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Sparks commentary - SynAct Pharma

Healthcare

Sparks - SynAct Pharma

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Synact Pharma (STO: SYNACT) – Q225 results reflect steady clinical progress
Published by Jyoti Prakash, CFA

Synact Pharma has reported its Q225 results, with operating performance reflecting steady clinical advancement of assets, led by Resomelagon (AP1189), currently in Phase IIb development in DMARD-naive rheumatoid arthritis (ADVANCE study). Patient enrolment (n=240) is expected to complete by year-end 2025, with key data readouts in Q126. Operating performance was in line with expectations, with a 58% y-o-y increase in opex (SEK30.3m), consistent with higher trial-related R&D expenses (SEK23.7m in Q225 vs SEK7.2m in Q224) as the company approaches Phase IIb completion.

Synact Pharma’s cash position at the end of the period was comfortable at SEK68.9m, supported by a SEK30m in new debt and SEK37m in equity raised in June 2025. Subsequent warrant conversions injected another SEK35.4m in liquidity post period, extending the cash runway well into 2027, past upcoming milestones, the most significant of which will be topline results from the Phase IIb ADVANCE study.

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