• Royalty income of A$64.6 million, up 15% from 2024
• Net profit after tax of A$30.4 million
• Positive progress on NNZ-2591 pipeline, including initiation of Phase 3 trial in Phelan-McDermid syndrome

Neuren Pharmaceuticals Limited reported its 2025 full year results, with royalty income of A$64.6 million under the license agreement with Acadia, up 15% from A$56.2 million in 2024. Interest income was A$12.2 million (2024: A$11.0 million). In 2024, revenue from Acadia also included one-time sales milestone revenue of A$80.5 million and one-time revenue from the sale of a Priority Review Voucher of A$76.5 million. Research and development costs increased by A$3.4 million to A$36.4 million for 2025, with higher expenditure due to the start-up of the Phase 3 trial of NNZ-2591 in Phelan-McDermid syndrome (PMS). Corporate and administrative costs of A$6.2 million in 2025 increased by A$1.5 million from the prior period, mainly due to increased share-based payments expense. The company's net profit after income tax for the year ended 31 December 2025 was A$30.4 million (2024: A$142.0 million). Total cash and short-term investments at 31 December 2025 were A$296.1 million (31 December 2024: A$222.2 million). During the year, Neuren made progress on its NNZ-2591 pipeline, including initiating the Koala Phase 3 trial in PMS, receiving Fast Track designation from the FDA for the PMS and Pitt Hopkins syndrome (PTHS) programs, and adding new indications of hypoxic-ischemic encephalopathy (HIE) and SYNGAP1-related disorder (SRD) to the pipeline.

Acadia has provided guidance for full-year net sales in 2026 of US$460-490 million. Assuming this guidance is met and an exchange rate of 0.70 to 0.72, Neuren anticipates earning full-year 2026 royalties of A$70-77 million.