Vivoryon Therapeutics (VVY) Q3 2025 earnings summary

Executive summary

• Presented compelling Phase II data for varoglutamstat, showing significant and consistent improvement in kidney function, especially in patients with more severe impairment and lower baseline eGFR, supporting advancement to a Phase IIb study in diabetic kidney disease (DKD).

• Strong interest from the scientific, medical, and biopharma communities, with data presented at ASN Kidney Week and ongoing negotiations with strategic investors.

• Completed a €5.1 million private placement, extending cash runway into Q3 2026 and providing flexibility for strategic partnerships.

• CFO transition announced, with Marcus Irsfeld (or Ilsfeld) succeeding Anne Doering in December 2025.

Financial highlights

• R&D expenses for the first nine months of 2025 were €3.7 million, down from €12.6 million in the same period of 2024, mainly due to lower clinical development and production costs.

• G&A expenses decreased to €4.0 million from €4.9 million year-over-year, primarily due to lower personnel costs.

• Net loss for the first nine months of 2025 was €7.6 million, compared to €17.1 million in 2024.

• Cash and cash equivalents stood at €2.5 million at the end of September 2025, with an additional €5.1 million raised in October via private placement.

• No revenue reported for the nine months ended September 30, 2025, and 2024.

Outlook and guidance

• Cash runway, including the October 2025 private placement, is expected to fund operations well into Q3 2026.

• Plans to advance varoglutamstat into a Phase IIb study in stage 3b/4 DKD, with ongoing preparations including CRO selection and study synopsis development.

• Initiation of the Phase IIb DKD study and future studies depends on securing further funding or partnerships.

• Actively pursuing additional strategic financing and partnership opportunities.

• Continued operating losses are expected, and the ability to continue as a going concern in 2026 depends on raising additional capital.