Herantis H1'25 flash comment: Clinical Phase I in its final stages

Translation: Original published in Finnish on 8/21/2025 at 9:15 am EEST.

Herantis' Phase Ib clinical trial in Parkinson's disease with the investigational drug HER-096 is nearing completion, and the last patient visit has already taken place. Key results should be available by mid-October and the full analysis completed by the end of the year. We believe that current cash reserves should be sufficient until H1’26 and enable the completion of Phase Ib and the preparation for Phase II, as well as the advancement of partnership negotiations. EBIT in H1’25 was below our expectations due to low other operating income.

Phase I of the Parkinson's disease trial is nearing completion

Herantis completed a Phase Ia study at the end of 2023, the results of which showed that the investigational drug HER-096, being developed for the treatment of Parkinson's disease, crosses the blood-brain barrier. Phase Ib was initiated during H2’24, the main objective of which has been to evaluate the safety and tolerability of subcutaneously administered HER-096 in both healthy volunteers and patients with Parkinson's disease. Herantis recently announced that the final patient visit for the study had been completed on schedule. Initial results are expected by mid-October and a full analysis of the results by the end of the year. Results have been promising so far. Based on the data so far, it appears that the company would have no obstacles to moving to Phase II in terms of results. However, more robust conclusions can only be drawn towards the end of the year, when further results become available for assessment. In terms of figures, operating expenses were in line with our expectations. However, other operating income was clearly lower than in the comparison period and our forecast, which is why EBIT (-2.96 MEUR) fell short of our expectations (-2.14 MEUR).

Current funding sufficient to prepare for Phase II

Regarding financing, Herantis received 3.6 MEUR in research funding last summer, which ensures the execution of Phase Ib. The company also announced a directed issue of 5.2 MEUR in February, which was almost fully in line with our expectations. With the funding secured, the company will prepare for the Phase II trial and advance partnering negotiations to fund future trials. Cash reserves at the end of H1’25 stood at 4.56 MEUR, and we estimate them to be sufficient until late H1’26.