Herantis H1'26 preview: Focus on Phase IIa preparations and funding
Summary
- Herantis is preparing for a Phase IIa clinical trial of its Parkinson's disease drug candidate, HER-096, following successful Phase I results indicating safety and biological activity.
- The company's H1 EBIT is expected to be -1.9 MEUR, with a full-year 2026 adjusted EBIT forecast of -4.1 MEUR, reflecting a spread of costs over a longer period due to the extended timeline for the Phase IIa study.
- Herantis aims to submit a Phase IIa trial application by the end of 2026 and start treatments in the first half of 2027, utilizing digital biomarker technology to enhance research sensitivity.
- Current cash reserves are sufficient until Q1'27, with additional funding from an EU grant and EIC Fund investment; however, financing uncertainties remain, with potential impacts on the share price depending on the funding strategy.
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Translation: Original published in Finnish on 08/18/2026 at 07:45 am EEST
| Estimates | H1'25 | H1'26 | H1'26e | H1'26e | 2026e |
|---|---|---|---|---|---|
| MEUR / EUR | Comparison | Actualized | Inderes | Consensus | Inderes |
| Revenue | 0.0 | 0.0 | 0.0 | ||
| EBIT | -3.0 | -1.9 | -4.1 | ||
| EPS (rep.) | -0.13 | -0.06 | -0.12 |
Source: Inderes
Herantis will publish its H1 report on Thursday, August 20. The company's earnings webcast can be followed here at 10:00 am EEST. In the report, we will particularly monitor the preparations for the Phase II clinical trial of the HER-096 drug candidate, the development of the financial situation, and any updates on partnership negotiations.
The study moves to clinical Phase II
Herantis is an early-stage drug development company with no products on the market yet. The company's business model is based on developing drug candidates and increasing their value through clinical trials. Actual future revenue would consist of advance and milestone payments from potential partnership agreements or, later on, royalty income from drug sales. Value creation in the coming years thus relies entirely on the progress and success of the research program.
In October 2025, Herantis published the main results of the Phase I study. Based on these results, the Parkinson's disease drug candidate, HER-096, was deemed safe and well-tolerated in short-term dosing. The candidate also crossed the blood-brain barrier, reaching its target in the central nervous system. In January, the company supplemented the results with a biomarker analysis, which suggested that the candidate has biological activity as well. Overall, the results achieved the objectives of Phase I, creating a strong scientific basis for carrying out the Phase II study. Herantis plans to initiate a Phase IIa study next year. The study will take about two years.
Costs are spread over a longer period than before
We expect Herantis' H1 EBIT to be -1.9 MEUR (H1'25: -3.0 MEUR). For the full year 2026, we expect adjusted EBIT to be -4.1 MEUR. Our loss estimates have decreased, as the extended timeline for the Phase IIa study shifts and allocates costs over a longer period than previously anticipated. We expect earnings per share of EUR -0.06 in H1. Although the result is negative, we believe the company's cost structure has remained quite moderate relative to the research program.
Focus on Phase IIa preparations and funding
The company aims to submit a Phase IIa clinical trial application for the HER-096 drug candidate by the end of 2026, obtain clinical trial authorization, and initiate the first treatments in the first half of 2027. During the reporting period, the company announced the utilization of digital biomarker technology in research in cooperation with Indivi, which may improve the sensitivity of the research to detect potential treatment effects. In addition, the appointment of experienced Chief Medical Officer Juha Savola supports the company in trial design and partnership negotiations.
Regarding financing, Herantis' current cash reserves are sufficient until Q1'27. The company has already secured an 8.0 MEUR EU grant and the remaining 10.8 MEUR from the EIC Fund's equity investment commitment for the execution of Phase IIa. Our estimate for the current year includes a 12 MEUR share issue, which, together with other funding sources, would, in our assessment, cover most of the financing needs for Phase IIa. The financing situation still involves considerable uncertainty: we believe solutions that do not dilute the ownership of current shareholders (such as a partnership agreement) would support the share price, while a large share issue could weigh on it. We look forward to any further information on the progress of financing options.