Herantis Pharma Oyj

Herantis did not report revenue, EPS, or gross margin in this call. Management said total operating expenses were at the same level as last year, while 2024 had more grant income than 2025 because the EIC Accelerator program ended. The company ended 2025 with EUR 2.6 million in cash versus EUR 2.1 million in 2024, and post-period raised gross EUR 4.2 million. Management also said long-term debt increased from EUR 2.1 million in 2024 to EUR 3.4 million in 2025 due to research funding from Michael J. Fox and Parkinson’s U.K., and that current cash takes the company into Q1 2027. For Phase II, management said additional capital of roughly EUR 20 million to EUR 25 million is needed on top of the EUR 4.2 million raise and EUR 8 million Horizon grant to fully fund the trial and ongoing operations.

Antti Vuolanto framed 2025 as a year of de-risking for HER-096, emphasizing that the program now has solid safety data, efficient brain penetration, and biomarker evidence of biological response in Parkinson’s patients. He said the company believes HER-096 could become a disease-modifying therapy and reiterated that the core focus now is to finalize the Phase II design and secure the right resourcing. His tone was upbeat and confident, but practical about the need to continue discussions with partners, investors, and regulators.

Tone Kvale focused on the funding profile and balance sheet. He said operating expenses were broadly flat year over year, cash ended 2025 at EUR 2.6 million, and the company raised gross EUR 4.2 million right after year-end; with that cash, Herantis said it is funded into Q1 2027. He also noted long-term debt rose to EUR 3.4 million from EUR 2.1 million because of research funding from Michael J. Fox and Parkinson’s U.K., and that the EUR 8 million Horizon grant is earmarked for Phase II. On capital needs, he said the company likely still needs EUR 20 million to EUR 25 million beyond current resources to fully fund Phase II and operations during the trial period.

Analysts asked when Phase II might start, and management said the study design is still being finalized, with regulatory preparation and possible protocol discussions still under consideration. Another question focused on the EUR 8 million Horizon grant, which management said lowers the dilutive funding need and serves as external validation of both the science and commercial potential. On partnering, management said the Phase I package is strong but declined to speculate on whether it is enough to secure a deal. They also said biomarker findings should help inform Phase II endpoint selection and patient selection, with a focus on early-stage patients and alignment between endpoints and measurable disease characteristics.