Herantis Pharma Oyj

Herantis did not report revenue, EPS, or gross margin on the call. The cost base remained flat versus the same period last year. Cash at the end of June was EUR 3.5 million, and equity stood at -0.7 by the end of June. In the first half, the company raised EUR 4.2 million in a directed share issue and was awarded an EUR 8 million Horizon Europe grant. Management said the Phase II trial is expected to cost around EUR 20 million, and total company financing needs are around EUR 30 million to EUR 35 million, with an estimated interim efficacy readout in early 2029 and full Phase II data shortly thereafter. The company expects to submit the clinical trial application by the end of this year and have first patient dosing in the first half of next year.

Antti Vuolanto positioned HER-096 as a differentiated Parkinson’s asset with a broad mechanism derived from CDNF biology, favorable Phase I results, and a strong rationale for Phase II. He repeatedly emphasized the large unmet need in Parkinson’s and framed the current therapies as symptomatic only, with no disease-modifying option available today. His tone was confident and promotional about the program’s scientific basis, while also acknowledging that financing and execution are the key near-term gating items.

Tone Kvåle said the cost base was flat versus the same period last year and that resources were mainly spent on Phase II preparation, biomarker work, fundraising costs, and investor relations/partnering. He said cash was EUR 3.5 million at the end of June and noted long-term debt increased versus last year due to more funding from The Michael J. Fox Foundation and Parkinson’s UK, which supported the full Phase I-B trial. He also emphasized the EUR 8 million Horizon Europe grant as non-dilutive funding, while saying the company still needs more capital and is exploring partnership, equity, and additional non-dilutive financing.

Analysts asked about the rationale for filing with FDA alongside the European CTA, and management said U.S. alignment would serve as external validation and help future pharma partners, while potentially shortening development timelines. They also asked about the next 12 months, and management pointed to CTA submission by year-end and first patient dosing in the first half of next year, contingent on securing resources. Other questions covered the Phase II wording, other indications, patient selection, trial costs, partnering timing, and expected R&D burn; management said Phase II is essentially a sharper company label, other indications are largely on hold, the trial should cost around EUR 20 million, and R&D spend should step up as the trial advances. On the Biogen/Denali program failures, management said those outcomes do not change HER-096’s risk profile but do reduce competition and offer some technical learning around smartphone-based data collection.