Core Insights - TME Pharma has undergone a reorganization to a lower-cost outsourced staffing model, which is expected to lead to significant cost reductions starting in the second half of 2025 [2][3] - The company raised €1.7 million through a bond issuance in May 2025 and an additional €500,000 in August 2025, indicating investor confidence in the new strategy [2] - TME Pharma is committed to continuing the research and development of its lead assets, NOX A12 and NOX E36, while also exploring investments in potentially profitable businesses [3][11] Financial Performance - In the first half of 2025, TME Pharma recorded a turnover of €27,000 compared to €0 in the same period of 2024, with a net loss of €2.1 million, an improvement from a loss of €3.2 million in H1 2024 [4] - The cash position as of June 30, 2025, was €2.06 million, down from €2.70 million on June 30, 2024, with negative equity of €570,000 [4] - Financial visibility extends to May 28, 2026, with the potential to negotiate an extension of maturing debt to improve financial stability [4] Leadership and Strategy - Diede van den Ouden was appointed as the new CEO in June 2025, and he emphasizes a collaborative transition with the previous leadership [5] - The company is focusing on a strategic restructuring to unlock the value of its lead assets, NOX-A12 and NOX-E36, while also exploring acquisitions and partnerships in stable, profitable businesses [7][11] - TME Pharma aims to create a fundamentally profitable corporate structure where revenues from non-core activities will support the development of its patented drug candidates [11] Research and Development - NOX-A12 is currently in a Phase 1/2 clinical trial for glioblastoma, with FDA Fast Track Designation and orphan drug designation in the US and Europe [6][8] - NOX-E36 is being evaluated for ophthalmic diseases, focusing on well-tolerated therapies with anti-fibrotic effects [6] - The company is also planning a Phase 2 study for NOX-A12 in combination with other treatments for metastatic pancreatic cancer [9]