Eupraxia's June 30 cash balance at $19.8-million (U.S.)

Executive Summary

• Eupraxia Pharmaceuticals reported a net loss of $8.7 million for Q2 2025 and provided a business update highlighting the initiation of the Phase 2b placebo-controlled portion of the EP-104GI Resolve trial for Eosinophilic Esophagitis (EoE).
• The company announced positive nine-month data from the Phase 1b/2a Resolve trial, showing sustained treatment outcomes with no serious adverse events, with additional cohort data expected in October 2025.
• Financially, cash reserves stand at $19.8 million as of June 30, 2025, with management stating that existing cash and anticipated warrant proceeds are sufficient to fund operations into Q3 2026.

Key Details

• Financial Results (Q2 2025):
  • Net loss: $8.7 million (compared to $6.1 million in Q2 2024).
  • Cash and equivalents: $19.8 million as of June 30, 2025 (down from $33.1 million at Q4 2024).
  • Share count: 35,959,568 common shares and 8,905,638 preferred shares outstanding.
  • Use of proceeds: Financing clinical trials for EP-104, general and administrative expenses, working capital, and other corporate purposes.
  • Liquidity outlook: Existing cash and anticipated proceeds from in-the-money warrants are sufficient to finance the company into Q3 2026.
• Clinical Updates (EP-104GI for EoE):
  • Phase 2b Resolve Trial: First patient dosed on July 8, 2025. The trial is placebo-controlled and aims to enroll a minimum of 60 patients across up to 25 global sites.
  • Trial Metrics: Assessing tissue health (EoEHSS and PEC scores), symptom scores (SDI and DSQ), and safety over a 12-month period.
  • Timeline: Top-line data from the Phase 2b portion is expected in H2 2026.
  • Phase 1b/2a Data: Positive nine-month data released on May 5, 2025, demonstrating sustained positive treatment outcomes with no serious adverse events reported.
  • Upcoming Data: Additional data from cohorts 5 to 8 of the Phase 1b/2a trial will be available in October 2025.
• Operational & Strategic Updates:
  • KOL Event: Hosted a virtual event on May 9, 2025, with Dr. Evan Dellon to discuss Phase 1b/2a results.
  • Tariff Impact: Management is monitoring US-Canada trade tensions and tariffs. Eupraxia manufactures clinical supplies in the US via a third party and maintains US-dollar balances to mitigate exchange rate fluctuations.
  • Investor Conferences: Management scheduled to present at Canaccord Growth (Aug 13, 2025), Citi Biopharma (Sept 2-5, 2025), Cantor Global Healthcare (Sept 5, 2025), and H.C. Wainwright (Sept 8-10, 2025).

Notable Quotes

• "The expansion into the placebo-controlled, phase 2b portion of the Resolve trial represents a key clinical milestone for Eupraxia, as we seek to advance EP-104GI for the treatment of eosinophilic esophagitis," said Dr. James A. Helliwell, director and chief executive officer.
• "Recent data updates support the potential of EP-104GI as a durable treatment option. In the most recent data update, all three patients demonstrated a sustained or improved treatment outcome after nine months of therapy."
• "As we continue to survey the treatment landscape for EoE, we are increasingly confident in the potential of EP-104GI to fundamentally transform the therapeutic management of EoE."