Interim Report for the period July - September 2025: BioArctic

Core Insights - BioArctic is expanding its portfolio through new projects and partnerships, particularly highlighting its collaboration with Novartis, which is expected to enhance its treatment offerings for neurodegenerative diseases [3][10]. Financial Performance - For the third quarter of 2025, BioArctic reported net revenues of SEK 133.3 million, a significant increase from SEK 76.6 million in the same period last year. Royalties from Leqembi accounted for SEK 117.2 million, up from SEK 69.8 million [6]. - The company experienced an operating loss of SEK 28.8 million, compared to a loss of SEK 26.1 million in the previous year. The profit for the period was SEK -86.9 million, compared to SEK -19.6 million [6]. - Cash flow from operating activities improved to SEK -41.2 million from SEK -80.3 million, with cash and cash equivalents at SEK 1,882.0 million, up from SEK 804.5 million [6]. Product Development and Market Expansion - Leqembi sales showed a quarter-on-quarter growth of approximately 14%, adjusted for stocking effects in China. The drug is now approved in over 50 countries, with recent approvals in Australia, Canada, and India [4]. - Regulatory approval for monthly intravenous maintenance treatment in China was achieved, marking the fifth market for this dosing regimen. The US also approved weekly subcutaneous maintenance dosing for Leqembi Iqlik [5][6]. - BioArctic's pipeline includes ongoing studies for Exidavnemab and other early projects targeting neurodegenerative diseases, with expectations for results after summer 2026 [11]. Strategic Collaborations - The collaboration with Novartis includes an upfront payment of USD 30 million and aims to combine BioArctic's BrainTransporter technology with Novartis' proprietary antibody for neurodegenerative treatments [6][10]. - The partnership is seen as a significant step in enhancing treatment options for patients and expanding the company's reach in the neurodegenerative disease market [7][10]. Research and Development - New data on lecanemab was presented at the AAIC congress, focusing on long-term efficacy and safety, as well as real-world evidence [6]. - BioArctic is also venturing into Huntington's disease research, aiming to develop disease-modifying treatments, which currently have no available options [12].