SynAct Pharma (SYNACT) Q4 2025 earnings summary

Executive summary

• Focused on advancing resomelagon (AP1189), a first-in-class non-suppressive therapy for inflammatory diseases, with dual development in rheumatoid arthritis (RA) and host-directed therapy for viral infections.

• Completed recruitment for the Phase 2b ADVANCE study in RA, with topline results expected soon.

• Initiated Phase 2 RESPIRE trial for respiratory insufficiency due to viral infections and prepared for a Phase 2a trial in Dengue.

• Engaged in active business development and investor relations, including share buy-back and new CFO appointment.

Financial highlights

• Net sales were SEK 0 for both Q4 and the full year, consistent with prior periods.

• Operating expenses increased 9% in Q4 to SEK 22,720 thousand and 29% for the year to SEK 116,540 thousand.

• Loss after tax was SEK 22,929 thousand in Q4 and SEK 110,826 thousand for the year.

• Cash flow from operating activities was SEK -23,965 thousand in Q4 and SEK -97,330 thousand for the year.

• Cash and cash equivalents at year-end were SEK 53,405 thousand.

Outlook and guidance

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

• Sufficient cash and cash equivalents to fund development activities for the next 12 months.

• 2026 anticipated to be transformative with key clinical data readouts and expanded business development.