Pharma Equity Group (“PEG” or “the Company”) announced on Monday, December the 29th 2025, a strategic update regarding progress within the Company’s pipeline projects RNX-051 and RNX-011, alongside revised revenue and earnings expectations for the 2025 financial year. The update also included clarification on accounting adjustments related to the Expected Credit Loss (ECL) model and a brief status update on discussions concerning the acquisition of Otiom.
Strategic Update
- RNX-051 – advanced partnership discussions: PEG is engaged in advanced and constructive discussions with potential industrial partners regarding RNX-051, covering clinical, regulatory and industrial collaboration structures that may lead to a licensing or partnership agreement. The Company expects to be able to conclude these discussions during H1-26, which PEG highlights as the first significant milestone towards a final licensing agreement and a decisive step in realizing RNX-051’s commercial potential. In parallel, finalization of the clinical study protocols is ongoing, with the protocols currently in sub-final draft form and comprising an international, multicentre study. PEG further states that it has systematically identified and addressed material regulatory and operational barriers to conducting the study and confirms that these have now been overcome, with the study set-up and timeline established and no material execution obstacles identified at this time. PEG also notes that the protocols are expected to constitute the final studies that prospective partners require prior to entering into an agreement.
- RNX-011 – refined development strategy: For RNX-011, PEG reports continued progress and has established a focused strategy for further development ahead of licensing discussions. While the clinical study protocol has already received regulatory approval, as communicated on September 1st 2025, the Company is now implementing targeted adjustments aimed at sharpening the study design and clinical endpoints to better reflect observed treatment response and align with expectations from potential licensing partners. The Company assesses that these activities constitute the final development steps prior to initiating formal licensing discussions.
- Revised financial expectations for 2025: PEG no longer expects to generate revenue in 2025, compared with previously communicated expectations of approx. DKK 11m. As a result, the expected pre-tax loss has been revised to DKK 18–20m, compared with a previously communicated range of DKK 4–7m. The revision primarily reflects the removal of previously assumed revenue following PEG’s strategic decision to prioritize long-term value creation over short-term commercial agreements.
- Expected Credit Loss (ECL) model update: The update relates to a revised valuation of the Company’s receivable from Portinho S.A., where expected recoveries are now assessed using probability-weighted scenarios in accordance with IFRS 9. While this results in accounting write-downs, it does not affect PEG’s liquidity or cash flow, nor the underlying legal claim, which remains intact.
- Acquisition of Otiom A/S: Discussions relating to the Otiom business, in which the Company entered into a LOI on 10 December 2025, continue to progress in line with PEG’s strategic objectives. No further details were disclosed.
Analyst Group’s view of the strategic update
Analyst Group believes that the advanced partnership discussions, combined with confirmation that regulatory and operational barriers to conducting international, multicentre studies have been addressed, support improved visibility around the execution pathway ahead of potential partnership outcomes during H1-26.
For RNX-011, we consider the refined development approach to be commercially rational and value-focused. The fact that the protocol has already received regulatory approval, and is now being adjusted based on partner feedback, suggests a partner-driven optimization aimed at maximizing differentiation and licensing attractiveness. While this may modestly extend timelines, it supports the quality and relevance of the future data package and may enhance long-term deal economics.
Against this backdrop, the downward revision of financial expectations for 2025 should be viewed as a strategic consequence of PEG’s decision to prioritize long-term licensing value over near-term monetization. While PEG remains reliant on external financing in the near term, Analyst Group assesses that successful conversion of pipeline progress into licensing agreements, particularly for RNX-051, remains the key value driver in the short term. In combination with the Company’s MedTech initiatives, such as the LOI to acquire Otiom A/S, PEG’s strategy reflects a broader Life Science approach that spans both clinical development and more commercially oriented businesses, supporting a more diversified portfolio.
