# EDGAR Filing Document

**Accession Number:** 0001638287
**File Stem:** 0001558370-25-010759
**Filing Date:** 2025-8
**Character Count:** 105407
**Document Hash:** 8a4c39dc4ad7ee4b27f339623e0e9518
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010759.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001558370-25-010759

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250630

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37809
- **FILM NUMBER:** 251193939

**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'? METAVIA INC._June 30, 2025

[**Table of Contents**](#Toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form 10-Q**

**(Mark One)**

---

| | |
|:---|:---|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | **For the quarterly period ended June 30, 2025**<br>|

---

**OR**

---

| | |
|:---|:---|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>|

---

**Commission file number 001-37809**

![Graphic](mtva-20250630x10q001.jpg)

**METAVIA INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-2389984** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
| **545 Concord Avenue, Suite 210**<br>**Cambridge, Massachusetts** | **02138** |
| (Address of principal executive offices) | (Zip Code) |

---

**(857) 702-9600**

(Registrant's telephone number, including area code)

**Not applicable**

(Former name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of Each Exchange On Which Registered** |
| &nbsp;&nbsp;Common stock, $0.001 par value | &nbsp;&nbsp;MTVA | &nbsp;&nbsp;The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ◻ | Accelerated filer ◻ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
| 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 7, 2025, the registrant had 24,197,809 shares of common stock, $0.001 par value per share, issued and outstanding.

------

[**Table of Contents**](#Toc)

**METAVIA INC.**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| [Part I](#PARTIFINANCIALINFORMATION_483013) | [Financial Information](#PARTIFINANCIALINFORMATION_483013) | 3 |
| [Item 1.](#ITEM1FINANCIALSTATEMENTS_386115)  | [Financial Statements (Unaudited)](#ITEM1FINANCIALSTATEMENTS_386115)  | 3 |
|  | [Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#BalanceSheets_383724) | 3 |
|  | [Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#ComprehensiveLoss_1868) | 4 |
|  | [Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#Stockholders_238774) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#CashFlows_19527) | 6 |
|  | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](#TheCompanyandBasisofPresentation_829357) | 7 |
| [Item 2.](#ITEM2MANAGEMENTSDISCUSSION_974141)  | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSION_974141) | 16 |
| [Item 3.](#ITEM3QUANTITATIVEANDQUALITATIVE_543894)  | [Quantitative and Qualitative Disclosures about Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVE_543894) | 24 |
| [Item 4.](#ITEM4CONTROLSANDPROCEDURES_128146)  | [Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES_128146) | 24 |
| [Part II](#PARTIIOTHERINFORMATION_875534) | [Other Information](#PARTIIOTHERINFORMATION_875534) | 25 |
| [Item 1.](#ITEM1LEGALPROCEEDINGS_628869)  | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS_628869) | 25 |
| [Item 1A.](#ITEM1A_RISK_FACTORS)  | [Risk Factors](#ITEM1A_RISK_FACTORS) | 25 |
| [Item 2.](#ITEM2UNREGISTEREDSALESOFEQUITY_733918)  | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALESOFEQUITY_733918) | 25 |
| [Item 3.](#ITEM3DEFAULTUPON_78011)  | [Default Upon Senior Securities](#ITEM3DEFAULTUPON_78011) | 25 |
| [Item 4.](#ITEM4MINESAFETYDISCLOSURES_886185)  | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_886185) | 25 |
| [Item 5.](#ITEM5OTHERINFORMATION_858772)  | [Other Information](#ITEM5OTHERINFORMATION_858772) | 25 |
| [Item 6.](#EXHIBITS_650020)  | [Exhibits](#EXHIBITS_650020) | 26 |
| [Signatures](#SIGNATURES_188328) | [Signatures](#SIGNATURES_188328) | 28 |

---

[**Table of Contents**](#Toc)

*Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 (this "Report") to "we," "us," "the Company," "MetaVia," "the Registrant" and "our" refer to MetaVia Inc. and its subsidiaries.*

**Special Note Regarding Forward-Looking Statements**

This Report contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements that address future operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation, our expectations regarding our ability to execute our commercial strategy; our expectations regarding the sufficiency of our existing cash on hand to fund our operations; the timeline for regulatory submissions, regulatory steps and potential regulatory approval of our current and future product candidates; the ability to realize the benefits of the license agreement with Dong-A ST Co., Ltd., a related party ("Dong-A ST"), including the impact on our future financial and operating results; the ability to integrate the product candidates into our business in a timely and cost-efficient manner; the cooperation of our contract manufacturers, clinical study partners and others involved in the development of our current and future product candidates; our ability to initiate clinical trials on a timely basis; our planned clinical trials and our ability to recruit subjects for our clinical trials; the costs related to the license agreement, known and unknown, including costs of any litigation or regulatory actions relating to the license agreement; the changes in applicable laws or regulations; and the effects of changes to our stock price on the terms of the license agreement and any future fundraising and other risks and uncertainties described in this Report and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Form 10-K"), our Quarterly Report on Form 10-Q for the three months ended March 31, 2025 (the "Q1 2025 Form 10-Q"), and in our other filings with the Securities and Exchange Commission (the "SEC").

Forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements may be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. In addition, statements that "we believe," "we expect," "we anticipate" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Report and management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

We operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties. We may not achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including without limitation, the possibility that regulatory authorities do not accept our applications or approve the marketing of our products, the possibility we may be unable to raise the funds necessary for the development and commercialization of our products, and those described in this Report and our other filings with the SEC.

[**Table of Contents**](#Toc)

**Part I - Financial Information**

**Item 1.** **Financial Statements**

**MetaVia Inc.**

**Condensed Consolidated Balance Sheets**

(In thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | 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 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Condensed Consolidated Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |  |  |
|  | 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 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Condensed Consolidated Statements of Changes in Stockholders' Equity**

(Unaudited - In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Common Stock | Common Stock | | | |
|  | Shares | Amount | Additional<br>Paid-In<br>Capital | <br>Accumulated<br>Deficit | <br>Total<br>Equity |
| As of January 1, 2024 | 4906 | $5 | $124945 | $(108265) | $16685 |
| Stock-based compensation  |  |  | 105 |  | 105 |
| Net loss |  |  |  | (6714) | (6714) |
| As of March 31, 2024 | 4906 | $5 | $125050 | $(114979) | $10076 |
| Issuance of common stock and warrants (Pre-funded, Series A and Series B), net of issuance costs of $1,522 | 3308 | 3 | 18473 |  | 18476 |
| Issuance of Placement Agent warrants |  |  | 309 |  | 309 |
| Issuance of stock for vested restricted stock units | 7 |  |  |  |  |
| Stock–based compensation  |  |  | 134 |  | 134 |
| Net loss |  |  |  | (10053) | (10053) |
| As of June 30, 2024 | 8221 | $8 | $143966 | $(125032) | $18942 |
| As of January 1, 2025 | 8637 | $9 | $143779 | $(135857) | $7931 |
| Issuance of stock for vested restricted stock units | 18 |  | (12) |  | (12) |
| Stock-based compensation  |  |  | 132 |  | 132 |
| Net loss |  |  |  | (3671) | (3671) |
| As of March 31, 2025 | 8655 | $9 | $143899 | $(139528) | $4380 |
| Issuance of common stock and pre-funded warrants, net of issuance costs of $874 | 9479 | 9 | 9113 |  | 9122 |
| Issuance of common stock for exercise of warrants | 6035 | 6 |  |  | 6 |
| Issuance of stock for vested restricted stock units | 25 |  |  |  |  |
| Stock–based compensation  |  |  | 111 |  | 111 |
| Net loss |  |  |  | (3995) | (3995) |
| As of June 30, 2025 | 24194 | $24 | $153123 | $(143523) | $9624 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Condensed Consolidated Statements of Cash Flows**

(Unaudited - In thousands)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Operating activities |  |  |
| Net loss | $(7666) | $(16767) |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 243 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease (credit) charge | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from change in fair value of warrant liabilities | (247) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (671) | (507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1348) | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | 1795 | 1732 |
| Net cash used in operating activities | (7886) | (13693) |
| Investing activities |  |  |
| Purchases of property and equipment | (2) | (8) |
| Net cash used in investing activities | (2) | (8) |
| Financing activities |  |  |
| Proceeds from issuance of common stock and pre-funded warrants | 9996 | 19998 |
| Payments of issuance costs | (530) | (798) |
| Proceeds from exercise of warrants | 6 |  |
| Payment of employee withholding taxes related to shares withheld from issuance for vested restricted stock units | (12) |  |
| Net cash provided by financing activities | 9460 | 19200 |
| Net increase in cash | 1572 | 5499 |
| Cash at beginning of period | 16017 | 22435 |
| Cash at end of period | $17589 | $27934 |
| Supplemental non-cash investing and financing transactions |  |  |
| Unpaid issuance costs | $344 | $415 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

**1.** **Business, basis of presentation, new accounting standards and summary of significant accounting policies**

**General**

MetaVia Inc. (the "Company"), a Delaware corporation, and its subsidiaries are referred to collectively in these notes to the condensed consolidated financial statements of the Company as "MetaVia," "we," "our" and "us." We are a clinical-stage biotechnology company focused primarily on developing novel pharmaceuticals to treat cardiometabolic diseases. MetaVia has two programs focused primarily on the treatment of metabolic dysfunction-associated steatohepatitis ("MASH") and obesity, DA-1241 and DA-1726.

While we primarily focus our financial resources and management's attention on the development of DA-1241 and DA-1726, we also have four legacy therapeutic programs designed to impact a range of indications in viral, neurodegenerative and cardiometabolic diseases on which we are not planning to advance development and have, or continue to consider for, out-licensing and divestiture opportunities.

Our operations have consisted principally of performing research and development ("R&D") activities, which include preclinical developments and clinical trials, and raising capital. Our activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved.

**Going concern**

As reflected in the condensed consolidated financial statements, we had $17.6 million in cash as of June 30, 2025. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $143.5 million as of June 30, 2025. We have incurred a net loss of $7.7 million and net cash used in operating activities of $7.9 million for the six months ended June 30, 2025. Due in large part to the ongoing Phase 2a clinical trial for DA-1241 and Phase 1 clinical trial for DA-1726, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of these condensed consolidated financial statements.

We plan to continue to fund our operations from equity offerings, debt financing, or other sources, potentially including collaborations, out-licensing and other similar arrangements. However, there can be no assurance that we will be able to obtain any sources of financing on acceptable terms, or at all, or that the Series B warrants issued in June 2024 will be exercised. To the extent that we can raise additional funds by issuing equity securities or in the event our existing warrants are exercised, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct our business. If we are unable to raise additional capital, we may slow down or stop our ongoing and planned clinical trials until such time as additional capital is raised and this may have a material adverse effect on us.

The determination as to whether we can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business.

**A.** **Basis of presentation**

We prepared the condensed consolidated financial statements following the requirements of the United States ("U.S.") Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. ("GAAP") for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Form 10-K").

Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these condensed consolidated financial statements may not be representative of those for the full year. In our opinion, all

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

adjustments necessary for a fair statement of the condensed consolidated financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our 2024 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add up due to rounding, and all percentages have been calculated using unrounded amounts.

**B.** **New accounting standards**

*Adoption of new accounting standards*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. This ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for annual periods beginning after December 15, 2024. We do not expect the adoption of ASU 2023-09 to have a significant impact on our consolidated financial statements and accompanying notes for the year ended December 31, 2025.

*Accounting standards issued but not yet adopted*

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to the consolidated financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. In January 2025, the FASB issued ASU 225-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting period beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU to our notes to the consolidated financial statements and processes.

Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our condensed consolidated financial statements.

**C.** **Estimates and assumptions**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our condensed consolidated financial statements relate to clinical trial costs and accruals, classification of warrants as derivative liability or equity, and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

**D.** **Significant accounting policies**

Our significant accounting policies are described in "Note 1. Business, basis of presentation, new accounting standards and summary of significant accounting policies" in the audited consolidated financial statements and notes thereto for the year

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

ended December 31, 2024, which is included in our 2024 Form 10-K. Except as disclosed below, there have been no material changes to the Company's significant accounting policies.

*Segment reporting*

We manage and operate as one reportable segment, which is principally the business of development of pharmaceutical products, with one geographic location in the United States. We do not operate separate lines of business with respect to each pharmaceutical product being studied in a clinical environment. Our Chief Operating Decision Maker ("CODM") is our chief executive officer. The CODM manages the Company's operations on a consolidated basis for the purpose of allocating resources. The measure of performance used by the CODM to assess segment performance is reported on the consolidated statements of operations as loss from operations and net loss. Since the Company only has one reportable segment, our CODM does not need to decide on how to allocate resources between segments. The measure of segment assets is reported on the consolidated balance sheets as total assets.

**2.** **Prepaid expenses and other current assets**

Prepaid expenses and other current assets consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 |
| Insurance | $249 | $5 |
| Deposits | 2 | 16 |
| Prepaid clinical trial expenses | 335 |  |
| Other prepaid expenses | 140 | 34 |
| Total | $726 | $55 |

---

**3.** **Property and equipment, net**

Property and equipment, net consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 |
| Office equipment | $90 | $88 |
| Less accumulated depreciation | (63) | (54) |
| Property and equipment, net | $27 | $34 |

---

We recorded depreciation expense of $5 thousand and $9 thousand for the three and six months ended June 30, 2025 and $6 thousand and $10 thousand for the three and six months ended June 30, 2024, which was included in general and administrative operating expenses in the accompanying condensed consolidated statements of operations.

**4.** **Current liabilities**

*Accrued expenses and other current liabilities*

Accrued expenses and other current liabilities consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 |
| Employee related costs | $552 | $713 |
| Professional service fees | 43 | 17 |
| Other | 15 | 55 |
| Total | $610 | $785 |

---

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

*Warrant liabilities*

Changes to our warrant liabilities are summarized as follows (in thousands):

---

| | |
|:---|:---|
|  | Total |
| As of January 1, 2024 | $658 |
| Loss from change in fair value of warrant liabilities | 203 |
| As of June 30, 2024 | $861 |
| As of January 1, 2025 | $361 |
| Gain form change in fair value of warrant liabilities | (247) |
| As of June 30, 2025 | $114 |

---

Our warrant liabilities relate to the 2022 Series B warrants, which were issued in November 2022. These warrants are considered to be derivative instruments; accordingly, we recorded their estimated fair value as warrant liabilities. We estimated the fair value of these warrants using the trading market price of our common stock due to a cashless exercise provision of these warrants whereby eight warrants can be exercised for one share of common stock for no additional consideration, which results in an effective per warrant exercise price of zero.

**5.** **Related party**

We entered into a license agreement with Dong-A ST Co., Ltd. ("Dong-A ST") pursuant to which we received an exclusive global license (except for the territory of the Republic of Korea) for two proprietary compounds for specified indications (the "2022 License Agreement") upon meeting certain financing milestones. The 2022 License Agreement covers the rights to DA-1241 for treatment of MASH and DA-1726 for treatment of obesity and MASH. The 2022 License Agreement also provides that we may develop DA-1241 for the treatment of type 2 diabetes mellitus.

In connection with the 2022 License Agreement, we entered into a shared services agreement with Dong-A ST (the "Shared Services Agreement"), relating to DA-1241 and DA-1726, pursuant to which Dong-A ST may provide technical support, preclinical development, and clinical trial support services on terms and conditions acceptable to both parties. In addition, the Shared Services Agreement provides that Dong-A ST will manufacture all of our clinical requirements of DA-1241 and DA-1726 under the terms provided in the Shared Services Agreement.

We incurred R&D expenses of $1.3 million and $2.4 million for the three and six months ended June 30, 2025, respectively, $3.4 million and $3.6 million for the three and six months ended June 30, 2024, respectively, under the Shared Services Agreement, which are included in operating expenses: research and development in the accompanying condensed consolidated statements of operations. The aggregate amount payable to Dong-A ST is $3.7 million and $1.5 million as of June 30, 2025 and December 31, 2024, respectively, under the Shared Services Agreement, which are included in related party payable in the accompanying condensed consolidated balance sheets.

For additional information on the 2022 License Agreement, the Shared Service Agreement and other agreements with Dong-A ST, refer to "Note 5. Related party" in the audited consolidated financial statements and notes thereto for the year ended December 31, 2024, which is included in our 2024 Form 10-K.

**6.** **Stockholders' equity** 

**Private Placement**

In May 2025, we closed on a private placement offering with Dong-A ST, a related party, and Dong-A Socio Holdings Co., Ltd., an affiliate company of Dong-A ST, and received net proceeds of $9.1 million, net of placement agent cash fees of $0.4 million and related offering expenses of $0.5 million. The private placement offering was comprised of (i) 9,479,345 shares of

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

our common stock for a purchase price of $0.71 per share, and (ii) 4,605,162 pre-funded warrants to purchase up to an equivalent number of shares of our common stock for a purchase price of $0.709 per pre-funded warrant.

Each pre-funded warrant had an exercise price of $0.001 per share, and was exercisable beginning on the effective date of receiving stockholder approval for the issuance of the shares of common stock underlying the pre-funded warrants, which was received on June 30, 2025. All pre-funded warrants issued in May 2025 were exercised on June 30, 2025 for an equivalent number of shares of our common stock.

***Warrants***

The following tables summarize our outstanding warrants:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares of Common Stock Issuable | Shares of Common Stock Issuable |  |  |
|  | for Outstanding Warrants | for Outstanding Warrants |  |  |
|  | As of | As of | Exercise | Expiration |
| Warrant Issuance | June 30, 2025 | December 31, 2024 | Price | Date |
| July 2018 <sup>(1)</sup> | 6 | 6 | $44820.000  | July 2028 |
| April 2020 <sup>(1)</sup> |  | 159 | $3000.000  | April 2025 |
| January 2021 <sup>(1)</sup> | 10421 | 10421 | $1447.200  | July 2026 |
| October 2021 <sup>(1)</sup> |  | 15390 | $900.000  | April 2025 |
| November 2022 Series B <sup>(2)</sup> | 177938 | 177938 | $0.000  | December 2027 |
| June 2024 Placement Agent <sup>(3)</sup> | 127227 | 127227 | $4.913  | July 2026 |
| June 2024 Pre-Funded <sup>(4)</sup> |  | 1430000 | $0.001  | No expiration date |
| June 2024 Series A <sup>(5)</sup> |  | 5089060 | $3.930  | June 2025 |
| June 2024 Series B <sup>(6)</sup> | 7633591 | 7633591 | $3.930  | September 2029 (latest date) |
| Total | 7949183 | 14483792 |  |  |

---

<sup>(1)</sup> The number of outstanding and exercisable warrants is equal to the number of shares of common stock issuable for outstanding warrants. Additionally, the 159 warrants issued in April 2020 and the 15,390 warrants issued in October 2021 expired unexercised in April 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The number of outstanding and exercisable warrants of 1,423,504 represents eight times the number of shares of common stock issuable for these warrants. These warrants have a cashless exercise provision whereby eight warrants can be exercised for one share of common stock for no additional consideration, which renders the $3.00 per warrant exercise price to be zero . In 2023, 6,843,666 Series B warrants issued in November 2022 were exercised for 855,458 shares of our common stock.

<sup>(3)</sup> These warrants are exercisable at any time from September 18, 2024 ("Stockholder Approval Date") and expire in July 2026.

<sup>(4)</sup> These warrants are exercisable immediately upon their issuance in June 2024 and are considered to be perpetual warrants without any expiration date. Additionally, in the second quarter of 2025, 1,430,000 pre-funded warrants were exercised for an equivalent number of shares of our common stock.

<sup>(5)</sup> These warrants were exercisable at any time from the Stockholder Approval Date and expire in June 2025. Additionally, the 5,089,660 Series A warrants issued in June 2024 expired unexercised in June 2025.

<sup>(6)</sup> These warrants were exercisable at any time from the Stockholder Approval Date and expired on the earlier of (i) the five-year anniversary of the Stockholder Approval Date and (ii) the six months anniversary following the date on which the Company publicly announce the receiving of positive Phase 1, Part 3 data readout for DA-1726.

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

**Stock-based compensation**

Stock-based compensation expense was included in general and administrative operating expense and research and development operating expense as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| General and administrative | $83 | $99 | $175 | $170 |
| Research and development | 28 | 36 | 68 | 69 |
| Total stock-based compensation | $111 | $135 | $243 | $239 |

---

*Stock-based award plans*

Our Amended and Restated 2022 Equity Incentive Plan (the "2022 Plan") provides for an automatic increase on January 1st of each year for a period of eight years commencing on January 1, 2025 and ending on (and including) January 1, 2032, of the aggregate number of shares of common stock that may be issued pursuant to Awards (as defined in the 2022 Plan) to an amount equal to 10% of the Fully Diluted Shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. Accordingly, in January 2025, the 2022 Plan automatically increased the aggregate number of shares of common stock that may be issued pursuant to Awards by 1,694,929 shares. The following table summarizes the outstanding awards issued pursuant to our stock-based award plans and inducement plan as of June 30, 2025 and the remaining shares of common stock available for future issuance:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Remaining shares of |
|  | Stock |  | common stock available |
| Plan Name | Options | RSUs | for future issuance |
| 2019 Equity Incentive Plan | 1575 |  |  |
| 2021 Inducement Plan |  |  | 4166 |
| 2022 Plan | 3125 | 269631 | 1917588 |
| Total | 4700 | 269631 | 1921754 |

---

For stock-based awards granted under our stock-based award plans as of June 30, 2025, unrecognized stock-based compensation costs totaled $0.4 million. The unrecognized stock-based costs are expected to be recognized as an expense over a weighted average period of 1.3 years.

*Restricted Stock Units*

The following table summarizes the status of our restricted stock units (" RSUs") and related transactions for the period presented (in thousands, except share and per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Outstanding | Outstanding | Outstanding | Vested and Deferred Release | Vested and Deferred Release | Vested and Deferred Release |
|  | Shares of<br>Common Stock<br>Issuable<br>for RSUs | Average<br>Grant Date<br>Fair Value<br>Price | <br>Aggregate<br>Fair<br>Value | Shares of<br>Common Stock<br>Issuable<br>for RSUs | Average<br>Grant Date<br>Fair Value<br>Price | <br>Aggregate<br>Intrinsic<br>Value |
| As of January 1, 2025 | 175086 | 4.68 | 355 | 13023 | 4.26 | 26 |
| Granted | 168882 | 0.64 |  |  |  |  |
| Forfeited | (23572) | 2.73 |  |  |  |  |
| Vested and released | (50765) | 5.05 | 55 |  |  |  |
| Vested and deferred release |  |  |  | 15152 | 3.93 |  |
| As of June 30, 2025 | 269631 | $2.25 | $173 | 28175 | $4.08 | $18 |

---

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

*Stock options*

The following table summarizes the status of our outstanding and exercisable options and related transactions for the period presented (in thousands, except share and per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable | Exercisable |
|  | Shares of<br>Common<br>Stock<br>Issuable<br>for Options | <br>Weighted<br>Average<br>Exercise<br>Price | Weighted<br>Average<br>Remaining<br>Contractual<br>Term (years) | Shares of<br>Common<br>Stock<br>Issuable<br>for Options | <br>Weighted<br>Average<br>Exercise<br>Price | Weighted<br>Average<br>Remaining<br>Contractual<br>Term (years) |
| As of January 1, 2025 | 4700 | $398.30 | 7.5 | 4695 | $398.46 | 7.5 |
| Vested |  |  |  | 5 | 244.80 |  |
| As of June 30, 2025 | 4700 | $398.30 | 7.0 | 4700 | $398.30 | 7.0 |

---

**7.** **Significant segment expenses**

The following table sets forth the significant segment expenses for our one reportable segment (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct expenses - DA-1241 | $277 | $2663 | $568 | $5858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct expenses - DA-1726 | 1529 | 4905 | 3008 | 5934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct expenses - Other R&D costs <sup>(1)</sup> | 30 | 109 | 55 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect expenses - employee compensation and benefits | 441 | 386 | 950 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect expenses - consulting expenses | 43 | 11 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total research and development | 2320 | 8074 | 4647 | 12978 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and professional fees | 1074 | 738 | 1907 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting | 230 | 516 | 333 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | 536 | 533 | 951 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(2)</sup> | 141 | 223 | 349 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative | 1981 | 2010 | 3540 | 3987 |
| Total operating expenses | $4301 | $10084 | $8187 | $16965 |

---

<sup>(1)</sup> Other R&D costs include clinical, non-clinical and preclinical services or other R&D expenses that are not attributable to a single product candidate.

<sup>(2)</sup> Other general and administrative expenses include insurance, software license fees, non-income state taxes, lease rental expenses and other general and administrative expenditures.

**8.** **Income taxes**

We do not expect to pay any significant federal or state income taxes as a result of (i) the losses recorded during the six months ended June 30, 2025, (ii) additional losses expected for the remainder of 2025, or (iii) net operating loss carry forwards from prior years.

We recorded a full valuation allowance of the net operating losses for the three and six months ended June 30, 2025 and 2024. Accordingly, there were no benefits for income taxes recorded for the three and six months ended June 30, 2025 and

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

2024. Additionally, as of June 30, 2025 and December 31, 2024, we maintain a full valuation allowance for all deferred tax assets.

**9.** **Loss per share of common stock**

The following table sets forth the computation of basic and diluted loss per share of common stock (in thousands, except share and per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Numerator: |  |  |  |  |
| Net loss | $(3995) | $(10053) | $(7666) | $(16767) |
| Denominator: |  |  |  |  |
| Weighted average shares of common stock, basic | 15287278 | 5428906 | 12789616 | 5259939 |
| Effect of dilutive securities |  |  |  |  |
| Weighted average shares of common stock, diluted | 15287278 | 5428906 | 12789616 | 5259939 |
| Loss per share of common stock, basic and diluted  | $(0.26) | $(1.85) | $(0.60) | $(3.19) |

---

For each of the periods presented in the above table, our basic weighted average shares of common stock include any outstanding (i) Series B warrants issued in November 2022, (ii) pre-funded warrants in June 2024 and May 2025 and (iii) vested RSUs in which their release was deferred.

Since we reported a net loss for the three and six months ended June 30, 2025 and 2024, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per share of common stock and our basic and diluted weighted average shares of common stock are the same for three and six months ended June 30, 2025 and 2024.

The following table sets forth the potentially dilutive securities that were not included in the calculation of diluted earnings per share of common stock as of and for the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 |
| Stock options | 4,700 | 4,700 |
| RSUs | 269,631 | 162,063 |
| Warrants | 7,949,183 | 12,875,854 |

---

**10.** **Fair value of financial instruments**

Fair value is a market-based measurement, not an entity specific measurement and is defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value measurements are defined on a three-level hierarchy:

Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, whether directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

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**MetaVia Inc.**

**Notes to the Condensed Consolidated Financial Statements**

(Unaudited)

The following table sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| Description | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liabilities | $114 | $— | $114 | $— | $361 | $— | $361 | $— |
| Total | $114 | $— | $114 | $— | $361 | $— | $361 | $— |

---

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**MetaVia Inc.**

**Form 10-Q**

**Item 2.** **Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Report and the audited financial statements and related notes for the fiscal year ended December 31, 2024 included in our 2024 Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by any forward-looking statements as a result of various factors, including, but not limited to, the risks and uncertainties described under Part II, Item 1A. Risk Factors, elsewhere in this Report.

Certain amounts in the following discussion and analysis may not add up due to rounding, and all percentages have been calculated using unrounded amounts.

**Overview**

We are a clinical-stage biotechnology company focused primarily on developing novel pharmaceuticals to treat cardiometabolic diseases. MetaVia has two programs focused primarily on the treatment of metabolic dysfunction-associated steatohepatitis ("MASH") and obesity.

● DA-1241 is a novel G-Protein-Coupled Receptor 119 ("GPR119") agonist with development optionality as a standalone and/or combination therapy for both MASH and Type 2 Diabetes Mellitus ("T2DM"). Agonism of GPR119 in the gut promotes the release of key gut peptides, glucagon-like peptide 1 ("GLP-1"), glucagon-dependent insulinotropic polypeptide receptor, and peptide YY. These peptides play a further role in glucose metabolism, lipid metabolism and weight loss. DA-1241 has demonstrated beneficial effects on glucose, lipid profile and liver inflammation, as demonstrated during in-vivo preclinical studies.

● DA-1726 is a novel oxyntomodulin ("OXM") analog agonist functioning as a GLP-1 receptor ("GLP1R") and glucagon receptor ("GCGR") dual agonist for the treatment of obesity that is designed to be administered once weekly subcutaneously. With the activation of the dual agonist, weight loss may be achieved by GLP1R reducing appetite while GCGR increasing energy expenditure.

While we primarily focus our financial resources and management's attention on the development of DA-1241 and DA-1726, we also have four legacy therapeutic programs designed to impact a range of indications in viral, neurodegenerative and cardiometabolic diseases on which we are not planning to advance development and have, or continue to consider for, out-licensing and divestiture opportunities.

Our operations have consisted principally of performing research and development ("R&D") activities, which includes preclinical developments and clinical trials, and raising capital. Our activities are subject to significant risks and uncertainties, such as failing to secure additional funding before sustainable revenues and profit from operations are achieved. For more information on our business and product candidates, see "Part I, Item 1. Business" in our 2024 Form 10-K.

*DA-1241*

We are currently finalizing the Clinical Study Report on a Phase 2a clinical trial in the United States ("U.S."). MASH Phase 2a is a 16-week, multicenter, randomized, double-blind, placebo-controlled, parallel arm clinical trial to establish safety and an early signal of efficacy in MASH as a next-generation competitive oral agent while we follow the trend for T2DM.

In December 2024, we announced positive top-line 16-week results from the two-part Phase 2a clinical trial in patients with presumed MASH. Part 1 of this Phase 2a trial is exploring DA-1241, a novel GPR119 agonist compared to placebo, while Part 2 is investigating the efficacy of DA-1241 in combination with sitagliptin, a DPP-4 inhibitor.

We are currently working to schedule an end-of-Phase 2 meeting with the FDA. For additional information on DA-1241, including an overview of the top-line 16-week results from the two-part Phase 2a clinical trial, see "Part I, Item 1. Business, Our Pipeline, DA-1241 Treatment of MASH" in our 2024 Form 10-K.

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**MetaVia Inc.**

**Form 10-Q**

*DA-1726*

We are currently conducting a Phase 1 trial in the U.S. The Phase 1 trial, a first-in-human trial, is a randomized, placebo-controlled, double-blind, two-part study to investigate the safety, tolerability, pharmacokinetics, and pharmacodynamics of single and multiple ascending doses of DA-1726 in obese, otherwise healthy subjects.

In September 2024, we announced positive top-line data from the single ascending dose Part 1 of our Phase 1 trial evaluating DA-1726. In April 2025, we announced positive top-line data from the multiple ascending dose ("MAD") Part 2 study of our Phase 1 trial. In late June 2025, we began enrollment for a higher-dose cohort to assess the maximum tolerated dose and fully realize DA-1726's potential, as higher doses may also show a similar profile, while potentially demonstrating increased weight reduction. In July 2025, we dosed the first patient in the 48 mg, MAD cohort of our Phase 1 clinical trial of DA-1726. In August 2025, we administered the fifth dose for the first patient in the MAD cohort of our Phase 1 clinical trial of DA-1726. Top-line data of the 48 mg MAD cohort is expected in the fourth quarter of 2025.

For additional information on DA-1726, see "Part I, Item 1. Business, Our Pipeline, DA-1726 Treatment of Obesity" in our 2024 Form 10-K, and our Current Reports on Form 8-K dated April 15, 2025, April 22, 2025, and July 9, 2025.

**Recent developments**

● April 2025: Announced positive results, across the 8 mg to 32 mg range, from the MAD Part 2 of the Phase 1 clinical trial of DA-1726, a novel, dual OXM analog agonist that functions as a GLP1R and GCGR, for the treatment of obesity.

● April 2025: Reported all outstanding pre-funded warrants issued in June 2024 were exercised for 1,430,000 shares of our common stock.

● April 2025: Reported additional top-line results from the MAD Part 2 of the Phase 1 clinical trial of DA-1726, a novel, dual OXM analog agonist that functions as a GLP1R and GCGR, for the treatment of obesity.

● May 2025: Presented data from the Phase 2a clinical trial of DA-1241 in patients with presumed MASH, demonstrating both hepatoprotective and glucose-regulating effects. The data was presented in late-breaking poster presentation at the European Association for the Study of the Liver Congress 2025 in Amsterdam, the Netherlands.

● May 2025: Closed on a private placement offering with Dong-A ST, a related party, and Dong-A Socio Holdings Co., Ltd., an affiliate company of Dong-A ST, and received gross proceeds of $10.0 million, before deducting the placement agent's fees and related offering expenses.

● 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 analogue, in a MASH mouse model.

● Jun e 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 our common stock.

● July 2025: Dosed the first patient in the 48 mg, MAD cohort of the Phase 1 clinical trial of DA-1726, a novel, dual OXM analog agonist that functions as a GLP1R and GCGR, for the treatment of obesity to further explore the maximum tolerated dose. Top-line data is expected in the fourth quarter of 2025.

● August 2025: Announced a research collaboration with Syntekabio, Inc., a leading artificial intelligence (AI)-driven drug discovery company, to identify additional disease targets and optimize the therapeutic profile of DA-1241, MetaVia's novel oral G-Protein-Coupled Receptor 119 (GPR119) agonist.

● August 2025: A dministered the fifth dose for the first patient in the 48 mg, MAD cohort of the Phase 1 clinical trial of DA-1726 .

**Key operating information**

Except for the following disclosure and the financial amounts for the presented periods in this Report (see financial amounts in the below results of operations and the condensed consolidated balance sheets included elsewhere in this Report), there have been no material changes to our key operating information since December 31, 2024. Refer to our 2024 Form 10-K for a complete discussion of our key operating information.

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**MetaVia Inc.**

**Form 10-Q**

**Research and development expenses**

R&D expenses consist primarily of costs incurred in connection with the development of our product candidates. These expenses include:

*Direct costs*

● expenses incurred in connection with the clinical development of our product candidates, including under agreements with third parties, such as clinical research organizations ("CROs") and consultants;

● the cost of manufacturing and storing drug products for use in our preclinical studies and clinical trials, including under agreements with third parties, such as consultants and Clinical Manufacturing Organizations ("CMOs");

● costs related to compliance with regulatory requirements; and

● payments made under third-party licensing agreements including the Shared Services Agreement with Dong-A ST (related party).

*Indirect costs*

● employee-related expenses, including salaries, related benefits and stock-based compensation, for employees engaged in research and development functions; and

● consulting and other expenses not directly tied to a product candidate.

We recognize external development costs based on an evaluation of the progress toward completion of specific tasks using information provided to us by our service providers. This process involves reviewing contracts and purchase orders, communicating with our clinical research staff to identify services that have been performed on our behalf, and estimating the level of service provided and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense when the goods have been delivered or the services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered.

Our direct R&D expenses consist primarily of external costs, such as fees paid to CROs, CMOs, research laboratories and outside consultants in connection with our clinical development, quality assurance and quality control processes, manufacturing, and clinical development activities. Our direct research and development expenses also include fees incurred under third-party license agreements, including the Shared Services Agreement with Dong-A ST (related party). We utilize our employee and infrastructure resources across multiple research and development projects. We do not allocate employee costs and costs associated with our facilities, including depreciation or other indirect costs, to specific product candidates because these costs are deployed across multiple programs and, as such, are not separately classified. We utilize internal resources to manage CRO and CMO activities. These employees work across multiple programs. Our direct R&D expenses consist of (i) expenses attributable to our product candidates and (ii) certain other R&D expenses, including clinical, non-clinical and preclinical services or other R&D expenses that are not attributable to a single product candidate. Our indirect R&D expenses consist of (i) employment-related expenses for compensation and benefits, which are internal costs and (ii) consulting expenses.

Clinical development activities are central to our business model. We do not believe that our historical costs are indicative of the future costs associated with these programs, nor do they represent the costs of future programs we may initiate. Product candidates in later stages of clinical development generally have higher development costs than those in preclinical development or in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We have some control over the timing of these expenses, but costs may be difficult to control once clinical trials have commenced.

The successful development and commercialization of our product candidates are highly uncertain. At this time, we cannot reasonably estimate or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any of our product candidates. Additionally, because of the risks inherent in novel treatment discovery

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and development, we cannot reasonably estimate or know:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and progress of preclinical and clinical development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number and scope of preclinical and clinical programs that we decide to pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our current development programs and to establish new ones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing an appropriate safety profile with IND-enabling studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successful patient enrollment in, and the initiation and completion of, clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the successful completion of clinical trials with safety, tolerability and efficacy profiles that are satisfactory to the FDA or any comparable foreign regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of regulatory approvals from applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, receipt and terms of any marketing approvals from applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish new licensing or collaboration arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing agreements with third-party manufacturers for clinical supply for our clinical trials and commercial manufacturing, if any of our product candidates is approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development and timely delivery of clinical-grade and commercial-grade drug formulations that can be used in our clinical trials and for commercial launch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining, maintaining, defending and enforcing patent claims and other intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• launching commercial sales of our product candidates, if approved, whether alone or in collaboration with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining a continued acceptable safety profile of the product candidates following commercialization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of competing technological and market developments.

A change in the outcome of any of these variables with respect to the development of our product candidates could significantly change the costs and timing associated with the development of that product candidate.

**Results of operations**

**Three months ended June 30, 2025 compared to three months ended June 30, 2024**

The following table summarizes our results of operations (in thousands, except share and per share amounts):

---

| | | |
|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $2320 | $8074 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1981 | 2010 |
| Total operating expenses | 4301 | 10084 |
| Loss from operations | (4301) | (10084) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) from change in fair value of warrant liabilities | 160 | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 146 | 164 |
| Total other income | 306 | 31 |
| Loss before income taxes | (3995) | (10053) |
| Provision for income taxes |  |  |
| Net loss | $(3995) | $(10053) |
| Loss per share of common stock, basic and diluted  | $(0.26) | $(1.85) |
| Weighted average shares of common stock, basic and diluted | 15287278 | 5428906 |

---

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*Total operating expenses and loss from operations*

Our total operating expenses and loss from operations for the three months ended June 30, 2025 were $4.3 million, a decrease of $5.8 million, or 57.3%, compared to the three months ended June 30, 2024. This decrease was mainly attributable to lower R&D for the three months ended June 30, 2025. Our R&D expenses were $2.3 million for the three months ended June 30, 2025, a decrease of $5.8 million, or 71.3%, compared to the three months ended June 30, 2024. Our general and administrative expenses were $2.0 million for the three months ended June 30, 2025 and 2024.

The following table summarizes our R&D expenses for the three months ended June 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| Direct costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DA-1241 | $277 | $2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;DA-1726 | 1529 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other R&D costs | 30 | 109 |
| Indirect costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | 441 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting expenses | 43 | 11 |
| Total research and development | $2320 | $8074 |

---

The $5.8 million decrease in R&D expenses reflects decreased R&D activities related to the Phase 2a clinical trial for DA-1241 and decreased activities related to the Phase 1 trial for DA-1726 as compared to the three months ended June 30, 2024. Specifically, the decrease in R&D expenses 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).

*Total other income*

Our total other income for the three months ended June 30, 2025 were $0.3 million, an increase of $0.3 million, compared to the three months ended June 30, 2024. This was mainly attributable to the $0.3 million increase in the change in fair value of warrant liabilities. We 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.

*Provision for income taxes*

Our effective tax rate for the three months ended June 30, 2025 and 2024 was zero percent as we have recorded a full valuation allowance for the income tax benefits attributable to our pre-tax losses.

*Net loss*

For the three months ended June 30, 2025, we had a net loss of $4.0 million, or $0.26 per share of basic and diluted common stock, compared to a net loss of $10.0 million, or $1.85 per share of basic and diluted common stock for the three months ended June 30, 2024, primarily due to the factors described above.

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**Six months ended June 30, 2025 compared to six months ended June 30, 2024**

The following table summarizes our results of operations (in thousands, except share and per share amounts):

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $4647 | $12978 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3540 | 3987 |
| Total operating expenses | 8187 | 16965 |
| Loss from operations | (8187) | (16965) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) from change in fair value of warrant liabilities | 247 | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 274 | 401 |
| Total other income | 521 | 198 |
| Loss before income taxes | (7666) | (16767) |
| Provision for income taxes |  |  |
| Net loss | $(7666) | $(16767) |
| Loss per share of common stock, basic and diluted  | $(0.60) | $(3.19) |
| Weighted average shares of common stock, basic and diluted | 12789616 | 5259939 |

---

*Total operating expenses and loss from operations*

Our total operating expenses and loss from operations for the six months ended June 30, 2025 were $8.2 million, a decrease of $8.8 million, or 51.7%, compared to the six months ended June 30, 2024. This decrease was attributable to lower R&D and general and administrative expenses for the six months ended June 30, 2025. Our R&D expenses were $4.6 million for the six months ended June 30, 2025, a decrease of $8.3 million, or 64.2%, compared to the six months ended June 30, 2024. Our general and administrative expenses were $3.5 million for the six months ended June 30, 2025, a decrease of $0.4 million, or 11.2%, compared to the six months ended June 30, 2024.

The following table summarizes our R&D expenses for the six months ended June 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Direct costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DA-1241 | $568 | $5858 |
| &nbsp;&nbsp;&nbsp;&nbsp;DA-1726 | 3008 | 5934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other R&D costs | 55 | 328 |
| Indirect costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | 950 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting expenses | 66 | 66 |
| Total research and development | $4647 | $12978 |

---

The $8.3 million decrease in R&D expenses reflects decreased R&D activities related to the Phase 2a clinical trial for DA-1241 and decreased activities related to the Phase 1 trial for DA-1726 as compared to the six months ended June 30, 2024. Specifically, the decrease in R&D expenses 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).

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The $0.4 million decrease in general and administrative expenses 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.

*Total other income*

Our total other income for the six months ended June 30, 2025 were $0.5 million, an increase of $0.3 million, compared to the six months ended June 30, 2024. This was 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. We 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 lower average invested amount during the six months ended June 30, 2025 and lower interest rates.

*Provision for income taxes*

Our effective tax rate for the six months ended June 30, 2025 and 2024 was zero percent as we have recorded a full valuation allowance for the income tax benefits attributable to our pre-tax losses.

*Net loss*

For the six months ended June 30, 2025, we had a net loss of $7.7 million, or $0.60 per share of basic and diluted common stock, compared to a net loss of $16.8 million, or $3.19 per share of basic and diluted common stock for the six months ended June 30, 2024, primarily due to the factors described above.

**Going concern**

As reflected in the condensed consolidated financial statements, we had $17.6 million in cash as of June 30, 2025. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $143.5 million as of June 30, 2025. We have incurred a net loss of $7.7 million and net cash used in operating activities of $7.9 million for the six months ended June 30, 2025. Due in large part to the ongoing Phase 2a clinical trial for DA-1241 and Phase 1 clinical trial for DA-1726, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of these condensed consolidated financial statements.

We believe that our existing cash will be sufficient to fund our operations into 2026. We plan to continue to fund our operations from equity offerings, debt financing, or other sources, potentially including collaborations, out-licensing and other similar arrangements. However, there can be no assurance that we will be able to obtain any sources of financing on acceptable terms, or at all, or that the Series B warrants issued in June 2024 will be exercised. To the extent that we can raise additional funds by issuing equity securities or in the event our existing warrants are exercised, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct our business. If we are unable to raise additional capital, we may slow down or stop our ongoing and planned clinical trials until such time as additional capital is raised and this may have a material adverse effect on us.

The determination as to whether we can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business.

**Liquidity and capital resources**

Our primary use of cash is to fund our R&D activities. We have funded our operations primarily through public offerings of our common stock and private placements of equity and convertible securities. As of June 30, 2025, we had cash totaling $17.6 million. We maintain cash at financial institutions that at times may exceed the Federal Deposit Insurance Corporation ("FDIC") insured limits of $250 thousand per bank. Our cash balance includes liquid insured deposits, which are obligations

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of the program banks in which the deposits are held and qualify for FDIC insurance protection per depositor in each recognized legal category of account ownership in accordance with the rules of the FDIC. To date, we have not experienced any losses related to these funds.

*Private Placement*

In May 2025, we closed on a private placement offering with Dong-A ST, a related party, and Dong-A Socio Holdings Co., Ltd., an affiliate 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 private placement was comprised of (i) 9,479,345 shares of our common stock at a price of $0.71 per share and (ii) 4,605,162 pre-funded warrants to purchase up to an equivalent number of shares of our common stock at a price of $0.709 per pre-funded warrant. The pre-funded warrants had an exercise price of $0.001 per pre-funded warrant. For additional information, see "Note 6. Stockholders' equity" to the condensed consolidated financial statements included elsewhere in this Report.

**Cash flows**

The principal use of cash in operating activities is to fund our current expenditures in support of our R&D activities. Financing activities currently represent the principal source of our cash flow. The following table reflects the major categories of cash flows (in thousands).

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Net cash used in operating activities | $(7886) | $(13693) |
| Net cash used in investing activities | (2) | (8) |
| Net cash provided by financing activities | 9460 | 19200 |
| Net increase in cash | $1572 | $5499 |

---

Net cash used in operating activities was $7.9 million for the six months ended June 30, 2025 and consisted of net loss of $7.7 million and net cash used in change in operating assets and liabilities of $0.2 million. Net cash used in operating activities was $13.7 million for the six months ended June 30, 2024 and consisted of net loss of $16.8 million, partially offset by net cash provided by changes in operating assets and liabilities of $2.6 million and non-cash charges totaling $0.5 million, which was primarily related to stock-based compensation and change in fair value of warrant liabilities.

Net cash used in investing activities, related to the purchase of property and equipment, was less than $0.1 million for the six months ended June 30, 2025 and 2024.

Net cash provided by financing activities was $9.5 million for the six months ended June 30, 2025, which primarily consisted of gross proceeds of $10.0 million from an equity offering in May 2025, net of payment of issuance cost of $0.5 million. Net cash provided by financing activities of $19.2 million for the six months ended June 30, 2024, which primarily consisted of gross proceeds of $20.0 million from an equity offering in June 2024, net of payment of issuance cost of $0.8 million.

For additional details, see the condensed consolidated statements of cash flows in the condensed consolidated financial statements included elsewhere in this Report.

**Critical accounting estimates**

Our condensed consolidated financial statements included in this Report have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our condensed consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and

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liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

There have been no material changes to our critical accounting estimates and judgments since December 31, 2024. Refer to our 2024 Form 10-K for a complete discussion of our critical accounting estimates and judgments.

**Recent accounting pronouncements**

Information regarding (i) adoption of new accounting standards and (ii) accounting standards issued but not yet adopted is included in "Note 1. Business, basis of presentation, new accounting standards and summary of significant accounting policies" to the condensed consolidated financial statements included in this Report.

**Item 3.** **Quantitative and Qualitative Disclosures about Market Risk**

Not applicable.

**Item 4.** **Controls and Procedures**

**Evaluation of disclosure controls and procedures**

As required by Rules 13a-15(b) and 15d-15(b) under the Section 21E of the Securities Exchange Act, our management, with the participation of our principal executive officer ("PEO") and principal financial officer ("PFO"), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report. Based upon that evaluation, our PEO and PFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.

*Previously identified material weaknesses in internal control over financial reporting*

In connection with the preparation of the financial statements included in our 2024 Form 10-K, management identified the following material weaknesses: (i) logical access over the accounting software and (ii) lack of review over reconciliation of accrued clinical trial liabilities. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. See "Remediation efforts to address the material weaknesses" below for steps we had taken to correct these material weaknesses.

*Remediation efforts to address the material weaknesses*

Under the oversight of the audit committee, management developed a detailed plan and timetable for the implementation of appropriate remedial measures to address the material weaknesses. As of June 30, 2025, the following actions have been taken:

● we have implemented effective controls relating to logical access over the accounting software, which include (i) validation of certain financial reports for accuracy and completeness, and (ii) supervision and review of financial reporting; and

● we have implemented effective controls relating to lack of review over reconciliation of accrued clinical trial liabilities, which include enhanced documentation of the reviews.

As of June 30, 2025, management has concluded that the actions described above were satisfactorily implemented and have been in place for a sufficient period of time to demonstrate that the previously identified material weaknesses have been remediated.

**Inherent limitations of disclosure controls and procedures**

Our management, including our PEO and PFO, does not expect that our disclosure controls and procedures will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute,

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assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**Changes in internal control over financial reporting**

Other than the remediation activities listed above for previously identified material weaknesses in internal control over financial reporting, there have been no other changes in our internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Part II - Other Information**

**Item 1.** **Legal Proceedings**

From time to time, we may be involved in various claims and legal proceedings arising out of our ordinary course of business. We are not currently a party to any claims or legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business and condensed consolidated financial statements. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

**Item 1A.** **Risk Factors**

Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described under the heading "Risk Factors" in Part I, Item 1A of the 2024 Form 10-K and in Part II, Item 1A of the Q1 2025 Form 10-Q, any one or more of which could, directly or indirectly, cause our actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and stock price. There have been no material changes to our risk factors since the 2024 Form 10-K.

**Item 2.** **Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3.** **Defaults Upon Senior Securities**

None.

**Item 4.** **Mine Safety Disclosures**

Not applicable.

**Item 5.** **Other Information**

During the three months ended June 30, 2025, none of our directors or Section 16 officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any "non-Rule 10b5-1 trading arrangement."

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**Item 6.** **Exhibits**

---

| | |
|:---|:---|
| Exhibit Number | Description of Document |
| 3.1 | [Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on August 10, 2016).](https://www.sec.gov/Archives/edgar/data/1638287/000110465916138639/a16-16524_1ex3d1.htm) |
| 3.2 | [Certificate of Amendment (Reverse Stock Split) to the Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1638287/000110465919076916/a19-28294_1ex3d1.htm) |
| 3.3 | [Certificate of Amendment (Name Change) to the Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1638287/000110465919076916/a19-28294_1ex3d2.htm) |
| 3.4 | [Certificate of Amendment (Reverse Stock Split) to the Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 12, 2022).](https://www.sec.gov/Archives/edgar/data/1638287/000155837022014321/nrbo-20220912xex3d1.htm) |
| 3.5 | [Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 19, 2023).](https://www.sec.gov/Archives/edgar/data/1638287/000155837023019894/nrbo-20231219xex3d1.htm) |
| 3.6 | [Certificate of Amendment (Name Change) to the Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on November 18, 2024).](https://www.sec.gov/Archives/edgar/data/1638287/000155837024015839/nrbo-20241115xex3d1.htm) |
| 3.7 | [Fourth Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on November 18, 2024).](https://www.sec.gov/Archives/edgar/data/1638287/000155837024015839/nrbo-20241115xex3d2.htm) |
| 4.1 | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/1638287/000110465925048210/tm259573d4_ex4-1.htm) |
| 10.1 | [Securities Purchase Agreement, dated as of May 8, 2025, by and among the Registrant and the Purchasers identified on the signature pages thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/1638287/000110465925048210/tm259573d4_ex10-1.htm) |
| 10.2 | [Placement Agency Agreement, dated as of May 8, 2025 by and between the Registrant and the Placement Agent (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/1638287/000110465925048210/tm259573d4_ex10-2.htm) |
| 10.3 | [Registration Rights Agreement, dated as of May 8, 2025, by and among the Registrant and the Purchasers identified on the signature pages thereto (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, filed with the SEC on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/1638287/000110465925048210/tm259573d4_ex10-3.htm) |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.](mtva-20250630xex31d1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.](mtva-20250630xex31d2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](mtva-20250630xex32d1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](mtva-20250630xex32d2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |

---

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Form 10-Q**

101. LAB\* Inline XBRL Taxonomy Extension Label Linkbase Document <br> 101.PRE\* Inline XBRL Taxonomy Extension Presentation Linkbase Document <br> 104\* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

\*Filed herewith

\*\*Furnished herewith.

[**Table of Contents**](#Toc)

**MetaVia Inc.**

**Form 10-Q**

**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 thereunto duly authorized, on August 7, 2025.

---

| |
|:---|
| **METAVIA INC.** |
| /s/ Hyung Heon Kim |
| Hyung Heon Kim |
| President and Chief Executive Officer |
| /s/ Marshall H. Woodworth |
| Marshall H. Woodworth |
| Chief Financial Officer |

---

## Exhibit 31.1

Exhibit 31.1

**Certification of Chief Executive Officer**

**pursuant to Rule 13a-14(a) or Rule 15d-14(a)**

I, Hyung Heon Kim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2025 of MetaVia Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;(4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 7, 2025 | &nbsp;&nbsp;/s/ Hyung Heon Kim |
|  | &nbsp;&nbsp;President and Chief Executive Officer |
|  | &nbsp;&nbsp;(Principal Executive Officer) |

---

------

## Exhibit 31.2

Exhibit 31.2

**Certification of Chief Financial Officer**

**pursuant to Rule 13a-14(a) or Rule 15d-14(a)**

I, Marshall Woodworth, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2025 of MetaVia Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;(4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 7, 2025 | &nbsp;&nbsp;/s/ Marshall Woodworth |
|  | &nbsp;&nbsp;Chief Financial Officer |
|  | &nbsp;&nbsp;(Principal Financial Officer) |

---

------

## Exhibit 32.1

Exhibit 32.1

**Certification of Chief Executive Officer**

**under Section 906 of the Sarbanes-Oxley Act of 2002**

**(18 U.S.C. § 1350)**

In connection with the quarterly report on Form 10-Q for the quarterly period ended June 30, 2025 of MetaVia Inc. (the "Company") as filed with the Securities and Exchange Commission (the "Report"), I, Hyung Heon Kim, President and Chief Executive Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 7, 2025 | &nbsp;&nbsp;/s/ Hyung Heon Kim |
|  | &nbsp;&nbsp;President and Chief Executive Officer |
|  | &nbsp;&nbsp;(Principal Executive Officer) |

---

------

## Exhibit 32.2

Exhibit 32.2

**Certification of Chief Financial Officer**

**under Section 906 of the Sarbanes-Oxley Act of 2002**

**(18 U.S.C. § 1350)**

In connection with the quarterly report on Form 10-Q for the quarterly period ended June 30, 2025 of MetaVia Inc. (the "Company") as filed with the Securities and Exchange Commission (the "Report"), I, Marshall H. Woodworth, Chief Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 7, 2025 | &nbsp;&nbsp;/s/ Marshall H. Woodworth |
|  | &nbsp;&nbsp;Chief Financial Officer |
|  | &nbsp;&nbsp;(Principal Financial Officer) |

---

------