HRTISNasdaq HelsinkiBiotechnologyIFRS · EUR

Herantis Pharma Oyj

Herantis Pharma is a Helsinki-based clinical-stage biotechnology company focused on developing disease-modifying treatments for Parkinson's disease. Its core program, HER-096, is a small peptide designed for subcutaneous administration and intended to reach the brain through the blood-brain barrier.

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Net income-6.6m EUR
−419.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-6-4-2024m EUR2020: EBIT -4.2 m EUR202020212023: EBIT 2.6 m EUR20232025
RevenueOperating profit (EBIT)
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Business

Share of revenue
HER-096 clinical program85 %

Development of the lead peptide candidate HER-096 for Parkinson's disease.

Research collaborations and grants15 %

Non-dilutive research funding and partnered development support.

Customers

Herantis does not sell a commercial product to mass-market end customers; its primary counterparties are clinical trial participants, research collaborators, and funding partners that support drug development. The eventual commercial customers would be neurologists, hospitals, and healthcare systems if HER-096 or related programs reach approval. In the current stage, value is created through clinical data generation, biomarker evidence, and partner-supported development.

Clinical trial participants

Healthy volunteers and Parkinson's patients enrolled to test safety, tolerability, PK, and biomarkers.

Research funders

Public and private grant providers that finance development work and reduce dilution.

Future healthcare providers

Neurologists, hospitals, and health systems that would prescribe or administer HER-096 if approved.

Potential licensing partners

Pharma or biotech partners that may support later-stage development or commercialization.

Strategy

Herantis' strategy centers on advancing HER-096 through clinical proof-of-concept, using biomarker data to strengthen the case for later-stage development. The company also relies on non-dilutive funding and selective equity financing to support expensive clinical work while preserving optionality for partnering.

Progress HER-096 into phase 2 proof-of-conceptShort term

Later-stage human data is the key value inflection for a clinical-stage biotech.

Strengthen the clinical and biomarker packageShort term

Robust biomarker evidence can improve differentiation and de-risk development.

Secure funding for developmentShort term

Clinical trials are capital intensive and require continuous financing.

Preserve partnering optionalityMedium term

A stronger data package can improve future licensing or collaboration terms.

Geography

Herantis is headquartered in Helsinki, Finland, and is listed on Nasdaq First North Helsinki. Its development work is international in nature because clinical studies, scientific collaborations, and future commercialization for Parkinson's disease are typically cross-border activities. The company also references European research funding, which ties part of its development base to the EU ecosystem.

Risks

Herantis is exposed to the core risks of clinical-stage drug development: trial failure, regulatory setbacks, and uncertainty over whether HER-096 will translate into a viable therapy. The company also depends on external financing and third-party research and manufacturing capabilities, which can affect timing, cost, and continuity of development.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →HER-096 clinical development risk1Regulatory and approval risk3Intellectual property risk4Financing risk2Third-party dependency risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. HER-096 clinical development riskImpact: CriticalLikelihood: Medium

    The lead asset must continue to show safety, tolerability, and efficacy in humans.

    Exposure: Phase 2 and beyond

  2. Financing riskImpact: HighLikelihood: High

    Clinical development requires recurring capital and the company may need additional funding.

    Exposure: Operating runway and trial execution

  3. Regulatory and approval riskImpact: HighLikelihood: Medium

    Drug candidates can be delayed or rejected by regulators even after promising early data.

    Exposure: Clinical and commercialization path

  4. Intellectual property riskImpact: HighLikelihood: Medium

    A small biotech's value depends heavily on protecting its lead asset and know-how.

    Exposure: Patents and proprietary data

  5. Third-party dependency riskImpact: MediumLikelihood: Medium

    Trials, lab work, and manufacturing rely on external partners and vendors.

    ExposureCROsLabsClinical sitesManufacturing
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Accounting

Judgemental items
Research and development expense recognition

Clinical trial and preclinical costs are expensed as incurred and drive reported losses.

Impact: Material for operating result and comparability across periods

Grant accounting

Non-dilutive research grants must be recognized based on qualifying activity and conditions.

Impact: Affects other operating income and funding visibility

Share-based payment accounting

Option programs create non-cash compensation expense tied to fair value estimates.

Impact: Can materially affect operating expenses

Potential future licensing revenue

Any partnering or milestone income would require contract-specific revenue recognition analysis.

Impact: Could affect timing and volatility of reported revenue

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Last updated: 24/09/2026