# EDGAR Filing Document

**Accession Number:** 0001638287
**File Stem:** 0001558370-25-010658
**Filing Date:** 2025-8
**Character Count:** 29137
**Document Hash:** ea41000bb7b00b6accf010a94a4e2b45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010658.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001558370-25-010658

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MetaVia Inc.
- **CENTRAL INDEX KEY:** 0001638287
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 472389984
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37809
- **FILM NUMBER:** 251191797

**BUSINESS ADDRESS:**
- **STREET 1:** 545 CONCORD AVENUE
- **STREET 2:** SUITE 210
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02138
- **BUSINESS PHONE:** (857) 702-9600

**MAIL ADDRESS:**
- **STREET 1:** 545 CONCORD AVENUE
- **STREET 2:** SUITE 210
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02138

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NeuroBo Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20191231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gemphire Therapeutics Inc.
- **DATE OF NAME CHANGE:** 20150331

?xml version='1.0' encoding='ASCII'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 7, 2025**

![Graphic](mtva-20250807x8k001.jpg)

**METAVIA INC.**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37809** | **47-2389984** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

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| | |
|:---|:---|
| **545 Concord Avenue, Suite 210**<br>**Cambridge, Massachusetts** <br>| **02138** |
| (Address of principal executive offices) | (Zip Code) |

---

**(857) 702-9600**

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | MTVA | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02.** **Results of Operations and Financial Condition.**

On August 7, 2025, MetaVia Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2025 and providing a corporate update. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K (this "Report").

Information contained on or accessible through any website reference in the press release is not part of, or incorporated by reference in, this Report, and the inclusion of such website addresses in this Report by incorporation by reference of the press release is as inactive textual references only.

The information in this Report, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Forward-Looking Statements

Exhibit 99.1 attached hereto contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on current expectations and are not guarantees of future performance. Further the forward-looking statements are subject to the limitations listed in Exhibit 99.1 and in the other reports of the Company filed with the Securities and Exchange Commission, including that actual events or results may differ materially from those in the forward-looking statements.

**Item 9.01.** **Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| Exhibit<br>Number | Exhibit Description |
| 99.1 | [Press Release dated August 7, 2025.](mtva-20250807xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |

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**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **METAVIA INC.** | **METAVIA INC.** |
| Date: August 7, 2025 | By:  | /s/ Hyung Heon Kim |
|  |  | Hyung Heon Kim |
|  |  | *President and Chief Executive Officer* |

---

## Exhibit 99.1

![Graphic](mtva-20250807xex99d1001.jpg)

**Exhibit 99.1**

**MetaVia Reports Second Quarter 2025 Financial Results** 

**and Provides Corporate Update**

*Dosed the First Patient in the 8-Week 48 mg MAD Cohort of its Phase 1 Clinical Trial to Further Explore Maximum Tolerated Dose of DA-1726 for the Treatment of Obesity; Top-Line Data Expected in the Fourth Quarter of 2025*

*Signed AI-Driven Collaboration with Syntekabio to Explore Additional Indications for DA-1241 Beyond MASH*

*$17.6 Million in Cash at End of Second Quarter is Expected to Fund the Company Into 2026*

**CAMBRIDGE, Mass., August 7, 2025 – MetaVia Inc.** (Nasdaq: MTVA), a clinical-stage biotechnology company focused on transforming cardiometabolic diseases, today announced financial results for the second quarter ended June 30, 2025, and provided a corporate strategic update.

"During the second quarter and recently, we continued to make significant progress advancing the clinical development of our two next-generation cardiometabolic assets," stated Hyung Heon Kim, President and Chief Executive Officer of MetaVia. "A key milestone was the dosing of the first patient in the 48 mg multiple ascending dose (MAD) Phase 1 trial of DA-1726, a novel, dual oxyntomodulin (OXM) analog agonist that targets both the glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR), for the treatment of obesity. Most recently, we announced the extension of this 48 mg cohort to 8-weeks, in order to evaluate longer-term early efficacy and safety, while exploring the maximum tolerated dose without the need for titration. Previously reported clinical data from the 32 mg dose cohort highlighted DA-1726's best-in-class potential, demonstrating a compelling safety and tolerability profile without the need for dose titration. The 48 mg cohort is expected to build on a clear dose-dependent trend in weight reduction seen across the 8 to 32 mg range, potentially unlocking greater efficacy with extended use. We expect the 32 mg dose will serve as the starting point for future clinical trials."

"In prior cohorts, DA-1726 at the 32 mg dose demonstrated weight loss (average 4.3%, max 6.3%, p=0.0005 by Day 26), with 83% of patients reporting early satiety. By Day 33, waist circumference decreased by an average of 1.6 inches (max 3.9 inches), aligning with glucagon-driven adipose effects observed in preclinical models. Fasting glucose was reduced by up to 18 mg/dL without hypoglycemia, highlighting its promise in treating obesity and related metabolic disorders. Cardiovascular safety was also favorable—no QTcF prolongation and reduced heart rate across most cohorts—despite dual agonism. GI side effects were mild, transient, and infrequent, suggesting better tolerability than current GLP-1 therapies. We look forward to reporting data from the 8-week 48 mg cohort in the fourth quarter of this year. Following our successful private placement for aggregate gross proceeds of $10.0 million in May, we remain well-capitalized to reach this milestone, with our runway now extended into 2026."

Mr. Kim continued, "In June, we presented new pre-clinical data on DA-1241, a first-in-class oral GPR119 agonist, at the American Diabetes Association's (ADA) 85th Scientific Sessions. The new data further underscores the potential of combining DA-1241 with an FGF21 analogue, such as Efruxifermin. For the first time, this combination therapy showed synergistic benefits in reducing liver fat, inflammation, and

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fibrosis, three key drivers of MASH progression. Additionally, our 16-week Phase 2a results, presented at the EASL Congress 2025, highlighted DA-1241's dual mechanism of action through anti-inflammatory and anti-fibrotic pathways, which demonstrated DA-1241's hepatoprotective and glucose-regulating effects. Together, these findings reinforce our confidence in DA-1241's potential as part of a combination approach to effectively address the complex pathology of MASH. We are currently working to schedule an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA). Based on the strong safety data from the Phase 2a trial, we signed a collaboration agreement with Syntekabio to potentially enhance the value of DA-1241 beyond MASH, by using their DeepMatcher® AI platform to screen over 1,700 validated protein targets. This approach aims to identify new, high-potential indications while ensuring specificity and reducing off-target risks. We believe this well-tolerated oral candidate can address significant unmet needs and look forward to early insights later this year."

**Second Quarter 2025 and Subsequent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;● August 2025: Administered the fifth dose for the first patient in the 8-week extended 48 mg, MAD cohort of the Phase 1 clinical trial of DA-1726 for the treatment of obesity. The cohort, extended to 8 weeks from 4 weeks, is designed to explore the maximum tolerated dose further, continue to explore safety over a longer treatment duration, and evaluate early efficacy.

&nbsp;&nbsp;&nbsp;&nbsp;● August 2025: Announced a research collaboration with Syntekabio, Inc., a leading artificial intelligence (AI)-driven drug discovery company, to identify additional disease targets beyond MASH, and optimize the therapeutic profile of DA-1241.

&nbsp;&nbsp;&nbsp;&nbsp;● July 2025: Dosed the first patient in the 4-week 48 mg MAD cohort of the Phase 1 clinical trial of DA-1726, for the treatment of obesity, to further explore the maximum tolerated dose.

&nbsp;&nbsp;&nbsp;&nbsp;● June 2025: After the conclusion of the virtual 2025 Annual Meeting of Stockholders on June 30, 2025, all outstanding pre-funded warrants issued in May 2025 were exercised for 4,605,162 shares of the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;● June 2025: Presented preclinical data on DA-1241 in a poster presentation at the ADA's 85th Scientific Sessions. The data demonstrated additive hepatoprotective effects in combination with Efruxifermin, a fibroblast growth factor 21 (FGF21) analogue, in a metabolic dysfunction-associated steatohepatitis (MASH) mouse model.

&nbsp;&nbsp;&nbsp;&nbsp;● May 2025: Closed on a private placement offering with Dong-A ST, a related party, and Dong-A Socio Holdings Co., Ltd., the parent company of Dong-A ST, and received gross proceeds of $10.0 million, before deducting the placement agent's fees and related offering expenses. The offering was priced at-the-market under Nasdaq rules.

&nbsp;&nbsp;&nbsp;&nbsp;● May 2025: Presented data from the 16-week Phase 2a clinical trial of DA-1241 in patients with presumed MASH in a late-breaking poster presentation at EASL Congress 2025. In this trial, DA-1241 significantly decreased plasma ALT levels, with a mean reduction of 22.8 U/L at 16 weeks, Controlled Attenuation Parameter (CAP) Score improved by 23.0 dB/m, indicating reduced liver fat content, while an improvement in FibroScan-AST (FAST) score and NIS-4, supports beneficial effects on liver health.

&nbsp;&nbsp;&nbsp;&nbsp;● April 2025: Reported additional positive top-line results from the 4-week MAD Part 2 of its Phase 1 clinical trial of DA-1726 for the treatment of obesity further demonstrating its best-in-class potential. DA-1726 demonstrated a clear dose-responsive trend in body weight reduction across the 8 mg to 32 mg range, indicating potentially greater efficacy at higher doses and longer duration of use. Additionally, body mass index, which shows body weight adjusted for height, showed a difference between the treatment group and the placebo group, which was even more pronounced, further supporting the dose-dependent effect of the drug on weight-related outcomes. Of note, DA-1726 did

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not show any clinically significant increases in heart rate or QTcF changes up to 32 mg at 4 weeks of administration.

&nbsp;&nbsp;&nbsp;&nbsp;● April 2025: Reported all outstanding pre-funded warrants issued in June 2024 were exercised for 1,430,000 shares of the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;● April 2025: Announced positive top-line results from the 4-week MAD Part 2 of its Phase 1 clinical trial of DA-1726 for the treatment of obesity. DA-1726 demonstrated excellent safety and tolerability, with positive clinical activity. The cohort receiving 32 mg of DA-1726 with no titration demonstrated a maximum reduction in body weight from baseline ranging up to -6.3%, and a mean body weight reduction of -4.3% at Day 26 (p=0.0005). Four out of six subjects on the 32 mg dose experienced mild gastrointestinal (GI) adverse events (AEs), most of which were resolved after 24 hours of occurrence. There were no treatment-related discontinuations or serious adverse events (SAEs).

**Anticipated Clinical Milestones**

&nbsp;&nbsp;&nbsp;&nbsp;● **DA-1726 in Obesity:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Data from the 8-week 48 mg MAD cohort to explore the maximum tolerated dose is expected in the fourth quarter of 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;● **DA-1241 in MASH:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Company is currently working to schedule an end-of-Phase 2 meeting with the FDA .

**Second Quarter Financial and Operating Results**

&nbsp;&nbsp;&nbsp;&nbsp;● **Research and Development (R&D) Expenses** were approximately $2.3 million for the second quarter ended June 30, 2025, as compared to approximately $8.1 million for the second quarter ended June 30, 2024. The decrease of approximately $5.8 million was primarily attributable to (i) $2.4 million in lower direct R&D expenses related to DA-1241 product development, (ii) $3.4 million in lower direct R&D expenses related to DA-1726 product development, and (iii) $0.1 million in lower direct other R&D costs. These decreases were partially offset by an aggregate $0.1 million increase in indirect R&D expenses related to employee compensation and benefits and consulting. Included in direct R&D costs were expenses totaling $1.3 million and $3.4 million for the three months ended June 30, 2025 and 2024, respectively, related to investigational drug manufacturing, non-clinical and preclinical costs incurred under the Shared Services Agreement with Dong-A ST (related party).

R&D expenses were approximately $4.6 million for the six months ended June 30, 2025, as compared to approximately $13.0 million for the six months ended June 30, 2024. The approximately $8.3 million decrease was primarily attributable to (i) $5.3 million in lower direct R&D expenses related to DA-1241 product development, (ii) $2.9 million in lower direct R&D expenses related to DA-1726 product development, and (iii) $0.3 million in lower direct other R&D costs. These decreases were partially offset by $0.2 million in higher indirect R&D expenses related to employee compensation and benefits. Included in direct R&D costs were expenses totaling $2.4 million and $3.6 million for the six months ended June 30, 2025 and 2024, respectively, related to investigational drug manufacturing, non-clinical and preclinical costs incurred under the Shared Services Agreement with Dong-A ST (related party).

&nbsp;&nbsp;&nbsp;&nbsp;● **General and Administrative Expenses** were approximately $2.0 million for the second quarter ended June 30, 2025 and 2024.

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G&A expenses were approximately $3.5 million for the six months ended June 30, 2025, as compared to approximately $4.0 million for the six months ended June 30, 2024. The approximately $0.4 million decrease was primarily attributable to (i) $0.7 million in lower consulting expenditures and (ii) $0.2 million in lower other G&A expenses. These decreases were partially offset by (i) $0.3 million in higher legal and professional fees and (ii) $0.2 million in higher employee compensation and benefits.

&nbsp;&nbsp;&nbsp;&nbsp;● **Total Operating Expenses** were approximately $4.3 million for the second quarter ended June 30, 2025, compared to approximately $10.1 million for the second quarter ended June 30, 2024. The approximately $5.8 million decrease was primarily attributable to lower R&D expenses.

Total Operating expenses were approximately $8.2 million for the six months ended June 30, 2025, compared to approximately $17.0 million for the six months ended June 30, 2024. The approximately $8.8 million decrease was primarily attributable to lower R&D and general and administrative expenses for the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;● **Total Other Income** was approximately $0.3 million for the second quarter ended June 30, 2025, compared to approximately $31 thousand for the second quarter ended June 30, 2024. The approximately $0.3 million increase was mainly attributable to the $0.3 million increase in the change in fair value of warrant liabilities. The Company recorded a gain of $0.2 million from the change in fair value of warrant liabilities during the three months ended June 30, 2025 compared to a loss of $0.1 million from the change in fair value of warrant liabilities during the three months ended June 30, 2024.

Total other income was approximately $0.5 million for the six months ended June 30, 2025, as compared to approximately $0.2 million for the six months ended June 30, 2024. The approximately $0.3 million increase was primarily attributable to the $0.5 million increase in the change in fair value of warrant liabilities, partially offset by $0.1 million in lower interest income. The Company recorded a gain of $0.2 million from the change in fair value of warrant liabilities during the six months ended June 30, 2025 compared to a loss of $0.2 million from the change in fair value of warrant liabilities during the six months ended June 30, 2024. The decrease in interest was due to a lower average invested amount during the six months ended June 30, 2025 and lower interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;● **Net Loss** for the second quarter ended June 30, 2025, was $4.0 million, or $0.26 per basic and diluted share, based on 15,287,278 weighted average shares of common stock outstanding, compared with a net loss of $10.1 million, or $1.85 per basic and diluted share, based on 5,428,906 weighted average shares of common stock outstanding for the second quarter ended June 30, 2025.

Net loss for the six months ended June 30, 2025, was approximately $7.7 million, or $0.60 per basic and diluted share, based on 12,789,616 weighted average shares of common stock, basic and diluted, compared with a net loss of approximately $16.8 million, or $3.19 per basic and diluted share, based on 5,259,939 weighted average shares of common stock, basic and diluted, for the six months ended June 30, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Cash** was $17.6 million as of June 30, 2025, compared with $16.0 million as of December 31, 2024. The company expects its cash position will be adequate to fund operations into 2026.

**About MetaVia**

MetaVia Inc. is a clinical-stage biotechnology company focused on transforming cardiometabolic diseases. The company is currently developing DA-1726 for the treatment of obesity, and is developing DA-1241 for the treatment of Metabolic Dysfunction-Associated Steatohepatitis (MASH). DA-1726 is a novel oxyntomodulin (OXM) analogue that functions as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR) dual agonist. OXM is a naturally-occurring gut hormone that activates GLP1R and GCGR, thereby decreasing food intake while increasing energy expenditure, thus potentially resulting in superior body weight loss compared to selective GLP1R agonists. In a Phase 1 multiple ascending dose (MAD) trial in obesity, DA-1726 demonstrated best-in-class potential for weight loss, glucose control, and waist reduction. DA-1241 is a novel G-protein-coupled receptor 119 (GPR119) agonist that promotes the release of key gut peptides GLP-1, GIP, and PYY. In pre-clinical studies, DA-1241 demonstrated a positive effect on liver inflammation, lipid metabolism, weight loss, and glucose metabolism, reducing hepatic steatosis, hepatic inflammation, and liver fibrosis, while also improving glucose control. In a Phase 2a clinical study, DA-1241 demonstrated direct hepatic action in addition to its glucose lowering effects.

For more information, please visit www.metaviatx.com.

**Forward Looking Statements**

Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believes", "expects", "anticipates", "may", "will", "should", "seeks", "approximately", "potential", "intends", "projects", "plans", "estimates" or the negative of these words or other comparable terminology (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, without limitation, those risks associated with MetaVia's ability to execute on its commercial strategy; our expectations regarding the sufficiency of our existing cash on hand to fund our operations; the timeline for regulatory submissions; the ability to obtain regulatory approval through the development steps of MetaVia's current and future product candidates; the ability to realize the benefits of the license agreement with Dong-A ST Co. Ltd., including the impact on future financial and operating results of MetaVia; the cooperation of MetaVia's contract manufacturers, clinical study partners and others involved in the development of MetaVia's current and future product candidates; potential negative interactions between MetaVia's product candidates and any other products with which they are combined for treatment; MetaVia's ability to initiate and complete clinical trials on a timely basis; MetaVia's ability to recruit subjects for its clinical trials; whether MetaVia receives results from MetaVia's clinical trials that are consistent with the results of pre-clinical and previous clinical trials; impact of costs related to the license agreement, known and unknown, including costs of any litigation or regulatory actions relating to the license agreement; the effects of changes in applicable laws or regulations; the effects of changes to MetaVia's stock price on the terms of the license agreement and any future fundraising; and other risks and uncertainties described in MetaVia's filings with the Securities and Exchange Commission, including MetaVia's most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date when made. MetaVia does not assume any obligation to publicly update or revise

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any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

**Contacts:**

**MetaVia**

Marshall H. Woodworth

Chief Financial Officer

+1-857-299-1033

marshall.woodworth@metaviatx.com

**Rx Communications Group**

Michael Miller

+1-917-633-6086

mmiller@rxir.com

**- Tables to Follow -**

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**MetaVia Inc.**

**Consolidated Balance Sheets**

(In thousands, except per share amounts)

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| | | |
|:---|:---|:---|
|  | As of  | As of  |
|  | June 30, 2025<br>(Unaudited) | December 31, 2024<br>|
| Assets |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | $17589 | $16017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 726 | 55 |
| Total current assets | 18315 | 16072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 27 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset | 96 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 21 | 21 |
| Total assets | $18459 | $16260 |
| Liabilities and stockholders' equity |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2875 | $3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical trial accrued liabilities | 1463 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 610 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liabilities | 114 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party payable | 3675 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability, short-term | 83 | 78 |
| Total current liabilities | 8820 | 8271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability, long-term | 15 | 58 |
| Total liabilities | 8835 | 8329 |
| Commitments and contingencies |  |  |
| Stockholders' equity  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value per share; 10,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share, 100,000 shares authorized as of June 30, 2025 and December 31, 2024; 24,194 and 8,637 shares issued and outstanding as June 30, 2025 and December 31, 2024, respectively | 24 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid–in capital | 153123 | 143779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (143523) | (135857) |
| Total stockholders' equity  | 9624 | 7931 |
| Total liabilities and stockholders' equity  | $18459 | $16260 |

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**MetaVia Inc.**

**Consolidated Statements of Operations**

(Unaudited - In thousands, except share and per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $2320 | $8074 | $4647 | $12978 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1981 | 2010 | 3540 | 3987 |
| Total operating expenses | 4301 | 10084 | 8187 | 16965 |
| Loss from operations | (4301) | (10084) | (8187) | (16965) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) from change in fair value of warrant liabilities | 160 | (133) | 247 | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 146 | 164 | 274 | 401 |
| Total other income | 306 | 31 | 521 | 198 |
| Loss before income taxes | (3995) | (10053) | (7666) | (16767) |
| Provision for income taxes |  |  |  |  |
| Net loss and comprehensive net loss | $(3995) | $(10053) | $(7666) | $(16767) |
| Loss per share of common stock, basic and diluted  | $(0.26) | $(1.85) | $(0.60) | $(3.19) |
| Weighted average shares of common stock, basic and diluted | 15287278 | 5428906 | 12789616 | 5259939 |

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