Pharma Equity Pivots, Scraps Revenue Forecast for Future Deals

COPENHAGEN, Denmark – December 29, 2025

In a dramatic strategic pivot, Pharma Equity Group A/S announced today that it is foregoing all expected revenue for 2025 to prioritize the negotiation of more substantial, long-term partnerships for its key pharmaceutical assets. The company has completely withdrawn its previous revenue guidance of approximately DKK 11 million, now forecasting zero revenue for the fiscal year.

Concurrently, the expected pre-tax loss for the Group has been significantly widened. Where the company had previously forecast a loss between DKK 4 to 7 million, it now anticipates a loss in the range of DKK 18 to 20 million. In its announcement, the Nasdaq Copenhagen-listed firm stressed that the sharp adjustment is not a reflection of any decline in the potential of its drug pipeline, but rather a “deliberate strategic decision to prioritise long-term value creation over entering into short-term, suboptimal agreements.”

This bold move signals a high-stakes bet on the future value of its clinical-stage assets, indicating management’s confidence that patience will yield more lucrative licensing or partnership deals than could be secured under pressure to meet short-term financial targets.

A Calculated Sacrifice

The decision to absorb a significant financial hit in the immediate term is a clear statement of intent from Pharma Equity Group’s leadership. Forgoing DKK 11 million in anticipated revenue is a substantial move for a development-stage company. The revised loss projection underscores the financial impact of this strategy, as the company continues to invest in the development of its pipeline without the cushion of near-term income.

In its communication, the company was clear that this financial reset was a choice, not a consequence of failure. This strategy is often seen in the high-risk, high-reward biopharmaceutical industry, where the value of a drug candidate can increase exponentially as it moves closer to market approval. A premature or poorly structured licensing deal can leave significant value on the table for the developing company and its shareholders.

Pharma Equity Group framed the decision as the “most responsible and value-creating approach for shareholders.” The adjustment, while stark, is intended to allow the company the necessary runway to negotiate from a position of strength, ensuring that any future partner is the right fit and that the terms of the agreement fully reflect the commercial potential of its assets. Further underpinning this shift towards a more conservative posture, the company also noted a recent update to its Expected Credit Loss (ECL) model, which it described as a move toward a more robust accounting practice without impacting its liquidity or strategic options.

High Hopes for RNX-051

The primary justification for this strategic patience appears to be the significant progress with RNX-051, the company's lead pipeline project. Pharma Equity Group confirmed it is engaged in “advanced and constructive discussions” with potential industrial partners for the asset. These negotiations, which could culminate in a major licensing or partnership agreement, are expected to conclude within the first half of 2026.

Such an agreement would represent a transformative milestone, providing not only a significant capital injection through upfront payments and milestones, but also external validation of the drug's potential. The discussions reportedly cover the full spectrum of clinical, regulatory, and industrial collaboration needed to bring a drug to market. This suggests that potential partners are not just passively interested but are actively mapping out the future development and commercialization pathway for RNX-051.

Critically, the company announced it has overcome material regulatory and operational barriers for conducting international clinical studies. The clinical study protocols are now in a sub-final draft stage for a multicentre international trial. Management asserts that these protocols represent the final studies that potential partners are expected to require before finalizing a licensing deal, indicating that the asset is being meticulously prepared for a major transaction.

Refining the Strategy for RNX-011

The company’s strategy of maximizing value is also being applied to its other key asset, RNX-011, a treatment for peritonitis. While progress on this project is not as advanced as RNX-051 in terms of partnership discussions, Pharma Equity Group is taking deliberate steps to enhance its value proposition before initiating a formal licensing process.

The clinical study protocol for RNX-011 has already received approval, but the company is making targeted adjustments. These refinements are aimed at sharpening the study design to better align with the expectations of potential licensees. Specifically, the focus is on ensuring that the clinical endpoints—the specific outcomes measured to determine if the drug is effective—clearly demonstrate the treatment response and the project's unique advantages.

Based on previously encouraging results for RNX-011, this work is intended to build a stronger data package, strengthen the project’s attractiveness to partners, and ultimately maximize shareholder value in future agreements. This methodical approach demonstrates a consistent philosophy across the portfolio: prepare assets thoroughly to command the highest possible value, rather than rushing them into earlier, less favorable deals.

A Bet on Patience and Potential

Ultimately, the Board of Directors and Executive Management are asking investors to look past the bleak 2025 financial figures and focus on the long-term horizon. By distinguishing the development tracks for its two main assets—active negotiation for the more mature RNX-051 and value-building development for RNX-011—the company is presenting a clear, two-pronged strategy. Meanwhile, discussions concerning its Otiom business are said to be progressing satisfactorily, though no further details have been disclosed.

With a focused pipeline and a clear objective of realizing maximum value through strategic partnerships, Pharma Equity Group is navigating a pivotal period. The success of this strategy hinges on the company's ability to convert its advanced discussions for RNX-051 into a definitive, high-value agreement in 2026 and to successfully position RNX-011 for a similar outcome thereafter. For now, the market is being told that the best deals are worth waiting for, even at the cost of a year's revenue.