Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.15.

EBIT: As of FY2025 Q3, the actual value is USD -2.024 M.

Segment Revenue

• No revenue was reported for the three and nine months ended September 30, 2025, compared to $487,000 and $581,000 for the same periods in 2024, respectively.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025, was $1.2 million, a significant improvement from the $26.6 million loss in the same period in 2024. For the nine months ended September 30, 2025, the net loss was $12.6 million, compared to $38.8 million in 2024.
• Operating Expenses: Total operating expenses for the three months ended September 30, 2025, were $2.0 million, down from $2.8 million in 2024. For the nine months ended September 30, 2025, operating expenses were $7.2 million, compared to $13.5 million in 2024.

Cash Flow

• Operating Cash Flow: Net cash used in operating activities was $5.9 million for the nine months ended September 30, 2025, compared to $12.3 million in 2024.
• Free Cash Flow: Not explicitly stated, but the net increase in cash and cash equivalents was $1.3 million for the nine months ended September 30, 2025, compared to a decrease of $7.4 million in 2024.

Unique Metrics

• Forward Sales Contract Expense: A non-cash expense of $5.8 million was recognized in the nine months ended September 30, 2025, related to a forward sales contract.

Future Outlook and Strategy

• Core Business Focus: The company plans to complete IND enabling studies and submit an IND for its lead product candidate, ERNA-101, by 2026, with a Phase I clinical trial expected in the same year.
• Non-Core Business: The company is seeking strategic partnerships to co-develop or out-license therapeutic assets and is applying for research grants to support its operations.
• Priority: The company emphasizes the need to raise additional capital to fund operations, with no current arrangements for capital in place.