strengthened leadership with new Chief Business Officer.

• Ongoing Phase 2b ADVANCE study in newly diagnosed severe RA on track to complete enrollment by end of 2025; additional studies in PMR and viral infections progressing.

Financial highlights

• Q3 net sales: SEK 0 (0) thousand; nine months net sales: SEK 0 (0) thousand.

• Q3 operating expenses: SEK 35,377 (24,309) thousand, up 46% year-over-year; nine months: SEK 93,820 (69,183) thousand, up 36%.

• Q3 loss after tax: SEK 35,690 (20,489) thousand; nine months loss: SEK 87,897 (64,023) thousand.

• Q3 EPS: -0.67 (-0.50) SEK; nine months EPS: -1.75 (-1.65) SEK.

• Cash and cash equivalents at period end: SEK 77,939 (38,487) thousand.

Outlook and guidance

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

• Cash position deemed sufficient to fund planned development activities for at least 12 months; runway extended into 2027.

• ADVANCE Phase 2b study in RA expected to complete enrollment by end of 2025; PMR and viral infection studies ongoing.