Q3 INTERIMREPORTJANUARY–MARCH 2026
Idag, 09:00
Q3 INTERIMREPORTJANUARY–MARCH 2026
The third quarter of 2025-2026 has been extremely productive for Hamlet BioPharma, with high-profile Phase II trial publications, establishment of clinical Phase III trial infrastructure, drug production and partnering of the tuberculosis project with a Korean drug formulation specialist company. Ongoing, positive partnering discussions with a major player in the bladder cancer field, under a letter of intent, specifically address the commercialization of the bladder cancer asset Alpha1H. In parallel, we are securing and extending the IP portfolio.
Hamlet BioPharma is driving a shift in infectious disease management. The infectious disease treatment assets target the disease response of the host rather than the bacteria, affecting both antibiotic-sensitive and resistant pathogens.
A successful Phase II clinical study compared host directed therapy to antibiotics. The IL-1 receptor antagonist was shown to inhibit the overactive immune response that drives disease in patients with acute cystitis, with similar efficacy as antibiotics. Clinical data show a reduction in symptoms and recurrences and increase in quality of life.
A leading international journal, Nature Microbiology has chosen to publish the study (https://www.nature.com/articles/s41564-026-02262-1).
The trials of anti-infective therapies will be extended to include more severe infections.
Additionally, immunotherapy has shown positive effects in patients with bladder pain syndrome. Clinical datafrom the Phase II study show a reduction in pain scores and an improved quality of life in patients treated withanakinra.
In the cancer area, the Company’s immediate goal is to conduct Phase III studies, obtain market approval for Alpha1H as a treatment for bladder cancer and develop clinical programs for other indications. The investigative new drug Alpha1H kills cancer cells by inducing apoptosis and has shown therapeutic efficacy in Phase II trials without significant side effects. Hamlet BioPharma has received feedback from the FDA for a first in class neo- adjuvant therapy for patients with low risk non–muscle invasive bladder cancer (NMIBC). Intense development activities, regulatory contacts with the FDA and interactions with study sitesare ongoing.
Hamlet BioPharma recently signed a partnering agreement with the South Korean ImmunoForge. The Korean partner develops technology for drug release, which is suitable for prolonged delivery of the antibacterial peptide to infected tissues. Tuberculosis is a concern in South Korea and world-wide, creating a special need for novel antibacterial agents to be used against tuberculosis
Hamlet BioPharma has further signed a Letter of Intent outlining the terms of a potential collaboration and a commercial agreement concerning Alpha 1H. The dialogue with our potential partner has been very constructive and forward-looking. At this stage, the focus is on the completion of clinical development, manufacturing scale-up and establishing the right commercial framework to plan market access. This intended co-development would position us to deliver long-term value to patients, healthcare systems and shareholders, subject to successful study outcomes and market approval.
To date, the company has delivered three successful Phase II studies on a budget of less than SEK 300 million, including the cancer project in Phase III and the successful development of alternatives to antibiotics. This track record should maintain the trust of investors regarding the company’s ability to deliver on strategic goals at low cost and high quality. We would like to thank our multi-national team, as well as our external partners and collaborators, who are behind the successes and remain a resource for the future. We are grateful for the strong investor support and will continue to use our capital effectively for optimal development and commercialization of our drugs.
Jakob Testad Catharina Svanborg
CEO Chairman of the Board
SIGNIFICANT EVENTS
Novel treatments of bacterial infections
On January 16th – Hamlet BioPharma welcomed interested parties to the Symposium “Novel treatments for Infections and Cancer” that took place on the 21st of January. The invited speakers are leading international scientists from the U.S. with a background in infection biology and scientists from Lund University, sharing cutting-edge research and future perspectives on novel therapies for bacterial infections and cancer.
On February 23rd – Nature Microbiology published the paper ‘’Targeted innate immune inhibition therapy compared with antibiotics for recurrent acute cystitis: a randomized, open-label phase 2 trial.’’ the paper was accepted on February 12th.
This groundbreaking study introduces a new approach to managing recurrent urinary tract infections. Instead of killing the bacteria, the treatment focuses on targeting and calming the disease response. Clinical efficacy of this approach is demonstrated in this study, showing effects comparable to standard antibiotic therapy.
This discovery could also mark a major conceptual breakthrough in the fight against antibiotic resistance and the future treatment of infections.
On February 3rd – Hamlet BioPharma signed a collaboration agreement with the Korean biotech company ImmunoForge, to develop novel drug delivery technology for the peptide drug NZX, for use in patents with tuberculosis.
ImmunoForge based in Seoul, South Korea, contacted Hamlet BioPharma to initiate this collaboration. The com- pany who are developing novel drug delivery techniques for clinical use, will develop novel administration technology for the NZX peptide, specifically a slow-release technology that would prolong the effect of each treatment. The future rights to the results of the collaboration will be jointly owned by the two companies, as well as future patent rights.
Cancer Therapy
On March 6th – Hamlet BioPharma signed a Letter of Intent to outline terms of a potential collaboration and a commercial agreement concerning Alpha 1H.
Hamlet signed a non-binding Letter of Intent (LoI) with an undisclosed company specializing in uro-oncology based in northern Germany. The purpose is to outline terms and conditions for the completion of development and for global commercialization of Alpha 1H in the field of bladder cancer.
Company and Finance
On March 15th – a new supplementary subscription periodwas announced, from 16-23 of March 2026. The Board of Directors had decided to adjust the terms and conditions for warrants of series TO5B ahead of the next subscription period, which runs from 20 July to 31 July 2026.
On March 24th – Hamlet BioPharma announced that the company had received approximately 9 million SEK through subscription of warrants series TO5B, before issue costs.
On February 13th – Hamlet published the Q2 interim report for October to December 2025.
Investor Relations
During the fiscal year 2025/2026, Hamlet BioPharma has continued its series of digital investor meetings held on July 25th, August 28th, September 25th, October 31st November 14th, January 21st, February 13th, March, 18th and April 23rd.
On the 30th of March, it was announced that Hamlet BioPharma presented at the Financial Stockholm event on March 26, 2026.
Additional significant event after the third quarter
On May 18th, it was announced that Hamlet Biopharma has secured new patents and allowance, going from strength to strength in Innovation and Technology
Hamlet Biopharma announced the successful granting of new patents in Japan and India and a further patent allowance in Japan. This continued strengthening of Hamlet BioPharma’s international intellectual property portfolio reaffirms its position at the forefront of technological innovation.
COMPANY OVERVIEW
HAMLET BIOPHARMA TRANSLATESINNOVATION INTO CLINICAL SUCCESS
Hamlet BioPharma is a pharmaceutical company focused on developing innovative treatments for cancer and infectious diseases. With a mission to address large, unmet medical needs, the company has built a robust pipeline of therapeutic candidates targeting malignant tumors and antibiotic-resistant infections. These advances underscore Hamlet BioPharma’s potential in innovative drug development that addresses important medical needs.
Translating Innovation Into Clinical Success: Three positive Phase II studies
Successful Phase II studies in three clinical indications, driven by research originating from Hamlet’s laboratories, with findings published in top journals like Nature.
- Bladder Cancer (Alpha1H) – Placebo controlled study demonstrated 88% tumor reduction at higher doses. Striking induction of apoptosis, immune activation and down-regulation of cancer genes.
- Recurrent Urinary Tract Infections (Anakinra) – Two arm study showed that anakinra was as effective as antibiotics, reducing symptoms and recurrence rates.
- Bladder Pain Syndrome (Anakinra) – Significant reduction in pain and improved quality of life for patients with severe bladder pain.
NEW CANCER TREATMENTS
Alpha1H – Successful Phase II Completed in Bladder Cancer
Bladder Cancer treatment with Alpha 1
Rapid treatment response (2 hours)
Treatment response (1 month) – effects on the tumor
Pipeline cancer – Alpha1H and HAMLET family of molecules
MARKET POTENTIAL BLADDER CANCER
The need for effective new drugs against cancer and infections is huge globally and is constantly increasing. Hamlet BioPharma’s drug candidates are well positioned to capture significant shares in these fast-growing markets and to address critical needs and position itself for sustainable growth.
Market size, Bladder Cancer 2023-2034
Alpha1H, with its promising clinical results and immune activation profile, is well suited to address the need for novel NMIBC treatment and to become a valuable asset for the global bladder cancer market. Its innovative mechanism of action –targeting cancer cells while sparing healthy tissue – could make Alpha1H a preferred alternative to traditional treatments, which are often associated with high toxicity and frequent relapses.
TREATING BACTERIAL INFECTIONS WITHOUT ANTIBIOTICS
New Non-antibiotic Infection treatment Paradigm
Our molecules target the disease rather than the bacteria – new non-antibiotic treatments
Clinical Phase II data supports the efficacy of non-antibiotic therapy of bacterial infections
TREATMENT OF MYCOBACTERIUM TUBERCULOSIS
Tuberculosis is a major cause of mortality in all parts of the world and treatment options are becoming more limited, due to escalating antibiotic resistance. The antimicrobial peptide NZX is being developed as a drug candidate for pulmonary tuberculosis treatment, in collaboration with Hamlet BioPharma. The new, peptidebased drug has shown promising treatment effects against lung tuberculosis in animal models, both against antibiotic sensitive and antibiotic-resistant Mycobacterium tuberculosis bacteria.
The peptide NZ2114 has been identified as a promising candidate for future treatment of tuberculosis. NZ2114 can cross the complex, lipid-rich membrane of Mycobacterium and kill the bacteria in the laboratory and in animal models. NZ2114 is stable in serum and is not toxic to human cells. Antimicrobial effects were also observed against several clinical isolates of Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA). NZ2114 is active as a stand-alone treatment and has synergistic effects with established anti-tuberculosis treatments. The peptide eliminated M. tuberculosis in an animal model of tuberculosis with an 81.14% reduction after three doses, compared to untreated controls.
Peptide induced M. bovis membrane changes
UntreatedNZ2114 treated
Clinical Phase II data supports therapeutic efficacy in debilitating Bladder Pain Syndrome
THE INFECTION TREATMENT MARKET
Hamlet BioPharma offers a groundbreaking solution to address the problem of severe bacterial infections and antibiotic resistance. By focusing on the disease rather than the bacteria, the advances could lead to a paradigm shift in the treatment of bacterial infections. The patient’s health can thus be improved, and bacteria can be cleared through normal defense mechanisms, rather than directly targeting the bacteria. In this way, infections caused by antibiotic-resistant and antibiotic-sensitive organisms can be targeted in animal models. This approach also reduces the selective pressure that contributes to resistance in the environment and the general population.
Market size Recurrent Acute Cystatis and Bladder Pain Syndrome 2023-2034
Source: Data are estimated values to represent market development from reports and research from the American Urological Association (AUA) and International.
Robust Pipelin – 180 patents, patent clases
Market strategy – overall goals
Hamlet Biopharma’s overall goal is to
•reach the market with Phase III ready assets in cancer and infection
•drive the clinical development of groundbreaking preclinical assets with proven therapeutic efficacy in animal models through clinical trials to partnering.
Financing
-Phase III ready asset Alpha1H FDA and EMA market approval
-Phase II validated infection and pain indications New indications for established drug
-Building the company
Partnering
-Specialist or Big pharma, providers of market access
-Development of preclinical/clinical assets
THE PERIOD IN SUMMARY
– Net sales totaled KSEK 0 (0)
–Net result amountedto KSEK -11,612 (-12,007)
–Earnings per share* was SEK -0.0629 (-0.0676) and -0.0585 after dilution
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -38,203 (-35,660)
–Earnings per share* was SEK -0.2069 (-0.2007) and -0.1923 after dilution
–On March 31, 2026, the equity/assets ratio** was 88.0 (92.4) %
–Cash amounted to KSEK 13,986 (20,002)
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -12,111 (-12,505)
–Earnings per share* was SEK -0.0656 (-0.0704) and -0.0610 after dilution
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -39,699 (-37,157)
–Earnings per share* was SEK -0.2150 (-0.2091) and -0.1999 after dilution
–On March 31, 2026, the equity/assets ratio** was 86.2 (91.9) %
–Cash amounted to KSEK 14,036 (20,027)
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Amounts in parentheses above and below indicate the corresponding value in the preceding year.
** Profit/loss after tax for the period divided by 184,661,871 (177,685,127), respectively 198 615 359, where 184,661,871 is the numberof shares outstanding on March 31, 2026, and 198 615 359 shares constitute the number of shares that the Company will have if allsubscribed units in the rights issue are paid and exercised. The comparative figure in parentheses was the number of shares onMarch 31, 2025.
** Equity divided by total capital.
Revenue
Hamlet Biopharma is specializing in the development of drugs with a broad and strong portfolio of projects for the treatment of cancer and infections. The company remains pre-revenue, with value creation driven by milestones in development and partnerships. Net sales amounted to KSEK 0 (0) during the quarter. Other operating income amounted to KSEK 53 (208) during the quarter.
Earnings
External costs were related to the continued drug development activities of the research team at Lund University. The team at Lund University is also responsible for the development of manufacturing methods, stability testing, and chemical and functional characterization of existing and new drug substances and plays a key role in the coordination of laboratory testing in the clinical trial. EBITDA for the quarter amounted to KSEK -9,561 (-9,855), and for the first nine months KSEK -32,212 (-29,504). The depreciations in the quarter were KSEK -2,054 (-2,136), and for the first nine months KSEK -6,145 (-6,407). EBIT for the quarter amounted to KSEK -11,615 (-11,992), and for the first nine months KSEK -38,356 (-35,911). Net result for the quarter was KSEK -11,612 (-12,007), and for the first nine months KSEK -38,203 (-35,660).
Financial position
The company was provided with approximately SEK 9 million through the subscription of warrants series TO5B, so-called short options, during March/April 2026. The issue costs were stated at SEK 35 thousand. Registration with the Swedish Companies Registration Office took place after the quarter, on April 2, 2026. At the end of the quarter, the equity/assets ratio was 88.0 (92.4)%, and the Company’s cash and cash equivalents were KSEK 13,986 (20,002).
Investments
The Company does not capitalize expenses for research and development as assets, since the Company is in an R&D stage. R&D costs are therefore recognized as operating expenses in the income statement.
Depreciation
During the quarter, depreciation of equipment amounted to KSEK 33 (115), and the depreciation of patents from the merger with SelectImmune Pharma AB amounted to KSEK 2,021 (2,021).
In the group, depreciation of patents, including the acquisition of Linnane Projects AB, amounted to KSEK 2,553 (2,635) during the quarter..
Employees
The company had the equivalent of 7 (7) full-time employees during the quarter
The share
The Company’s shares have been traded on Spotlight Stock Market since October 23, 2015. The share is traded under the short name “HAMLET B” with ISIN code SE0015661152.
At the extraordinary general meeting in Hamlet Pharma AB on March 2, 2021, it was decided that the company’s common shares would undergo a split with relation 3:1 and would be reclassified as A- and B-shares. The B-shares will be traded on Spotlight Stock Market. The A-shares will not be listed. Each A-share entitles to ten votes and B-shares entitles to one vote. Furthermore, it is possible for shareholders to convert A-shares to B-shares, which can be traded on Spotlight Stock Market. This conversion program is ongoing with no current deadline. This means that the ratio between A- and B-shares will change over time.
As of March 31, 2026, the number of shares registered at the Swedish Companies Registration Office (Bolagsverket) totaled 184,661,871. The registered current ratio of shares was 39,947,400 A-shares and 144,714,471 B-shares.
Subscription warrants
The warrants in serie TO5B and serie TO6B give the right to subscribe for a total of 20 930 232 shares. Of these, 1,518,838 shares were subscribed for in series TO5B during March/April 2026. The issue was aimed at approximately 20 external investors. The subscription price for the short option with a term of 12 months is SEK 6 per share and the subscription price for the long option with a term of 30 months is SEK 10 per share. The options are not admitted to trading.
Transactions with related parties
During the quarter, KSEK 1,959 (1,459) was paid to Linnane Pharma AB, of which KSEK 1,839 (1,339) refers to the co-operation agreement, KSEK 120 (120) refers to patent license.
The co-operation agreement with Linnane Pharma refers to compensation for access to advanced science and cutting-edge technology for drug development. The collaboration means that Linnane Pharma’s technology platform and other resources are available to Hamlet BioPharma. Hamlet BioPharma is a subsidiary company of Linnane Pharma AB, which owns 33.00% of the capital and 73.96% of the votes of Hamlet BioPharma.
Furthermore, salaries and allowances to board and management were paid during the period. Transactions with related parties are on market terms.
Significant risks and uncertainties
The Board’s assessment of significant risks and uncertainties is unchanged compared with the most recent financial year and are described in the most recently published annual report (2025-06-30).
Basis of preparation for the interim report
The Company prepares its accounts in accordance with the Swedish Annual Accounts Act (Årsredovisningslagen) and the K3 framework (BFNAR 2012:1) of the Swedish Accounting Standards Board (Bokföringsnämnden).
The company’s accounting principles are unchanged compared with most recent financial year and are described in the most recent published annual report (2025-06-30).
On March 31st, 2023, Hamlet BioPharma acquired Linnane Projects AB from Linnane Pharma AB and the patents and know-how regarding a new peptide-based drug against tuberculosis as well as the know-how required to develop the project. In accordance with regulations at Spotlight and the Swedish Accounting Standards Board (Bokföringsnämnden), consolidated accounts of Linnane Projects and Hamlet BioPharma are drawn up.The quarterly report is prepared with the parent company’s accounting in focus. In texts, the group is only commented on if something differs significantly from the parent company.
Review
This interim report has not been audited.
Financial calendar
Year-end report for 2025/2026 | August 28, 2026 |
Annual Report for 2025/2026 | October 30, 2026 |
Interim report for Q1, 2026/2027 | November 13, 2026 |
Annual General Meeting for 2025/2026 | November 20, 2026 |
Ämnen i artikeln
Q3 INTERIMREPORTJANUARY–MARCH 2026
Idag, 09:00
Q3 INTERIMREPORTJANUARY–MARCH 2026
The third quarter of 2025-2026 has been extremely productive for Hamlet BioPharma, with high-profile Phase II trial publications, establishment of clinical Phase III trial infrastructure, drug production and partnering of the tuberculosis project with a Korean drug formulation specialist company. Ongoing, positive partnering discussions with a major player in the bladder cancer field, under a letter of intent, specifically address the commercialization of the bladder cancer asset Alpha1H. In parallel, we are securing and extending the IP portfolio.
Hamlet BioPharma is driving a shift in infectious disease management. The infectious disease treatment assets target the disease response of the host rather than the bacteria, affecting both antibiotic-sensitive and resistant pathogens.
A successful Phase II clinical study compared host directed therapy to antibiotics. The IL-1 receptor antagonist was shown to inhibit the overactive immune response that drives disease in patients with acute cystitis, with similar efficacy as antibiotics. Clinical data show a reduction in symptoms and recurrences and increase in quality of life.
A leading international journal, Nature Microbiology has chosen to publish the study (https://www.nature.com/articles/s41564-026-02262-1).
The trials of anti-infective therapies will be extended to include more severe infections.
Additionally, immunotherapy has shown positive effects in patients with bladder pain syndrome. Clinical datafrom the Phase II study show a reduction in pain scores and an improved quality of life in patients treated withanakinra.
In the cancer area, the Company’s immediate goal is to conduct Phase III studies, obtain market approval for Alpha1H as a treatment for bladder cancer and develop clinical programs for other indications. The investigative new drug Alpha1H kills cancer cells by inducing apoptosis and has shown therapeutic efficacy in Phase II trials without significant side effects. Hamlet BioPharma has received feedback from the FDA for a first in class neo- adjuvant therapy for patients with low risk non–muscle invasive bladder cancer (NMIBC). Intense development activities, regulatory contacts with the FDA and interactions with study sitesare ongoing.
Hamlet BioPharma recently signed a partnering agreement with the South Korean ImmunoForge. The Korean partner develops technology for drug release, which is suitable for prolonged delivery of the antibacterial peptide to infected tissues. Tuberculosis is a concern in South Korea and world-wide, creating a special need for novel antibacterial agents to be used against tuberculosis
Hamlet BioPharma has further signed a Letter of Intent outlining the terms of a potential collaboration and a commercial agreement concerning Alpha 1H. The dialogue with our potential partner has been very constructive and forward-looking. At this stage, the focus is on the completion of clinical development, manufacturing scale-up and establishing the right commercial framework to plan market access. This intended co-development would position us to deliver long-term value to patients, healthcare systems and shareholders, subject to successful study outcomes and market approval.
To date, the company has delivered three successful Phase II studies on a budget of less than SEK 300 million, including the cancer project in Phase III and the successful development of alternatives to antibiotics. This track record should maintain the trust of investors regarding the company’s ability to deliver on strategic goals at low cost and high quality. We would like to thank our multi-national team, as well as our external partners and collaborators, who are behind the successes and remain a resource for the future. We are grateful for the strong investor support and will continue to use our capital effectively for optimal development and commercialization of our drugs.
Jakob Testad Catharina Svanborg
CEO Chairman of the Board
SIGNIFICANT EVENTS
Novel treatments of bacterial infections
On January 16th – Hamlet BioPharma welcomed interested parties to the Symposium “Novel treatments for Infections and Cancer” that took place on the 21st of January. The invited speakers are leading international scientists from the U.S. with a background in infection biology and scientists from Lund University, sharing cutting-edge research and future perspectives on novel therapies for bacterial infections and cancer.
On February 23rd – Nature Microbiology published the paper ‘’Targeted innate immune inhibition therapy compared with antibiotics for recurrent acute cystitis: a randomized, open-label phase 2 trial.’’ the paper was accepted on February 12th.
This groundbreaking study introduces a new approach to managing recurrent urinary tract infections. Instead of killing the bacteria, the treatment focuses on targeting and calming the disease response. Clinical efficacy of this approach is demonstrated in this study, showing effects comparable to standard antibiotic therapy.
This discovery could also mark a major conceptual breakthrough in the fight against antibiotic resistance and the future treatment of infections.
On February 3rd – Hamlet BioPharma signed a collaboration agreement with the Korean biotech company ImmunoForge, to develop novel drug delivery technology for the peptide drug NZX, for use in patents with tuberculosis.
ImmunoForge based in Seoul, South Korea, contacted Hamlet BioPharma to initiate this collaboration. The com- pany who are developing novel drug delivery techniques for clinical use, will develop novel administration technology for the NZX peptide, specifically a slow-release technology that would prolong the effect of each treatment. The future rights to the results of the collaboration will be jointly owned by the two companies, as well as future patent rights.
Cancer Therapy
On March 6th – Hamlet BioPharma signed a Letter of Intent to outline terms of a potential collaboration and a commercial agreement concerning Alpha 1H.
Hamlet signed a non-binding Letter of Intent (LoI) with an undisclosed company specializing in uro-oncology based in northern Germany. The purpose is to outline terms and conditions for the completion of development and for global commercialization of Alpha 1H in the field of bladder cancer.
Company and Finance
On March 15th – a new supplementary subscription periodwas announced, from 16-23 of March 2026. The Board of Directors had decided to adjust the terms and conditions for warrants of series TO5B ahead of the next subscription period, which runs from 20 July to 31 July 2026.
On March 24th – Hamlet BioPharma announced that the company had received approximately 9 million SEK through subscription of warrants series TO5B, before issue costs.
On February 13th – Hamlet published the Q2 interim report for October to December 2025.
Investor Relations
During the fiscal year 2025/2026, Hamlet BioPharma has continued its series of digital investor meetings held on July 25th, August 28th, September 25th, October 31st November 14th, January 21st, February 13th, March, 18th and April 23rd.
On the 30th of March, it was announced that Hamlet BioPharma presented at the Financial Stockholm event on March 26, 2026.
Additional significant event after the third quarter
On May 18th, it was announced that Hamlet Biopharma has secured new patents and allowance, going from strength to strength in Innovation and Technology
Hamlet Biopharma announced the successful granting of new patents in Japan and India and a further patent allowance in Japan. This continued strengthening of Hamlet BioPharma’s international intellectual property portfolio reaffirms its position at the forefront of technological innovation.
COMPANY OVERVIEW
HAMLET BIOPHARMA TRANSLATESINNOVATION INTO CLINICAL SUCCESS
Hamlet BioPharma is a pharmaceutical company focused on developing innovative treatments for cancer and infectious diseases. With a mission to address large, unmet medical needs, the company has built a robust pipeline of therapeutic candidates targeting malignant tumors and antibiotic-resistant infections. These advances underscore Hamlet BioPharma’s potential in innovative drug development that addresses important medical needs.
Translating Innovation Into Clinical Success: Three positive Phase II studies
Successful Phase II studies in three clinical indications, driven by research originating from Hamlet’s laboratories, with findings published in top journals like Nature.
- Bladder Cancer (Alpha1H) – Placebo controlled study demonstrated 88% tumor reduction at higher doses. Striking induction of apoptosis, immune activation and down-regulation of cancer genes.
- Recurrent Urinary Tract Infections (Anakinra) – Two arm study showed that anakinra was as effective as antibiotics, reducing symptoms and recurrence rates.
- Bladder Pain Syndrome (Anakinra) – Significant reduction in pain and improved quality of life for patients with severe bladder pain.
NEW CANCER TREATMENTS
Alpha1H – Successful Phase II Completed in Bladder Cancer
Bladder Cancer treatment with Alpha 1
Rapid treatment response (2 hours)
Treatment response (1 month) – effects on the tumor
Pipeline cancer – Alpha1H and HAMLET family of molecules
MARKET POTENTIAL BLADDER CANCER
The need for effective new drugs against cancer and infections is huge globally and is constantly increasing. Hamlet BioPharma’s drug candidates are well positioned to capture significant shares in these fast-growing markets and to address critical needs and position itself for sustainable growth.
Market size, Bladder Cancer 2023-2034
Alpha1H, with its promising clinical results and immune activation profile, is well suited to address the need for novel NMIBC treatment and to become a valuable asset for the global bladder cancer market. Its innovative mechanism of action –targeting cancer cells while sparing healthy tissue – could make Alpha1H a preferred alternative to traditional treatments, which are often associated with high toxicity and frequent relapses.
TREATING BACTERIAL INFECTIONS WITHOUT ANTIBIOTICS
New Non-antibiotic Infection treatment Paradigm
Our molecules target the disease rather than the bacteria – new non-antibiotic treatments
Clinical Phase II data supports the efficacy of non-antibiotic therapy of bacterial infections
TREATMENT OF MYCOBACTERIUM TUBERCULOSIS
Tuberculosis is a major cause of mortality in all parts of the world and treatment options are becoming more limited, due to escalating antibiotic resistance. The antimicrobial peptide NZX is being developed as a drug candidate for pulmonary tuberculosis treatment, in collaboration with Hamlet BioPharma. The new, peptidebased drug has shown promising treatment effects against lung tuberculosis in animal models, both against antibiotic sensitive and antibiotic-resistant Mycobacterium tuberculosis bacteria.
The peptide NZ2114 has been identified as a promising candidate for future treatment of tuberculosis. NZ2114 can cross the complex, lipid-rich membrane of Mycobacterium and kill the bacteria in the laboratory and in animal models. NZ2114 is stable in serum and is not toxic to human cells. Antimicrobial effects were also observed against several clinical isolates of Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA). NZ2114 is active as a stand-alone treatment and has synergistic effects with established anti-tuberculosis treatments. The peptide eliminated M. tuberculosis in an animal model of tuberculosis with an 81.14% reduction after three doses, compared to untreated controls.
Peptide induced M. bovis membrane changes
UntreatedNZ2114 treated
Clinical Phase II data supports therapeutic efficacy in debilitating Bladder Pain Syndrome
THE INFECTION TREATMENT MARKET
Hamlet BioPharma offers a groundbreaking solution to address the problem of severe bacterial infections and antibiotic resistance. By focusing on the disease rather than the bacteria, the advances could lead to a paradigm shift in the treatment of bacterial infections. The patient’s health can thus be improved, and bacteria can be cleared through normal defense mechanisms, rather than directly targeting the bacteria. In this way, infections caused by antibiotic-resistant and antibiotic-sensitive organisms can be targeted in animal models. This approach also reduces the selective pressure that contributes to resistance in the environment and the general population.
Market size Recurrent Acute Cystatis and Bladder Pain Syndrome 2023-2034
Source: Data are estimated values to represent market development from reports and research from the American Urological Association (AUA) and International.
Robust Pipelin – 180 patents, patent clases
Market strategy – overall goals
Hamlet Biopharma’s overall goal is to
•reach the market with Phase III ready assets in cancer and infection
•drive the clinical development of groundbreaking preclinical assets with proven therapeutic efficacy in animal models through clinical trials to partnering.
Financing
-Phase III ready asset Alpha1H FDA and EMA market approval
-Phase II validated infection and pain indications New indications for established drug
-Building the company
Partnering
-Specialist or Big pharma, providers of market access
-Development of preclinical/clinical assets
THE PERIOD IN SUMMARY
– Net sales totaled KSEK 0 (0)
–Net result amountedto KSEK -11,612 (-12,007)
–Earnings per share* was SEK -0.0629 (-0.0676) and -0.0585 after dilution
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -38,203 (-35,660)
–Earnings per share* was SEK -0.2069 (-0.2007) and -0.1923 after dilution
–On March 31, 2026, the equity/assets ratio** was 88.0 (92.4) %
–Cash amounted to KSEK 13,986 (20,002)
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -12,111 (-12,505)
–Earnings per share* was SEK -0.0656 (-0.0704) and -0.0610 after dilution
– Net sales totaled KSEK 0 (0)
–Net result amounted to KSEK -39,699 (-37,157)
–Earnings per share* was SEK -0.2150 (-0.2091) and -0.1999 after dilution
–On March 31, 2026, the equity/assets ratio** was 86.2 (91.9) %
–Cash amounted to KSEK 14,036 (20,027)
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Amounts in parentheses above and below indicate the corresponding value in the preceding year.
** Profit/loss after tax for the period divided by 184,661,871 (177,685,127), respectively 198 615 359, where 184,661,871 is the numberof shares outstanding on March 31, 2026, and 198 615 359 shares constitute the number of shares that the Company will have if allsubscribed units in the rights issue are paid and exercised. The comparative figure in parentheses was the number of shares onMarch 31, 2025.
** Equity divided by total capital.
Revenue
Hamlet Biopharma is specializing in the development of drugs with a broad and strong portfolio of projects for the treatment of cancer and infections. The company remains pre-revenue, with value creation driven by milestones in development and partnerships. Net sales amounted to KSEK 0 (0) during the quarter. Other operating income amounted to KSEK 53 (208) during the quarter.
Earnings
External costs were related to the continued drug development activities of the research team at Lund University. The team at Lund University is also responsible for the development of manufacturing methods, stability testing, and chemical and functional characterization of existing and new drug substances and plays a key role in the coordination of laboratory testing in the clinical trial. EBITDA for the quarter amounted to KSEK -9,561 (-9,855), and for the first nine months KSEK -32,212 (-29,504). The depreciations in the quarter were KSEK -2,054 (-2,136), and for the first nine months KSEK -6,145 (-6,407). EBIT for the quarter amounted to KSEK -11,615 (-11,992), and for the first nine months KSEK -38,356 (-35,911). Net result for the quarter was KSEK -11,612 (-12,007), and for the first nine months KSEK -38,203 (-35,660).
Financial position
The company was provided with approximately SEK 9 million through the subscription of warrants series TO5B, so-called short options, during March/April 2026. The issue costs were stated at SEK 35 thousand. Registration with the Swedish Companies Registration Office took place after the quarter, on April 2, 2026. At the end of the quarter, the equity/assets ratio was 88.0 (92.4)%, and the Company’s cash and cash equivalents were KSEK 13,986 (20,002).
Investments
The Company does not capitalize expenses for research and development as assets, since the Company is in an R&D stage. R&D costs are therefore recognized as operating expenses in the income statement.
Depreciation
During the quarter, depreciation of equipment amounted to KSEK 33 (115), and the depreciation of patents from the merger with SelectImmune Pharma AB amounted to KSEK 2,021 (2,021).
In the group, depreciation of patents, including the acquisition of Linnane Projects AB, amounted to KSEK 2,553 (2,635) during the quarter..
Employees
The company had the equivalent of 7 (7) full-time employees during the quarter
The share
The Company’s shares have been traded on Spotlight Stock Market since October 23, 2015. The share is traded under the short name “HAMLET B” with ISIN code SE0015661152.
At the extraordinary general meeting in Hamlet Pharma AB on March 2, 2021, it was decided that the company’s common shares would undergo a split with relation 3:1 and would be reclassified as A- and B-shares. The B-shares will be traded on Spotlight Stock Market. The A-shares will not be listed. Each A-share entitles to ten votes and B-shares entitles to one vote. Furthermore, it is possible for shareholders to convert A-shares to B-shares, which can be traded on Spotlight Stock Market. This conversion program is ongoing with no current deadline. This means that the ratio between A- and B-shares will change over time.
As of March 31, 2026, the number of shares registered at the Swedish Companies Registration Office (Bolagsverket) totaled 184,661,871. The registered current ratio of shares was 39,947,400 A-shares and 144,714,471 B-shares.
Subscription warrants
The warrants in serie TO5B and serie TO6B give the right to subscribe for a total of 20 930 232 shares. Of these, 1,518,838 shares were subscribed for in series TO5B during March/April 2026. The issue was aimed at approximately 20 external investors. The subscription price for the short option with a term of 12 months is SEK 6 per share and the subscription price for the long option with a term of 30 months is SEK 10 per share. The options are not admitted to trading.
Transactions with related parties
During the quarter, KSEK 1,959 (1,459) was paid to Linnane Pharma AB, of which KSEK 1,839 (1,339) refers to the co-operation agreement, KSEK 120 (120) refers to patent license.
The co-operation agreement with Linnane Pharma refers to compensation for access to advanced science and cutting-edge technology for drug development. The collaboration means that Linnane Pharma’s technology platform and other resources are available to Hamlet BioPharma. Hamlet BioPharma is a subsidiary company of Linnane Pharma AB, which owns 33.00% of the capital and 73.96% of the votes of Hamlet BioPharma.
Furthermore, salaries and allowances to board and management were paid during the period. Transactions with related parties are on market terms.
Significant risks and uncertainties
The Board’s assessment of significant risks and uncertainties is unchanged compared with the most recent financial year and are described in the most recently published annual report (2025-06-30).
Basis of preparation for the interim report
The Company prepares its accounts in accordance with the Swedish Annual Accounts Act (Årsredovisningslagen) and the K3 framework (BFNAR 2012:1) of the Swedish Accounting Standards Board (Bokföringsnämnden).
The company’s accounting principles are unchanged compared with most recent financial year and are described in the most recent published annual report (2025-06-30).
On March 31st, 2023, Hamlet BioPharma acquired Linnane Projects AB from Linnane Pharma AB and the patents and know-how regarding a new peptide-based drug against tuberculosis as well as the know-how required to develop the project. In accordance with regulations at Spotlight and the Swedish Accounting Standards Board (Bokföringsnämnden), consolidated accounts of Linnane Projects and Hamlet BioPharma are drawn up.The quarterly report is prepared with the parent company’s accounting in focus. In texts, the group is only commented on if something differs significantly from the parent company.
Review
This interim report has not been audited.
Financial calendar
Year-end report for 2025/2026 | August 28, 2026 |
Annual Report for 2025/2026 | October 30, 2026 |
Interim report for Q1, 2026/2027 | November 13, 2026 |
Annual General Meeting for 2025/2026 | November 20, 2026 |
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