Disciplined execution and a strengthened foundation ahead of Q4 proof-of-concept readout
The first quarter of 2026 was characterized by disciplined execution against a clear plan. Part 2 of Modus' Phase IIa study in CKD with anemia continued to enrol patients according to plan at the two Italian study sites in Verona and Pavia, with the proof-of-concept readout anticipated by the end of 2026. After the end of the period, the Company further strengthened its financial position through the exercise of warrants of series 2025/2026, which achieved a subscription rate of 94.8 percent and provided approximately SEK 9.5 million before issue costs. Combined with the financing completed in 2025, the proceeds are expected to support execution of the plan through the anticipated Phase IIa readout. In parallel, the scientific foundation for sevuparin in CKD with anemia continued to be reinforced through acceptance of abstracts for presentation at EHA2026 and EIC 2026, and business development advanced through participation at BIO-Europe Spring and BioEquity Europe.

"Q1 2026 was a quarter of disciplined execution. Our CKD Phase IIa study is progressing on plan, our financial position is strengthened, and the science behind sevuparin continues to be validated in leading European forums."

– John Öhd, CEO, Modus Therapeutics

The first quarter in figures

• The loss after tax amounted to TSEK 3 282 (2 815).
• The loss per share amounted to SEK 0,03 (0,08).
• The cash flow from current operations was negative in the amount of TSEK 4 440 (4 059).

Important events during the first quarter

• Modus participated in BIO-Europe Spring 2026 in Lisbon on 23–25 March 2026, one of Europe's leading spring partnering events for the biotechnology and life science sectors.

Important events after the end of the period

• On 27 April 2026, Modus announced the outcome of the exercise of warrants of series TO 2026, with a subscription rate of 94.8 percent. Through the exercise, Modus received approximately SEK 9.5 million before issue costs, strengthening the Company's financial position to support continued development of sevuparin.
• On 4–6 May 2026, Modus participated in Bio€quity Europe 2026 in Prague, an international meeting place for investors, pharmaceutical companies and emerging biotechnology companies.
• On 13 May 2026, Modus announced that an abstract titled "Therapeutic potential of sevuparin in chronic kidney disease anaemia: synergistic effects with EPO and molecular insights into renal protection" was accepted for poster presentation at the European Hematology Association Congress 2026 (EHA2026) in Stockholm on 11–14 June 2026.
• On 21 May 2026, Modus announced that an abstract on sevuparin's synergistic effect with the standard treatment erythropoietin in a CKD animal model with anemia was accepted for oral presentation at the European Iron Club Meeting 2026 (EIC 2026) at Trinity College, Dublin, on 18–20 June 2026.

CEO John Öhd will provide comments on the report in an interview with Jonathan Furelid on May 26 at 13:00 Link to Interview: https://www.youtube.com/watch?v=tKt3VRD-v68