Approaching a catalyst-rich period

SynAct Pharma’s Q325 results underscored the company’s steady progress on its clinical strategy, led by the ongoing Phase IIb ADVANCE trial evaluating resomelagon as a first-line treatment for rheumatoid arthritis (RA). The study remains on track to complete enrolment by end-FY25, with top-line data anticipated in Q126. Operating performance reflected this acceleration, with operating expenses increasing 45.5% y-o-y (16.6% q-o-q) to SEK35.4m, reflecting higher R&D spend (+44.3% y-o-y; +18.6% q-o-q to SEK28.1m) as development activities ramp up. We anticipate a similar cost trajectory in Q425, followed by a moderation in 2026 after the Phase IIb readout. The SEK34.4m cash injection from warrant conversions in Q3 has strengthened the balan...