Kvartalsrapport Q3 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

Interim Report  
January – September 2025
Cinclus Pharma Holding AB (publ)

===== SIDA 2 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
2
Q3 2025
Interim Report January – September 2025
 » Net sales amounted to TSEK 9,744 (0).
 » Operating income/loss (EBIT) amounted to TSEK  
-44,122 (-39,148).
 » Net income/loss for the period was TSEK -40,666 
(-36,547) and earnings (loss) per share before 
and after dilution were SEK -0.87 (-0.79).
 » Net sales amounted to TSEK 43,839 (0).
 » Operating income/loss (EBIT) amounted to TSEK 
-137,547 (-112,750).
 » Net income/loss for the period was TSEK 
-122,788 (-113,772) and earnings (loss) per share 
before and after dilution were SEK -2.64 (-3.36).
 » Total cash flow for the period amounted to  
TSEK -47,500 (-40,470).
 » Cash and cash equivalents at the end of the 
period amounted to TSEK 540,220 (566,716).
 » Total cash flow for the period amounted to  
TSEK -27,023 (556,030).
 » Cash and cash equivalents at the end of the 
period amounted to TSEK 540,220 (566,716).
Financial Summary, July – September 2025
Financial Summary, January – September 2025
The information in this report refers to the Group unless otherwise
stated. Comparative figures in brackets refer to the corresponding
period of the previous year. Comparative figures in brackets for
balance sheet items refer to the end of the previous financial year. 
This report has been subject to a review by the company’s auditor. 
The report has been prepared in a Swedish and an English version. 
In the event of any discrepancies between the Swedish and the 
English versions, the Swedish version will take precedence.
General information about the report 
For futher information please contact 
Upcoming information events
The webcast will be held on November 20, 2025 at 10:00
via Inderes. Link to the event:
https://cinclus-pharma.events.inderes.com/q3-report-2025
The report is available on the company’s website: 
https://cincluspharma.com/investors/financial-reports/
540 MSEK
CASH AND CASH
EQUIVALENTS
42
CO-WORKERS  1)
85% R&D
OF OPERATING  
EXPENSES 2)
Feb 18 2026  Year-end Report 2025
Apr 16 2026  Annual Report 2025
May 13 2026  Q1 Interim Report 2026
May 21 2026  Annual General Meeting 2026
Aug 19 2026  Q2 Interim Report 2026
Nov 4 2026  Q3 Interim Report 2026
Christer Ahlberg
Chief Executive Officer
+46 70 675 33 30
Maria Engström
Chief Financial Officer
+46 70 674 33 30
ir@cincluspharma.com
1) Of which 19 employees and 23 in-house consultants.
2) Excluding transaction costs related to the Zentiva deal.

===== SIDA 3 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
3
Significant events during the period 
July – September 2025
 » Cinclus Pharma announced in August that the company had 
received feedback from regulatory authorities, which means 
that the Phase III study HEEALING 1 can be initiated in Europe. 
The study will be conducted in seven European countries, and 
the company plans to extend development to the US through 
the second healing study, HEEALING 2, which will also evaluate 
maintenance therapy. 
 » In September, the first patient with erosive gastroesophageal 
reflux disease (GERD) was screened in Cinclus Pharma’s Phase III  
study of linaprazan glurate. 
 
Significant events after the end of  
the period
 » In early October, it was announced that the first patient had been 
dosed in the company’s phase III study, HEEALING 1, which aims to 
confirm the efficacy of linaprazan glurate in patients with erosive 
gastroesophageal reflux disease.
 » In the beginning of October Cinclus Pharma presented an abstract 
on linaprazan glurate at the United European Gastroenterology 
Week (UEGW) in Berlin. The abstract highlights positive data on the 
optimized tablet formulation developed for Phase III studies and 
future commercialization.
 » In October Cinclus Pharma received positive feedback from a 
recent Chemistry, Manufacturing and Controls (CMC) meeting with 
the FDA. During the meeting, the FDA provided clear guidance and 
alignment with the company’s proposed CMC strategy preperation 
for the upcoming new drug application (NDA) submission.
 » Cinclus Pharma announced in November that it had sponsored 
a scientific abstract highlighting the clinical and economic costs 
of PPI treatment failures in patients with severe erosive GERD. 
The abstract was presented at the ISPOR (International Society 
for Pharmacoeconomics and Outcomes Research) Europe 2025 
conference in Glasgow.
In September, CEO Christer Ahlberg held a presentation at Pareto Healtcare Conference in Stockholm.

===== SIDA 4 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
4
CEO STATEMENT
Cinclus Pharma has now entered late-stage clinical development following the initiation of its 
first Phase III study, and patient recruitment has so far progressed well. Topline results are ex-
pected in the second half of 2026 and have the potential to represent a significant value driver 
for the company. We are at an exciting stage in the development of linaprazan glurate, a drug 
candidate with the potential to improve quality of life for patients suffering from severe acid-re-
lated diseases who are not adequately helped by current treatment options.
Study initiation proceeding according to plan 
We can look back on an eventful and important quarter for 
Cinclus Pharma. During the quarter, we initiated our first Phase 
III study, HEEALING 1 (Healing of Erosive Esophagitis with 
unique Acid control using Linaprazan Glurate), which will include 
approximately 500 patients in seven European countries.
The start-up phase has proceeded fully according to plan, with 
good activity at our clinical sites and patient recruitment has 
progressed well. After completing the first patient screening in 
September, the first patient was dosed in early October.
An optimized path to market approval
The initial Phase III study focuses on Europe while the second 
and final healing study, HEEALING 2, is planned to be conducted 
in both the US and Europe. The HEEALING 2 study, which is 
planned to begin once data from HEEALING 1 are available, will 
generate data on both healing and maintenance treatment.
By initiating the first study in Europe, we are optimizing both 
the path and the timeline toward market approval. Together 
with our commercial partner Zentiva, we see strong potential 
for linaprazan glurate to become the first PCAB (potassium-
competitive acid blocker) available on the European market.
Positive CMC meeting with the FDA
During the quarter Cinclus Pharma held a meeting with 
the US Food and Drug Administration (FDA) regarding the 
company’s proposed CMC (Chemistry, Manufacturing, and 
Controls) strategy. The CMC meeting is a key component 
of the regulatory process, during which the FDA evaluates 
manufacturing processes, quality control systems and the 
company’s overall readiness to consistently and safely produce 
the drug.
We are pleased to have received positive feedback from the 
agency regarding our CMC strategy in preparation for our 
upcoming New Drug Application (NDA), confirming that we 
are on the right track with our development plan for linaprazan 
glurate.
A positive start to the Phase III study
1) Amount before withholding taxes.

===== SIDA 5 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
5 Cinclus Pharma  |  Interim Report January – September 2025
Strong and growing interest in linaprazan glurate
Interest in linaprazan glurate continues to grow, reinforced by 
the initiation of the Phase III study and the validation of the 
product through our strategic partnership with Zentiva for the 
European market earlier this year. 
Cinclus Pharma recently exhibited for the first time at United 
European Gastroenterology Week (UEGW) in Berlin, providing 
an opportunity to present the HEEALING 1 study. It was 
clear that there is strong interest among gastroenterology 
specialists in our drug candidate. At the conference, a 
scientific abstract was also presented highlighting positive 
results for the optimized tablet formulation developed for the 
Phase III program. Cinclus Pharma was the only company to 
present a PCAB at UEGW, reinforcing our view that linaprazan 
glurate has the potential to become the first drug of its kind 
to launch in Europe.
Meeting a significant need
The first generation of PCABs is already replacing traditional 
proton pump inhibitors (PPIs) in markets where they have 
been launched. Sales of PCABs are now gaining strong 
momentum in the US, a trend increasingly reflected in the 
capital market’s view of their commercial potential. Linaprazan 
glurate represents the next generation of PCABs, offering 
a unique acid-suppressing effect that results in improved 
healing and symptom control, particularly for patients with 
severe disease. This enables us to address a substantial unmet 
medical need among patients suffering from the more 
advanced forms of erosive gastroesophageal reflux disease 
(GERD). It is estimated that approximately 19 million patients 
worldwide are affected by this condition, including about 10 
million in Europe and the United States.
Focus on superior healing and symptom relief
In the Phase III study, our goal is to demonstrate superior healing 
efficacy compared with the proton pump inhibitor lansoprazole 
in patients with moderate to severe erosive GERD after four 
weeks of treatment, as well as sustained healing and symptom 
relief for up to eight weeks. In our Phase II studies, healing rates 
of up to 93 percent were observed after four weeks of treatment 
in patients with moderate to severe erosive GERD, compared 
with only 38 percent for lansoprazole. Among patients who had 
previously shown only partial response to eight weeks of PPI 
treatment, 100 percent healing was achieved after four weeks in 
the most effective dose group.
Top-line results expected in the second half of 2026
According to the current development plan, Cinclus Pharma 
will present top-line data from the HEEALING 1 Phase III study 
during the second half of 2026. The company is capitalized into 
2027 through this potentially value-driving milestone. 
We look forward to keeping you updated on the continued 
progress of our ongoing Phase III program.
Christer Ahlberg, President and CEO

===== SIDA 6 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
6
Largest shareholders at the end of the period Share information
Trading Nasdaq Stockholm
Ticker CINPHA
ISIN SE0020388577
LEI-code 549300TJBPSNZ3DO6B42
Share price at 2025-09-30  17.48 SEK
Market cap. 2025-09-30  828 MSEK
About the share
Cinclus Pharma’s share (CINPHA) has been listed on 
Nasdaq Stockholm since June 20, 2024.
The opening price on July 1 2025 was SEK 15.80 per share.
The closing price on the last trading day in September was 
SEK 17.48 per share.
The average volume-weighted share price during the third
quarter was SEK 16.59 per share. The average volume-weighted 
share price during the period January to September was SEK 
15.77 per share.
The market capitalization on the last trading day in September  
was 828 MSEK.
The company had 47,392,219 outstanding shares at the end of 
the period of which 46,537,789 are ordinary shares and 
854,430 are C shares which give the right to 1/10 vote of an 
ordinary share. The C shares is held by Cinclus Pharma Holding 
(publ). 
At the end of the third quarter, the company had approximately
4,300 shareholders.
Number of shares Share (%)
Trill Impact Ventures 3,721,221 7.9%
Fjärde AP-fonden 3,700,000 7.8%
Movestic Livförsäkring AB 2,358,987 5.0%
Linc AB 2,318,322 4.9%
Peter Unge privat och via company 2,090,015 4.4%
Kjell Andersson via company 1,908,000 4.0%
Mikael Dahlström estate 1,688,613 3.6%
Futur Pension Försäkringsaktiebolag 1,666,056 3.5%
Nordnet Pensionsförsäkring 1,631,318 3.4%
Nylof Holding AB 1,164,575 2.5%
Lennart Hansson via company 1,084,771 2.3%
Eir Ventures I AB 898,750 1.9%
Cinclus Pharma * 854,430 1.8%
Avanza Pension 737,046 1.6%
Postamentet Holding AB 636,512 1.3%
Fifteen largest shareholders 26,458,616 55.8%
Others 20,933,603 44.2%
Total 47 ,392,219 100.0%
* Refers to C shares which give the right to 1/10 vote.
Quarter 3 Quarter 1-3 Year
2025 2024 2025 2024 2024
Net income / loss, TSEK −40,666    −36,547 −122,788    −113,772 −168,031
Cash flow for the period, TSEK −47,500 −40,470 −27,023 556,030 476,833
Number of shares at the beginning of the period 46,537,789 46,537,789 46,537,789 26,227,040 26,227,040
Number of shares at the end of the period 46,537,789 46,537,789 46,537,789 46,537,789 46,537,789
Average number of shares 46,537,789 46,537,789 46,537,789 33,862,103 37,048,341
Number of warrants at the beginning of the period* 769,737 941,897 1,051,897 1,634,960 1,634,960
Number of warrants at the end of the period* 762,537 1,067,897 762,537 1,067,897 1,051,897
Average number of warrants* 769,659 1,230,114 826,556 1,502,783 1,391,238
Share capital at the end of the period, TSEK 920 903 920 903 920
Equity at the end of the period, TSEK 429,913 606,253 429,913 606,253 555,330
Earnings per share before dilution, SEK −0.87 −0.79 −2.64 −3.36 −4.54
Earnings per share after dilution, SEK −0.87 −0.79 −2.64 −3.36 −4.54
Equity per share, SEK 9.24 13.03 9.24 13.03 11.93
Cash flow for the period per share, SEK −1.02 −0.87 −0.58 16.42 12.87
* Number of warrants is recalculated so that all programs must meet the 1:1 conversion condition

===== SIDA 7 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
7
Description of operations Cinclus Pharma in brief
Cinclus Pharma develops a new drug for 
patients with severe reflux disease 
Cinclus Pharma is developing the drug candidate linaprazan glurate for 
the treatment of erosive gastroesophageal reflux disease (erosive GERD), 
a more severe form of heartburn that causes erosions in the esophagus, 
with a significant negative impact on quality of life and, if left untreated, 
may eventually lead to cancer. The compound represents a new class 
of drugs, Potassium Competitive Acid Blocker (PCAB), which has the 
potential to replace the current standard treatment with proton pump 
inhibitors (PPIs), such as Losec and Nexium. 
A first generation of PCABs has already been registered and successfully 
launched in countries such as Japan and the United States, generating 
strong sales. Linaprazan glurate is the next-generation PCAB with the 
potential to provide stronger and more sustained acid suppression 
throughout the day – something that is critical for treating the most 
severely ill eGERD patients.
The drug is a further development of linaprazan, which was originally 
developed by AstraZeneca. When Cinclus Pharma was founded in 
2014, the company acquired the development and global rights to 
linaprazan glurate. Several members of the current management team 
previously worked at AstraZeneca, including on the development and 
commercialization of Losec and Nexium as well as linaprazan.
Cinclus Pharma has already completed several Phase I clinical trials and a 
Phase II clinical trial with positive results, and has now entered the Phase 
III program – the final step before regulatory approval. The product 
represents significant market potential, with expected sales exceeding 
USD 1 billion per year, classifying it as a blockbuster drug.
The company is headquartered in Stockholm, Sweden, with subsidiaries 
in Sweden and Switzerland. The company’s share has been listed on 
Nasdaq Stockholm since June 2024 under the ticker CINPHA.. 
PCAB
Next generation Exposure Market
Excellent acid control with next
generation PCAB.
More than 3,000 people have been
exposed to linaprazan glurate
or linaprazan in clinical trials.
Through partnerships, we have
obtained marketing authorization
in China and out-licensed the European 
rights for linaprazan glurate.
> 3 000
Competent team Primary target group Pediatric study plan
Competent team with experience in the
development and commercialization of
drugs for gastric acid-related diseases.
19 million people worldwide
with severe erosive GERD could be
helped by linaprazan glurate.
Approval of pediatric
study plan from FDA and EMA.
19 million

===== SIDA 8 =====

1  Source: Apex Market Report 2022-2023
Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
8 Cinclus Pharma  |  Interim Report January – September 2025
Gastroesophageal Reflux Disease
Target population: 19 million patients 
globally
Cinclus Pharma focuses on the treatment of gastroesophageal 
reflux disease (GERD), also referred to as esophagitis. GERD is a 
condition in which stomach acid flows back into the esophagus 
due to a weakened lower esophageal sphincter (LES), causing 
heartburn, acid reflux, and erosions of the esophageal lining.
The disease is divided into two main types:
 » Milder symptoms, without visible erosions 
 »  Severe symptoms, where acid exposure leads to mucosal 
damage
Approximately 130 million adults in the US and Europe suffer 
from some form of GERD. The most common treatment 
is proton pump inhibitors (PPIs), but their effect is often 
insufficient – particularly in patients with more severe 
symptoms and erosive disease. 
Studies show that:
 » More than 50 % of patients with severe symptoms  
are not healed after 8 weeks of PPI treatment
 » Nearly half of all patients experience nocturnal symptoms, 
leading to impaired quality of life
In total, an estimated 19 million patients worldwide seek care 
for more severe forms of GERD, with approximately 10 million 
located in Europe and the US¹.

===== SIDA 9 =====

HO
HN
OO
O
O
NN
H
N
Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
9
Regulatory and commercial strategy
Significant medical need for improved 
treatment of acid related diseases 
Cinclus Pharma’s market research confirms a significant unmet 
medical need for better treatment options for acid-related reflux 
diseases. This is supported by the success of the first PCAB drug, 
vonoprazan, launched in Japan under the brand name Takecab 
and in the US as Voquezna. Vonoprazan has become the market 
leader in Japan, with annual sales peaking at close to USD 1 billion1). 
The product has also been launched in South Korea, parts of Asia 
and South America.
Linaprazan glurate has the potential to deliver faster and more 
effective acid suppression throughout the day than vonoprazan, 
other PCABs and traditional proton pump inhibitors. The ambition 
is for linaprazan glurate to become best-in-class and contribute to 
a paradigm shift in the treatment of acid-related gastrointestinal 
diseases.
Cinclus Pharma has now entered Phase III, conducting the 
first study in the program to document the product’s efficacy 
and safety. The aim is to establish a strong market position for 
linaprazan glurate, supported by commercial partnerships and an 
competent internal development organization.
The primary objective is to obtain marketing authorization for 
the treatment of patients with severe forms of GERD. In the 
longer term, the company also plans to pursue an additional 
indication for the treatment of H. pylori infection, a common 
bacterial infection of the stomach.
1)  Source: IMS Health market data
Image of linaprazan glurate
constituents of the molecule

===== SIDA 10 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
10
Strong results and low development risk ahead 
of Phase III studies
Linaprazan glurate has demonstrated strong dose-dependent acid control 
in several early Phase I studies. Thanks to these results, and the use of a 
well-established biomarker that provides a strong indication of future clinical 
outcomes, the development risk is considered lower compared to many other 
drug candidates at the same stage.
In the company’s Phase II study, a healing rate of 93 % for severe erosive 
esophagitis was achieved in the most effective dose group. This is a very strong 
result and indicates that the product has the potential to deliver high healing 
rates also in the Phase III studies.
The biomarker used shows a clear correlation between intragastric pH and 
healing of esophageal ulcers. Provided that the ulcers are caused by gastric 
acid, healing conditions improve when the pH value in the stomach is 
maintained above 4 over a 24 hour period. In one of the company’s Phase I 
studies, linaprazan glurate was shown to maintain a pH above 4 for 96 % of the 
day at the dose selected for the Phase III study. This represents a unique level 
of acid control and makes the product particularly promising for patients with 
severe GERD. 
 
Product development
Obtained marketing 
authorisation 
in China.
Research Pre-clinical Phase I Phase II Phase III Market
Projects – outlicensed to Sinorda Biomedicine 1)
 
1) For the Chineese market.
Linaprazan
glurate +
antibiotics 
Linaprazan
glurate
H. pylori
Linaprazan
glurate GERD
Erosive 
GERD
Erosive 
GERD
GERD
Clinical candidate Indication
Projects – own development
Comment
Phase III program
is in progress.  
Preparing to start 
Phase I studies.
100
80
60
40
20
0
02 04 06 08 01 00
100
80
60
40
20
0
02 04 06 08 01 00
R2 Linear = 0.743
/T_he longer pH is 
maintained above 4, 
the higher healing 
rates of esophagitis
R2 Linjär = 0,743
Ju längre pH-värdet 
hålls över 4, desto 
högre läknings-
frekvens för esofagit
24 h acid control is linearly correlated to healing. Mean percentage of 
time the intragastric pH>4 predicts healing rate.
Source: Basedon Yuan Y, et al, Gastroenterology, 2007
Percent 24h pH >4
Healing rates 4 weeks
24 timmars syrakontroll är linjärt korrelerad till läkning. Genomsnittlig 
procentuell tid för intragastriskt pH>4 förutsäger läkningshastigheten.
Källa: Basedon Yuan Y, et al, Gastroenterology, 2007
Procent 24h pH >4
Läkningshastighet 4 veckor

===== SIDA 11 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
11
Clinical Development
In 2025, the first Phase III study was initated, which will include 
approximately 500 patients across seven European countries. A 
second healing study is planned thereafter, which will include the 
US and which will also evaluate maintance therapy.
Cinclus Pharma has completed a successful Phase II study in Europe 
and the US involving 248 patients suffering from various forms of 
reflux disease. The primary objective of the study was to support 
dose selection for the following Phase III trial. The results showed 
that the drug is both effective and safe.
Several Phase I studies have also been conducted. The latest 
study, using the company’s new tablet formulation, was presented 
at the UEGW scientific congress in October 2024 and at DDW in 
May 2025. The active substance in linaprazan glurate, linaprazan, 
has previously been evaluated in 23 Phase I and two Phase II 
studies with approximately 2,600 patients. In total, linaprazan and 
linaprazan glurate have been studied in over 3,000 individuals in 
clinical trials, providing a strong basis for the recently launched 
Phase III studies.
In parallel, the company is planning Phase I and Phase III studies 
for a new indication: H. pylori infection. Both programs are being 
discussed continuously with regulatory authorities and medical 
experts.
Preclinical development and CMC
Cinclus Pharma has completed and is finalizing several preclinical 
studies. In the area of Chemistry, Manufacturing and Controls 
(CMC), the company has developed a new tablet formulation with 
improved absorption in the body and lower manufacturing costs 
compared to the previous version. Through a robust CMC process, 
the company has paved the way for the tablet to be available 
for the Phase III trial and for commercial use following launch. In 
October 2025, Cinclus Pharma received positive feedback from the 
FDA following a CMC meeting regarding the proposed strategy for 
the upcoming New Drug Application (NDA).
Patent
Linaprazan glurate is protected by strong patents. The company 
has previously received approval for a polymorph patent in the 
US valid until 2042 and a formulation patent in Europe valid until 
2040. In 2024, the company also obtained additional national 
approvals for the formulation patent in several countries beyond 
Europe. In addition, multiple new patent applications have been 
filed, which are expected to be granted in the coming years.
As a complement to patent protection, the company is also 
working on regulatory data exclusivity, providing strong protection 
against generic competition during its validity period. In Europe, 
data exclusivity will extend up to 10–11 years from the date of 
approval of linaprazan glurate. In the US, five years of regulatory 
data exclusivity will apply from the date of approval. The FDA has 
also granted an additional five-year extension in the event that 
approval is obtained for H. pylori as the first indication. 
Partnership
In the second quarter of 2025, Cinclus Pharma entered into 
a strategic partnership and license agreement with Zentiva, a 
leading European pharmaceutical company. The agreement 
covers manufacturing and commercialization of linaprazan glurate 
in Europe and includes the entire EEA, including the UK and 
Switzerland. The agreement is valued at up to EUR 220 million, 
along with significant royalty revenues of approximately 20 
percent of net sales. 
Cinclus Pharma previously entered into a license agreement 
with Jiangsu Sinorda Biomedicine Co. Ltd (Sinorda) for the 
development and commercialization of linaprazan glurate in China 
and other selected regions in Asia. Sinorda applied for registration 
of linaprazan glurate in China in the first quarter of 2023, and 
the drug was approved by the Chinese Medicines Agency in 
December 2024. The launch is expected to take place in 2026 
once pricing has been approved by Chinese authorities.
Cinclus Pharma  |  Interim Report January – September 2025

===== SIDA 12 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
12
Financial summary, January – September 2025
Net sales 
Net sales amounted to TSEK 9,744 (0) during the quarter and to 
TSEK 43,839 (0) for the period January-September. The revenue 
consists of licensing revenue from the partnership with Zentiva 
for commercialization of linaprazan glurante in Europe.
Operating expenses
Research and development expenses
Research and development (R&D) expenses during the quarter 
amounted to TSEK -45,640 (-31,981), which correspond to an 
increase of TSEK 13,659 or 43 %. For the interim period the R&D 
expenses amounted to TSEK -137,815 (-83,297), corresponding 
to an increase of TSEK 54,518 or 65 %. The research and 
development expenses related mainly to the ongoing Phase 
III study, where the first pateint was recruited and screened 
while the corresponding period last year consisted of costs 
for prepatory stage of the Phase III program. Research and 
development personnel have been increased, which also 
contributed to the cost increase. 
Administrative expenses
The administrative expenses amounted to TSEK -7,265  
(-7,316) for the quarter, which correspond to a decrease of TSEK 
51 or 1 %. For the interim period the administrative expenses 
amounted to TSEK -42,283 (-29,591), an increase of TSEK 12,692 
or 43 %. The increased expenses are largely due to transaction 
costs from the partnership with Zentiva. 
 
Other operating income and expenseses
Other operating income and expenses amounted to net
TSEK -961 (149) during the quarter, corresponding to a change 
of TSEK -1,110. For the interim perid other operating income and 
expense amounted to net TSEK -1,288 (+138), a change of TSEK 
-1,426. Other operating income and expenses consist of realized 
and unrealized exchange rate effects on operating
Quarter 3 Quarter 1-3 Year
Financial summary for the group 2025 2024 2025 2024 2024
Net sales, TSEK 9,744    – 43,839   – 4,580
Operating income / loss (EBIT), TSEK −44,122 −39,148 −137,547 −112,750 −169,639
Net income / loss, TSEK −40,666 −36,547 −122,788 −113,772 −168,031
Operating expenses, TSEK −52,904 −39,297 −180,098 −112,888 −173,511
R&D expenses vs. operating expenses 1), % 86% 81% 85% 74% 79%
Cash flow from operating activities, TSEK −46,849 −42,377 −24,702 −99,783 −178,367
Cash and cash equivalents at the end of the period, TSEK 540,220 644,264 540,220 644,264 566,716
Quick ratio, % 608% 1480% 608% 1480% 1320%
Equity, TSEK 429,913 606,253 429,913 606,253 555,330
Equity ratio, % 73% 92% 73% 92% 92%
Average number of employees during the period 19 12 19 12 13
Average number of shares, before dilution 46,537,789 46,537,789 46,537,789 33,862,103 37,048,341
Average number of shares, diluted 46,561,439 46,563,771 46,549,747 33,870,677 37,060,299
Number of shares at the end of the period, before dilution 46,537,789 46,537,789 46,537,789 46,537,789 46,537,789
Number of shares at the end of the period, diluted 46,561,439 46,563,771 46,561,439 46,563,771 46,561,439
Earnings per share, before dilution 2), SEK −0.87 −0.79 −2.64 −3.36 −4.54
Earnings per share, diluted 2), SEK −0.87 −0.79 −2.64 −3.36 −4.54
1) Transaction costs are exluded from operating expenses. 
2) The period’s earnings per share before and after dilution are defined in IFRS. Other key 
figures in the above table are alternative key figures and thus not defined in IFRS, see further 
section for definitions and reconciliation of key figures and alternative key figures later in this 
report.

===== SIDA 13 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
13 Cinclus Pharma  |  Interim Report January – September 2025  
receivables and liabilities.
Operating income/loss (EBIT) 
The Group’s operating income/loss for the quarter amounted 
to TSEK -44,122 (-39,148), corresponding to a change of TSEK 
-4,974.  For the interim period the operating income/loss 
amounted to TSEK -137,547 (-112,750), corresponding to a change 
of TSEK -24,797.    
Financial items 
Financial income and expenses (net finacial income/expense) 
amounted to TSEK 3,478 (-2,730) during the quarter, which was  
TSEK 748 better than previous year. For the interim period the 
financial income and expenses amounted to TSEK 14,974 (-438), 
which was TSEK 15,411 better than previous year. The positive 
net financial income for the interim period is due to the strong 
exchange rate development of the Swedish krona and interest 
income on bank funds. 
 
Income tax 
The Group recognized a tax expense of TSEK -21 (-128 during 
the quarter. For the interim period the tax expense amounted to 
TSEK -214 (-584). The tax consist of Swiss federal and cantonal 
tax.
Net income/loss
The Group reported net income/loss after tax of TSEK -40,666 
(-36,547) for the quarter. This corresponded to a change of 
TSEK -4,119. For the interim period, net income/loss after tax 
amounted to TSEK -122,788 (-113,772) a change of TSEK -9,016. 
Equity and indebtedness 
Equity in the Group as of September 30, 2025 amounted to TSEK 
429,913 compared to TSEK 555,330 at the end of previous year 
2024, a decrease of TSEK 125,417.
Non-current liabilities at the end of the peroid amounted to 
TSEK 62,959 (190) and consist mainly of non-current contractual 
liabilities, attributed to the out-licensing of the commercial rights 
to Zentiva in the second quarter of 2025.
Current liabilities in the Group at the end of the period
amounted to TSEK 95,027 (45,493), an increase of TSEK 49,534. 
The increase is mainly attributed to current contractual liabilities 
amounted to TSEK 34,494 (0) deriving from the out-licensing 
of commercial rights to Zentiva. Furthermore, current liabilities 
consisted of trade payables of TSEK 20,973 (18,928), lease 
liabilities of TSEK 3,049 (109), tax liabilities of TSEK 162 (7,449), 
other liabilities of TSEK 3,036 (2,107) and accrued expenses of 
33,312 (16,899). The increase of accrued expenses concern mainly 
expenses for the clinical phase III trial, which had not yet been 
invoiced at the end of the quarter.
Liquid funds and cash flow 
Cash and cash equivalents at the end of the period amounted 
to TSEK 540,220 (566,716), a decrease of TSEK 26,497 compared 
to the end of 2024. During the interim period, the company 
received an advance payment of approximately MSEK 143 before 
transaction costs and tax from Zentiva for the commercial rights 
to the European market.  
Cash flow from operating activities before change in working 
capital was TSEK -47,124 (-38,112) for the quarter and TSEK 
-135,579 (-109,697) for the interim period.
Cash flow from operating activities including change in working
capital amounted to TSEK -46,849 (-42,377) for the quarter and 
TSEK -24,702 (-99,783) for the interim period. 
Cash flow from investing activities amounted to TSEK -999 (0) 
for the quarter and TSEK -1,294 (0) för for the interim period 
attributed to furniture and deposit for rent premises.
Cash flow from financing activities amounted to TSEK -349 
(-1,906) for the quarter and TSEK -1,027 (655,813) for the interim 
period consisting of amortization o lease liabilities.

===== SIDA 14 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
14
The total cash flow for the quarter amounted to TSEK -47,500 
(-40,470) and for the interim period TSEK -27,023 (556,030).
Financing
Following the IPO on June 20, 2024 and the new share issue that
was carried out including the partnership with Zentiva which 
was communicatedin May 2025, the Company estimates as 
of September 30, 2025 that the current working capital is 
sufficient to the read out of the first Phase III program. Read 
out is assessed per the date of this report, using the current 
development plan as a basis, to take place during the second 
half of 2026.
Parent company
Cinclus Pharma Holding AB (publ), reg.no. 559136–8765, is the
parent company of the Group. The business consists of work with 
pre-clinical and clinical development, marketing, administrative
and corporate management functions. The parent company has
two wholly owned subsidiaries, one in Switzerland and one in
Sweden, which together form the Group.
The total revenues of the parent company amounted to TSEK 
10,043 (144) for the quarter and TSEK 50,979 (534) for the interim 
period. Operating income/loss for the quarter amounted
to TSEK -43,384 (-39,012) and TSEK -135,091 (-112,431) for the 
interim period.
Results from shares in group amounted to TSEK 68,139 (0) for the 
quarter and interim period attributed to the ongoing liquidation 
of the Swiss subsiduary.
Net financial income/expense for the quarter amounted to TSEK 
2,952 (2,112) and for the interim period TSEK 12,447 (-3,220). The 
positive net financial income for the interim period is due to 
interest income on bank funds and positive currency effects due 
to the favourable development of the swedish krona. 
Income/loss after financial items for the quarter amounted to 
TSEK -27,708 (-36,901) and TSEK -54,505 (-115,651) for the interim 
period.
Net income/loss after financial items amounted to TSEK 27,708 
(-36,901) for the quarter and TSEK -54,505 (-115,651) for the 
interim period.
 
With the transfer of patents and IP rights to the parent company
from the swiss subsidiary as of January 1, 2022, the parent
company recognizes an intangible asset of TSEK 320,463
(320,463).
Cash and cash equivalents at the end of the period amounted to
TSEK 533,349 compared to TSEK 559,632 at the end of previous 
year. A decrease of TSEK 26,283.
Total Equity in the parent company as of September 30, 2025  
amounted to TSEK 743,595 compared to TSEK 795,718 at the end 
of 2024, corresponding to a decrease of 52,123. Share capital 
amounted to TSEK 920 (920). The company had on the
balance sheet day, September 30, 46,537,789 ordinary shares 
and 854,430 C -shares. 
Non-Current liabilities in the parent company amounted to 
TSEK 57,361 (0) attributable to non-current contractual liabilities 
deriving from the Zentiva deal in May.   
Current liabilities in the parent company amounted to TSEK 
90,534 (204,977) a decrease of TSEK 114,444 due to a settlement 
of intra-group liabilities.
Personnel
At the end of the quarter, the number of employees was 19,
compared to 12 in the same period previous year. The average
number of employees during the quarter was 19, compared to
12 employees in the same period last year. All employees are
employed by the parent company. In addition, at the end of the
period, the company had 23 consultants attached to the company
Risks
As the company is dependent on additional financing to continue
the development of linaprazan glurate in the long term, the
refinancing risk is described below. For other risks, reference is
made to the description of the Group’s significant financial and
business risks in the Directors’ Report and Note 19 in the Annual
report for 2024
Refinancing risk
Refinancing risk refers to the risk that cash and cash equivalents are
not available and that financing can only be obtained partially or
not at all, or at an increased cost. The Group is currently financed
with equity, and the refinancing risk has been significantly reduced
in view of the new share issue that took place in connection
with the listing of the company’s share on Nasdaq Stockholm on
June 20, 2024 and the out-licensing of the European commercial 
rights to Zentiva. In the longer term, the Group is in need of more
extensive financing to be able to conduct and implement a second
Phase III study and registration of the erosive GERD indication. 
Additional funding is also required should the Group choose to 
conduct study programs and registration of other indications such 
as Helicobacter Pylori. The Group cannot therefore exclude being 
exposed to e. g. risks related to external loan financing in the 
future.
Other information

===== SIDA 15 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
15
Consolidated income statement in summary 
GROUP FINANCIAL STATEMENTS
Consolidated statement of comprehensive income in summary 
Quarter 3 Quarter 1-3 Year
(TSEK) Note 2025 2024 2025 2024 2024
 
Revenues
Net sales 4 9,744 – 43,839    – 4,580
       
Operating expenses        
Administrative expenses −7,265 −7,316 −42,283    −29,591 −36,854
Research and development expenses −45,640 −31,981 −137,815    −83,297 −136,657
Other operating income and expenses −961 149 −1,288    138 −707
Operating income / loss −44,122 −39,148 −137,547   −112,750 −169,639
  
Net financial income/expense 3,478 2,730 14,974    −438 2,359
  
Income / loss before tax −40,644 −36,418 −122,573   −113,188 −167,281
  
Income tax 5 −21 −128 −214 −584 −750
  
Net income / loss for the period attibutable to parent company shareholders −40,666 −36,547 −122,788   −113,772 −168,031
            
Earnings per share, calculated on earnings attributable to the parent company ordinary shareholders (SEK):      
Before dilution −0.87 −0.79 −2.64 −3.36 −4.54
Diluted −0.87    −0.79 −2.64    −3.36 −4.54
Quarter 3 Quarter 1-3 Year
(TSEK) Note 2025 2024 2025 2024 2024
 
Net income / loss for the period −40,666 −36,547 −122,788   −113,772 −168,031
  
Other comprehensive income /loss   
Items that can later be reclassified to the income statement:     
T ranslation differences from operations abroad −1,648 2,474 -5,012 -107 2,664
Other comprehensiveincome / loss, net after tax −1,648 2,474 −5,012   −107 2,664
  
Comprehensive income / loss for the period −42,313 −34,072 −127,800   −113,879 −165,367
  
Comprehensive income/ loss for the period as a whole attributable to the parent company shareholders −42,313 −34,072 −127,800   −113,879 −165,367

===== SIDA 16 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
16
Consolidated statement of financial position in summary
GROUP FINANCIAL STATEMENTS
(TSEK) Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
 
ASSETS
Property, plant and equipment
Inventories 985 51 44
Right-of-use assets 9,155  832 500
Financial assets
Other non-current assets 296 1 1
Total fixed assets 10,436 884 546
Trade receivables 616 – –
Other receivables 2,721 2,921 1,942
Prepaid expenses and accrued income 33,906 9,654 31,808
Cash and cash equivalents 540,220 644,264 566,716
Total current assets 577,463 656,839 600,467
TOTAL ASSETS 587,898 657,724 601,013
(TSEK) Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
      
EQUITY ALD LIABILITIES     
 
Equity     
Share capital 920 903 920
Other contributed capital 1,297,740 1,298,003 1,297,740
Translation difference 23,655 25,896 28,667
Retained earnings including profit for the period −892,402 −718,549 −771,997
Equity attributable to the parent company shareholders 429,913 606,253 555,330
Non-current liabilities     
Lease liabilities, long-term 5,598 218 190
Non-current tax liabilities 5 –  6,873 –
Non-current contract liabilities 6 57,361 – –
Total non-current liabilities 62,959 7,090 190
 
Current liabilities
Trade payables 20,973 10,981 18,928
Lease liabilities, short-term 3,049 222 109
Current tax liabilities 5 162 7,707 7,449
Other liabilities 3,036 2,496 2,107
Current contract liabilities 6 34,494 – –
Accrued expenses 33,312 22,974 16,899
Total current liabilities 95,027 44,380 45,493
Total liabilities 157,986 51,470 45,683
TOTAL EQUITY AND LIABILITIES 587,898 657,724 601,013

===== SIDA 17 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
17
Consolidated statement of changes in equity in summary
GROUP FINANCIAL STATEMENTS
 
Equity attributable to parent company’s shareholders
(TSEK) Share capital Other equity Translation difference Retained earnings including 
profit for the year Total
Opening balance January 1, 2025 920 1,297,740 28,667 −771,997 555,330
Profit / loss for the period – – – −122,788 −122,788
Other comprehensive income / loss for the period – – −5,012 – −5,012
Comprehensive income / loss for the period – – −5,012 −122,788 −127,800
Transactions with the Group’s owners
New issue of shares – – – – –
Issue expenses – – – – –
Offset issue – – – – –
Share-related remuneration, staff vested value – – – 2,383 2,383
Total transactions with the Group’s owners – – – 2,383 2,383
Closing balance September 30, 2025 920 1,297,740 23,655 −892,402 429,913
Equity attributable to parent company’s shareholders
(TSEK) Share capital Other equity Translation difference Retained earnings including 
profit for the year Total
Opening balance January 1, 2024 509 503,524 26,004 −606,837 −76,800
Profit  / loss for the period – – – −113,772 −113,772
Other comprehensive income / loss  for the period – – −107 – −107
Comprehensive income / loss for the period – – −107 −113,772 −113,879
Transactions with the Group’s owners
New issue of shares 330 714,670 – – 715,000
Issue expenses – −58,178 – – −58,178
Offset issue 64 137,988 – – 138,051
Share-related remuneration, staff vested value – – – 2,059 2,059
Total transactions with the Group’s owners 394 794,479 – 2,059 796,932
Closing balance September 30, 2024 903 1,298,003 25,896 −718,549 606,253

===== SIDA 18 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
18
Consolidated statement of cash flow in summary
GROUP FINANCIAL STATEMENTS
Quarter 3 Quarter 1-3 Year
(TSEK) Note 2025 2024 2025 2024 2024
Operating activities
Operating income / loss −44,122 −39,148 −137,547 −112,750 −169,639
Adjustments for items not included in the cash flow         
Depreciations 696 308 1,510 1,000 1,338
Exchange rate differences −15 −103 −3 −103 −251
Share-based remuneration 794 851 2,383 2,059 2,870
Interest received 2,509 162 5,668 392 11,271
Interest paid −198 −181 −304 −294 −349
Ta xe s paid −6,789 – −7,286 – −7,437
Cash flow from operating activities before change in working capital −47,124 −38,112 −135,579 −109,697 −162,195
Cash flow from change in working capital
Increase(-)/Decrease (+) of operating receivables −5,364 −2,341 −220 83 −27,512
Increase(+)/Decrease (-) of account payables 10,482 4,183 2,045 −5,467 2,480
Increase (+) /Decrease (-) of contract liabilities −8,394 – 91,854 – –
Increase(+)/Decrease (-) of other operating liabilities 3,551 −6,107 17,199 15,298 8,860
Cash flow from operating activities −46,849 −42,377 −24,702 −99,783 −178,367
Investing activities
Investments in tangible assets −999 – −999 – –
Deposit for rental premises 0 – −295 – –
Cash flow from investing activities −999 – −1,294 – –
Financing activities
New share issue – – – 715,000 715,000
Issue expenses – 1,631 – −58,178 −58,424
Loan from shareholders – – – – –
Amortisation of lease liabilities 349 276 −1,027 −1,009 −1,376
Cash flow from financing activities 349 1,906 −1,027 655,813 655,200
Cash flow for the period −47,500 −40,470 −27,023 556,030 476,833
Cash and cash equivalents at the beginning of the period 588,959 684,720 566,716 87,972 87,972
Exchange rate differences in cash and cash equivalents −1,239 14 526  262 1,911
Cash and cash equivalents at the end of the period 540,220 644,264 540,220 644,264 566,716

===== SIDA 19 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
19
Parent company income statement in summary 
PARENT FINANCIAL STATEMENTS 
Quarter 3 Quarter 1-3 Year
(TSEK) Note 2025 2024 2025 2024 2024
 
Revenues   
Net sales 4 10,043 144 50,979    534 1,376
  
Operating expenses   
Administrative expenses −7,023 −7,287 −47,855    −31,067 −38,301
Research and development expenses −45,460 −31,989 −137,587    −82,006 −135,313
Other operating income and expenses −944 119 −629    109 −737
Operating income / loss −43,384 −39,012 −135,091   −112,431 −172,975
  
Results from shares in group companies 68,139 – 68,139    – –
Net financial income/expense 2,952 2,112 12,447    −3,220 −1,318
  
Income / loss after financial items 27,708 −36,901 −54,505   −115,651 −174,292
  
Group contribution – – –   – 4,292
Income / loss before tax 27,708 −36,901 −54,505   −115,651 −170,000
Corporate tax – – – – –
Net income / loss for the period 27,708 −36,901 −54,505   −115,651 −170,000
In the parent company, there are no items that are reported as other comprehensive income, which is why the total comprehensive income for the period corresponds to the period’s result.

===== SIDA 20 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
20
Parent company balance sheet in summary 
PARENT FINANCIAL STATEMENTS
(TSEK) Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
 
ASSETS
Intangible assets   
 
Concessions, patents, licenses, etc. 320,463 320,463 320,463
 
Property, plant and equipment
Inventories 985 51 44
Financial assets
Shares in group companies 2,025 88,543 88,543
Other non-current assets 295 – –
Total fixed assets 323,768   409,057   409,050
     
Trade receivables 616    –    –
Receivables in group companies 557 – 3,585
Prepaid expenses and accrued income 2,716 2,916 1,932
Other current receivables 30,482 8,990 26,496
Cash and cash equivalents 533,349 622,042 559,632
Total current assets 567,722   633,949   591,645
TOTAL ASSETS 891,489   1,043,005   1,000,695
(TSEK) Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
      
EQUITY AND LIABILITIES   
Equity
Restricted equity
Share capital 920 903 920
Non restricted equity
Share premium fund 1,297,509 1,297,771 1,297,509
Retained earnings −500,328 −333,521 −332,710
Profit or loss for the period −54,505    −115,651    −170,000
Equity attributable to the parent company’s shareholders 743,595   849,503   795,718
Non-current liabilities
Non-current contract liabilities 6 57,361 – –
Total non-current liabilities 57,361 – –
Current liabilites
Trade payables 20,923 10,947 18,924
Liabilities to group companies 2,955 154,656 167,730
Other liabilities 3,036 2,496 2,107
Current contract liabilities 6 34,494 – –
Accrued expenses 29,125    25,403    16,216
Total current liabilities 90,534   193,502   204,977
Total liabilities 147,894 193,502 204,977
TOTAL EQUITY AND LIABILITIES 891,489   1,043,005   1,000,695

===== SIDA 21 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
21
Notes to the financial information
Note 1 General inforamtion
Cinclus Pharma Holding AB (publ), (hereafter Cinclus Pharma)
corporate registration number 559136–8765 is a limited company
registrered in Sweden with its registered office in Stockholm.
The address of the head office is Kungsbron 1, 111 22 Stockholm,
Sweden. The company is listed on Nasdaq Stockholm since
June 20, 2024 and the object of the company’s operations is to
develop and commercialize pharmaceuticals. Cinclus Pharma
Holding AB (publ) is the parent company in the Group Cinclus
Pharma, which consists of the parent company and its two
subsidiaries (hereafter the Group). Unless otherwise specifically
stated, all amounts are reported in thousands of kronor (TSEK).
All amounts are, unless otherwise stated, rounded to the nearest
thousand. Figures in parentheses refer to the comparison period.
For the Group’s financial assets and liabilities, their reported
value is deemed to be a reasonable estimate of the fair value
as they essentially refer to short-term receivables and liabilities,
whereby the discounting effect is immaterial.
Note 2 Accounting principles
The most important accounting principles applied when these
consolidated accounts have been prepared are stated below.
These principles have been applied consistently for all periods
presented, unless otherwise stated. The consolidated financial
statements have been prepared in accordance with the Annual
Accounts Act (1995:1554), RFR 1 Supplementary accounting rules
for groups, and the International Financial Reporting Standards
(IFRS) and interpretations from IFRS Interpretations Committee
(IFRS IC) as established by the European Union. This interim
report has been prepared in accordance with IAS 34 Interim
Financial Reporting and the Annual Accounts Act. The parent
company interim report has been prepared in accordance with
the Annual Accounts Act and Swedish Corporate Reporting
Board recommendation RFR 2. 
Applied accounting principles and explanations for these can 
be found and are consistent with those described in the 2024 
annual report for the Group. The revenue principles have been 
extended to also include the out-licensing of the commercial 
rights for the European market to Zentiva. 
Where revenue arises from the licensing of the Group’s own 
intellectual property, the licences are rights to use intellectual 
property which do not change during the period of the licence. 
Revenue from licenses is recognised at the point in time when 
the licence is granted. Where the Group provides development 
services, revenue in respect of this performance obligation 
is recognised over the duration of those services. Revenue is 
recognised, based on the value to the customer of the services 
transferred to date, using an output method of milestones 
reached. 
In cases where the transaction has two or more performance 
obligations, e.g. both a license and development services, the 
transaction price is allocated to the performance obligations on 
the basis of the standalone selling price of each performance 
obligation. However, where there is a licence of intellectual 
property, it is not always possible to establish a reliable estimate 
of the standalone selling price of the licence. In these situations, 
the residual approach is used to determine the consideration 
attributable to the licence. 
Payments from out-licences and development services may 
take the form of upfront fees, milestones and royalties. Sales- 
or usage-based royalties received in exchange for licenses of 
intellectual property are not included in the transaction price 
until the customer makes the relevant sales or usage, regardless 
of whether or not the Group has predictive experience with 
similar arrangements.  Other variable considerations, such as 
milestone payments are recognised when it is highly probable 
there will not be a significant reversal of cumulative income. If 
there is significant uncertainty about whether it is highly probable 
that there would not be a significant reversal of revenue in respect 
of specific milestones, the Group does not consider that the 
threshold for recognition is met until that specific milestone is met.
Judgements and estimates
To prepare reports in accordance with IFRS requires the
use of some important estimates for accounting purposes.
Furthermore, management is required to make certain
judgments when applying the Group’s accounting principles.  
The areas that include a high degree of assessment that are 
complex or such areas where assumptions and estimates are of 
significant importance for the consolidated accounts, have been 
reported in the Group’s annual report for 2024.
Going concern principle
This interim report has been prepared with the assumption that
the company has the ability to continue as a going concern for
the next 12 months in line with the going concern principle. See
further sections on financing, risks and risk management and
note 3. 
Note 3 Risks and risk management 
Cinclus Pharma’s operations, results and position are affected
by a number of risk factors that are described in detail in the
company’s prospectus prepared in connection with the listing
of the company’s share on Nasdaq Stockholm on June 20, 2024
but also in the annual report for 2024.
The risks and associated risk management considered in the
preparation of this interim report apply to all periods and are
consistent with what is presented in the risk factors section in the
annual report for 2024. With the new share issue in connection
with the listing of the company’s shares on Nasdaq Stockholm 
and the partnership with Zentiva, the refinancing risk has been

===== SIDA 22 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
22
reduced.
Refinancing risk refers to the risk that liquid funds are not
available, and that financing can only be obtained partially or not 
at all, alternatively at an increased cost. The Group is currently
financed with equity. In the longer term, the Group is in need
of more extensive financing. Partly to be able to conduct a
second Phase III study with subsequent registration of the 
indication erosive GERD, but also when initiating new study 
programs for other indications such as Helicobacter Pylori. It can 
not therefore be ruled out that the Group will be exposed to 
risks related to for example external loan financing. 
Note 4 Net sales
Net sales are based on the license agreement with Zentiva 
k.s, an European pharmaceutical company, regarding the 
commercial rights of linaprazan glurate in Europe. The 
agreement with Zentiva includes an upfront payment, regulatory 
and commercial milestone payments, sales milestones and 
royalties on Zentiva’s future product sales revenue of linaprazan 
glurate. For the quarter and interim period, the revenue relates 
to parts of the upfront payment Cinclus Pharma received upon 
signing of the agreement with Zentiva. The upfront payment has 
been allocated over the estimated period of time that the Phase 
III program runs. 
Net sales are also based on the agreement between Cinclus 
Pharma and its Chinese partner Sinorda Biomedicine. The 
income refers to royalties on license revenues that Sinorda 
Biomedicine has received from out-licensing to its partner in 
China, SPH Sine, a subsidiary of Shanghai Pharmaceuticals. 
Note 5 Income tax
As of 1 January 2022, an agreement was entered into between
Cinclus Pharma Holding AB (publ) and the wholly owned
subsidiary Cinclus Pharma AG, entailing that IP rights were
transferred to the parent company. As a result of this transfer, a
capital gain has arisen in the subsidiary, during the first quarter
2022, and thus a tax expense and a tax liability. The settlement
that has been reached with the Swiss tax authority means that 
the tax liability may be paid in three equal parts, in 2023, 2024 
and 2025. The liability runs with an interest that is determined 
annually by the Swiss tax authority. This tax liability is a fixed 
liability. A deferred tax asset has not been accounted for in the 
parent company as it is not considered to be a balance sheet 
item since there is still uncertainty about future taxable profits. 
As of the balance date of September 30, this liability has been 
fully repaid.
Note 6 Contract liabilities
On 21 May 2025, Cinclus Pharma and Zentiva k.s. entered into a 
license agreement. The agreement includes, among other things, 
that Cinclus Pharma shall grant a license for linaprazan glurate to 
Zentiva and complete two clinical studies. In connection with the 
signing of the agreement, Cinclus Pharma received an upfront 
payment from Zentiva of MEUR 13. A portion of this upfront 
payment has been recognized as revenue as of September 
30, 2025. The remaining portion is recognized as revenue over 
the estimated time of the clinical studies and is reported in the 
balance sheet as a non-current and current contract liability. As 
of September 30 2025, long-term contract liabilities amount to 
TSEK 57,361 and short-term contract liabilities amount to TSEK 
34,494. 
Cinclus Pharma  |  Interim Report January – September 2025

===== SIDA 23 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
23
Option programs
Note 7 Incentive programs
The summary table below shows the current programs as of the balance sheet date:
At an extraordinary general meeting on June 3, 2024, two
new long-term incentive programs were adopted (one
employee stock option program, PO 2024/2027 series 1, and a
performance share program). New articles of associations were
also adopted at the extraordinary general meeting, pursuant to
which the company may issue class C shares in order to secure
delivery of shares to the participants in the programs and to
secure payment of future social security contributions. No class
C shares have been issued yet. The performance share program
for employees and the employee stock option program for the
CEO and a scientific advisor have been granted and started to
be expensed in quarter three, 2024, see adjacent tables.
The performance share program runs for just over three years
and participants must retain their employment and invested
shares throughout the vesting period in order to receive an
allocation of new shares. The number of shares allocated
depends on the share price performance and the employment
status at the end of the vesting period. As regards the
development of the share price, a comparison is made at the
end of the vesting period between the initial share price, i.e. the
IPO price of SEK 42 per share, and the price at the end of the
vesting period. A range between 20% and 60% in share price
development results in linearly different allocations of shares.
However, a maximum of 360,150 shares can be allocated to
participants in the program.
The performance share program generates personnel costs, in
accordance with IFRS2 and is initially estimated at approximately
SEK 6.8 million and social costs estimated at SEK 6.2 million
according to certain assumptions, see also the company’s listing
prospectus from June 2024.
The new employee stock option program, PO 2024/2027 series
1, also generates personnel costs in accordance with IFRS2 of
approximately SEK 1.5 million and social costs of SEK 1.4 million.
The dilution for all incentive programs in the company, at
maximum allocation, including C shares, is 1.9%.
Performance share program
Employees per category and 
series
Investment in number of shares per 
category
Max. share rights at the end of the 
vesting period per category
Category Series Max no. of 
employees
Actual no. of 
employees
Max. per 
employee Max. total Actual total Per employee Total Vesting period
CEO 
(1 person) 1 1 1  11,600     11,600     11,600       104,400     104,400    2407-2708
Executve management  
(maximum  3 persons) 1 3 1  5,375     16,125     5,375       26,875     26,875    2407-2708
R&D-management 
(maximum 7 persons) 1 7 5  3,325     23,275     12,465       16,625     83,125    2407-2708
Employees level 2 
(maximum 2 persons) 1 2 –  1,775     3,550     -         8,875     -      2407-2708
Employees level 1 
(maximum 8 persons) 1 8 3  1,025     8,200     3,075       5,125     15,375    2407-2708
Total series 1 21 10    62,750         32,515            229,775       
Employees level 2 
(maximum 2 persons) 2 2 2  1,775     3,550     3,550       1,775     17,750    2412-2712
Total series 2 2 2    3,550         3,550            17,750       
TOTAL  series 1 and 2 23 12    66,300         36,065            247,525       
Program Opening balance     
Jan 2025
Allocated  
options
Expired  
options
Closing balance 
Sep 2025 Terms Corresponding  
number of shares
Exercise price/  
option (SEK) *
Warrants 2022/2025 series 1 3,500 – −3,500 – 1:80 – 85.00
Warrants 2022/2025 series 2 27 – −27 – 1:80 – 85.00
Warrants 2022/2025 series 3 900 – −900 – 1:80 – 94.65
QESO 2022 4,450 – – 4,450 1:80 356,000 47.33
QESO 2024 51,737 – – 51,737 1:1 51,737 47.33
ESOP 2024/2027 series 1 290,000 – – 290,000 1:1 290,000 54.60
Total 697,737
* The exercise prise is recalculated in accordance with the split of the company’s shares, which was resolved upon the extraordinary general meeting on 29 May 2023.
QESO = Qualified Employee Stock Options
ESOP = Emloyee Stock Option Program

===== SIDA 24 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
24 Cinclus Pharma  |  Interim Report January – September 2025  
Note 9 Number of shares and share capital
Note 8 Related party transactions
Transactions with related parties take place on market terms.
The table below shows purchases in the Group’s parent 
company and subsidiaries.
For further information about transactions with
related parties, see annual report 2024.
(TSEK) Quarter 3 Quarter 1-3 Year
Supplier / Related to 2025 2024 2025 2024 2024
PetoMaj Invest AB 374 357 958 1,587 1,941
Peter Unge, Board member
PCW Consultants AB 121 80 388 541 737
Peter Wallich, Chief Commercial Officer
Iaru AB 1) – – – 76 76
Torbjörn Koivisto, Board member
Brera Life Sciences Consultancy Ltd 2) – – – 304 304
Andrew Thompson, former Business Development manager
WBC Europe GmbH 3) 1,600 416 2,368 416 1,568
Jesper Wiklund, Corporate & business development director
Arexela AB, 4) 317 – 1,267 – 625
Margit Mahlapuu, Executive R&D director
Felicia Ahlberg 5) – 1 13 1 16
Project manager event
1) Cost for Iaru AB refers to quarter 1, 2024
2) Brera Life Science was related to the company until the end of quarter 1, 2024
3) Related party from quarter 3, 2024
4) Related party from quarter 4, 2024
5) Employee since September 2024. Related party to Christer Ahlberg, CEO, 
Date Transac tion Change no. of  
ordinary shares
Total no. of  
ordinary shares
Total no. of  
C-shares
Change share  
capital
Total share  
capital
Nominal  
value 
01/01/2024 Opening balance 2024 - 26,227,040 - - 509,153 0.019
19/06/2024 New share issue ordinary 
shares 17,023,810 43,250,850 - 330,488 839,641 0.019
19/06/2024 Conversion of bridge loan 3,286,939 46,537,789 - 63,810 903,451 0.019
03/12/2024 New share issue C-shares - - 854,430 16,587 920,039 0.019
30/09/2025 Closing balance - 46,537,789 854,430 - 920,039 0.019
* C shares give the right to 1/10 vote.

===== SIDA 25 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
25
Definitions of key figures and definitions and reconciliation  
of alternative performance measures 
In the report, the company presents key figures in accordance
with the IFRS regulations. The company also presents socalled 
alternative key figures, i.e. measures that are not defined
according to IFRS. The alternative key figures found in the
report are, among other things, costs related to researchand
development as a percentage of total operating costs, equity
ratio % and quick ratio %. The company considers the former
to be an important complement because it enables a better
evaluation of the company’s financial trends. This financial
performance measure should not be viewed in isolation or
considered to replace the performance indicators that have been
prepared in accordance with IFRS.
Furthermore, the alternative performance measure the company
has defined should not be compared with other performance
measures with a similar name used by other companies. This
because the above-mentioned performancemeasure is not
always defined similarly and other companies may calculate it
differently than Cinclus Pharma,see adjacent table for further
definitions and reconciliation of KPIs and alternative KPIs.
Reconciliation of alternative performance measures
Quarter 3 Quarter 1-3 Year
Reconciliation of alternative performance measures 2025 2024 2025 2024 2024
Administrative expenses1), TSEK −7,265 −7,316 −23,799 −29,591 −36,854
Research and development expenses, TSEK −45,640 −31,981 −137,815 −83,297 −136,657
Operating expenses1), TSEK −52,904 −39,297 −161,615 −112,888 −173,511
Research and development expenses / Operating expenses 1), % 86% 81% 85% 74% 79%
Cash flow for the period, TSEK −47,500 −40,470 −27,023 556,030 476,833
Average number of ordinary shares 46,537,789 46,537,789 46,537,789 33,862,103 37,048,341
Cash flow for the period per ordinary  share, SEK −1.02 −0.87 −0.58 16.42 12.87
Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Equity, TSEK 429,913 606,253 429,913 606,253 555,330
Total assets, TSEK 587,898 657,724 587,898 657,724 601,013
Equity ratio % 73% 92% 73% 92% 92%
Trade receivables, TSEK 616 0 616 0 0
Other receivables, TSEK 2,721 2,921 2,721 2,921 1,942
Prepaid expenses and accrued income, TSEK 33,906 9,654 33,906 9,654 31,808
Cash and cash equivalents, TSEK 540,220 644,264 540,220 644,264 566,716
Total current receivables, TSEK 577,463 656,839 577,463 656,839 600,467
Trade payables, TSEK 20,973 10,981 20,973 10,981 18,928
Leasing liabilities, TSEK 3,049 222 3,049 222 109
Current tax liabilities, TSEK 162 7,707 162 7,707 7,449
Other current liabilities, TSEK 3,036 2,496 3,036 2,496 2,107
Current contract liabilities, TSEK 34,494   – 34,494   – –
Accrued expenses and deferred income, TSEK 33,312 22,974 33,312 22,974 16,899
Total current liabilites, TSEK 95,027 44,380 95,027 44,380 45,493
Quick ratio % 608% 1480% 608% 1480% 1320%
Equity, TSEK 429,913 606,253 429,913 606,253 555,330
Number of ordinary shares at the end of the period 46,537,789 46,537,789 46,537,789 46,537,789 46,537,789
Equity per ordinary share, SEK 9.24 13.03 9.24 13.03 11.93
1) Transaction expenses from the Zentiva deal are exluded.

===== SIDA 26 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
26
Key figures according to IFRS Definitions
Earnings per share for the period before and after dilution
Profit for the period divided by the average number of shares during the period before and 
after dilution. Earnings per share after dilution is calculated by adjusting the weighted average 
number of ordinary shares outstanding for an estimated conversion of all potential ordinary 
shares giving rise to a dilutive effect, which is in accordance with IAS 33 Earnings per share.
Alternative key figures Definitions Reasons for using the key figures
Gross profit Net sales reduced by direct costs of goods sold. The ratio helps the reader understand the profitability before indirect costs.
Operating profit / loss (EBIT) Profit before financial items and tax. The information is taken from the Statement of income. The key figure helps the reader understand the profitability of the operating 
business.
Operating profit before depreciation and amortization (EBITDA) * Profit before depreciation, financial items and tax. The information is taken from the Statement 
of income.
The key figure helps the reader understand the group’s results from its 
operating activities net of the effect of depreciation.
Operating expenses  The sum of research and development expenses and administration expenses for the period. 
The information is taken from the Statement of income.
The key figure helps the reader understand the costs of the operational 
business.
Research and development expenses /  
Operating expenses %
Research and development expenses, divided by operating expenses, which consists of 
research and development expenses and administrative expenses.
The key figure helps the reader understand the proportion of costs attributable 
to the group’s core operations, research and development.
Cash flow from current operations
The cash flow from current operations contains changes in short-term receivables and liabilities 
as well as the year’s profit adjusted for depreciation and other items not affecting cash flow. 
The information is taken from Consolidated statement of cash flow.
The ratio helps the reader understand the cash flow from operating activities.
Cash and cash equivalents at the end of the period Cash and cash equivalents at the end of each period. The information is taken from the report 
on Consolidated statement of financial position.
The key figure helps the reader understand how much cash and cash 
equivalents the business has at the end of the period. The reader can then also 
get an idea and analyze how long the cash and cash equivalents will last based 
on current operations.
Equity at the end of the period Equity at the end of each period. The information is taken from the report Conslidated 
statement on financial position.
The key figure helps the reader understand how much equity the business has 
at the end of the period and helps the reader analyze how equity can develop 
based on current operations.
Equity ratio, % * The equity ratio at the end of each period is calculated by dividing total equity attributable to 
the parent company’s shareholders by total assets.
The equity ratio measures the proportion of the total assets that is financed by 
the shareholders.
Quick ration, % * Current assets in relation to current liabilities. The key figure shows the group’s short-term ability to pay.
Definitions of key figures and alternative key figures

===== SIDA 27 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
27
Certification by the board of directors and the CEO
The board of directors certifies that this interim report gives a true and fair view of the group’s operations, financial position
and results. For a description of the risks faced by the Cinclus Pharma Group, which are deemed to be unchanged, please
refer to the Group’s latest annual report.
Stockholm November 20 2025
LENNART HANSSON
Chairman of the Board
WENCHE ROLFSEN
Board member
PETER UNGE
Board member
TORBJÖRN KOIVISTO 
Board member 
ANDERS ÖHBERG 
Board member 
HELENA LEVANDER
Board member
NINA RAWAL
Board member
CHRISTER AHLBERG
CEO and President

===== SIDA 28 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
28
Introduction
We have conducted a limited review of the condensed interim 
financial information (interim report) for Cinclus Pharma Holding 
AB (publ) as of 30 September 2025, and the nine-month period 
ending on that date. The board of directors and the managing 
director are responsible for preparing and presenting this interim 
report in accordance with IAS 34 and the Swedish Annual 
Accounts Act. Our responsibility is to express a conclusion on this 
interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with 
the International Standard on Review Engagements ISRE 2410, 
”Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity.” A limited review consists of 
making inquiries, primarily of persons responsible for financial 
and accounting matters, performing analytical procedures, 
and other review procedures. A limited review has a different 
focus and a significantly smaller scope compared to the focus 
and scope of an audit conducted in accordance with ISA and 
generally accepted auditing standards. The review procedures 
taken in a limited review do not enable us to obtain the 
assurance that we would become aware of all significant matters 
that might have been identified in an audit. Therefore, the 
conclusion expressed based on a limited review does not have 
the assurance that a conclusion expressed based on an audit has.  
Conclusion
Based on our limited review, nothing has come to our attention 
that causes us to believe that the interim report is not, in all 
material respects, prepared for the group in accordance with IAS 
34 and the Annual Accounts Act and for the parent company in 
accordance with the Annual Accounts Act.  
Stockholm, 20 November 2025
Öhrlings PricewaterhouseCoopers AB
Lars Kylberg
Authorized Public Accountant
Auditor’s Review Report
Cinclus Pharma Holding AB (publ), corporate identity number 559136-8765  
Cinclus Pharma  |  Interim report January – September 2025

===== SIDA 29 =====

Significant events 3
CEO statement 4
About the share 6
Description of operations 7
Cinclus Pharma in brief 7
Gastroesophageal Reflux Disease  8
Regulatory and 
commercial strategy 9
Product development 10
Financial summary  12
Other information 14
Group financial statements 15
Consolidated income statement 
in summary
Consolidated statement of 
comprehensive income in summary
Condensed consolidated statement 
of financial position in summary
Consolidated statement of changes 
in equity in summary
Consolidated statement 
of cash flow in summary
Parent financial statements 19
Parent company income statement 
in summary
Parent company balance sheet in summary 
 
Notes to the financial 
statements information 21
Key ratios and alternative 
performance measures 25
Certification by the board 
of directors and the CEO 27
Auditor’s review report 28
Glossary 29
Cinclus Pharma  |  Interim Report January – September 2025  
29
Glossary
Carcinogenicity studies – Tests to assess whether a chemicalor 
physical agent increases the risk of cancer.
Clinical phase I – The first time a new substance is given to a
human being. Phase I studies are often conducted with a small
number of healthy volunteers to assess the safety and dosage
of a yet-to-be-approved treatment.
CMC – stands for Chemistry Manufacturing and Control, and
refers to the process of producing and manufacturing medicines.
CRO - stands for Contract Research Organization, and is the
company that, together with pharmaceutical and medtech
companies, carries out the clinical studies needed to get their
products approved by the authorities.
Eradicate - to remove, eradicate, for example, the bacterium
Helicobacter pylori in peptic ulcer disease.
Esophagitis – is damage to the oesophagus or esophageal
catarrh caused by the backward flow of stomach acid into
the oesophagus.
FDA – is the US Food and Drug Administration
GERD and erosive GERD – GERD stands for Gastroesophageal 
reflux disease and is the collective name for all acid-related 
esophageal disease. GERD is characterized by symptoms, with or 
without tissue damage, that result from repeated or prolonged 
exposure of the lining of the esophagus to acidic or non-acidic 
contents from the stomach. If tissue damage is present, the 
individual is said to have esophagitis or erosive GERD.
International Non-proprietary Name (INN) – is a generic
name used to facilitate the identification of drug substances
or active ingredients of medicines.
IPO – IPO stands for Initial Public Offering, i.e. stock exchange
listing.
KOL – KOL stands for Key Opinion Leader. A KOL is an expert
with proven experience and expertise in a particular field of
work. In healthcare, these experts can be doctors, hospital
managers, health system directors, researchers, members 
of patient groups and others.
LA scale – The Los Angeles scale (LA scale) is an accepted way
to describe the endoscopic presence of reflux esophagitis and
determine its severity. The scale is divided into grades A-D,  
with D being the most severe grade of reflux esophagitis.
Linaprazan glurate (formerly X842) – A prodrug of linaprazan
of the potassium-competitive acid blocker (PCAB) class.
Linaprazan has been evaluated in 23 Phase I and two Phase II
studies in a total of approximately 2,500 patients. The favorable
safety and pharmacokinetic properties of linaprazan glurate  
have been documented in a phase I study. Linaprazan glurate 
provides superior gastric acid control compared to current 
medication.
’Off label’ prescribing – The term ”off label” is defined as the
use of a medicine that deviates from the approved summary
of product characteristics, such as use for an unapproved
indication, with a different dose or with a different route of
administration.
PCAB
PCAB stands for Potassium-Competitive Acid Blocker and is
a new class of drugs called acid secretion inhibitors.
Pharmaceutical dossier – Evidence and documentation
that forms the basis for the application for drug approval.
Phase II clinical trial – Phase II refers to the first time a medicine 
under development is administered to patients  
to study the safety, dosage and efficacy of a yet-to-be-
approved treatment regimen.
Phase III clinical trials – Phase III trials involve many patients
and often last for a longer period; they are intended to
investigate the effects and side effects of the medicine under
routine yet carefully controlled conditions
PPI – stands for Proton Pump Inhibitor and is a group of drugs
whose main action is a marked and long-lasting reduction in the
production of stomach acid. This type of drug has been the most
potent acid secretion inhibitors available for a very long time
and is still available today. The first product, omeprazole, was
launched in 1988 under the brand name Losec. Proton pump
inhibitors are among the best-selling medicines in the world.
Preclinical phase – In the preclinical phase, various types of tests
and experiments are carried out in a lab environment. These tests
take place before a drug project enters the clinical phase.
’Prodrug’ – A ’prodrug’ is an inactive drug in the form in which it
is taken. Once the prodrug has entered the body, it is converted
into the active form. The conversion takes place by changing
some part of the chemical structure of the medicine.
Proof of Concept (concept validation) – This concept is also
known as ’PoC’. It refers to a prototype or study that covers all
key features. The aim is simply to prove that the concept works.
QIDP – The granting of a product as a qualified device for the
treatment of infectious diseases. The grant is decided by the US
Food and Drug Administration (FDA), giving 5 years of data
exclusivity. QIDP stands for Qualified Infectious Disease Product.

===== SIDA 30 =====

Cinclus Pharma Holding AB (publ)
Kungsbron 1
111 22 Stockholm, SWEDEN
Corporate.reg.nr. 559136–8765  
Phone: +46 8 13 33 10
info@cincluspharma.com
cincluspharma.com