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Cardeon (CARDEO) investor relations material
Cardeon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Net sales for Q3 2025 were 1,230 KSEK, slightly down from 1,283 KSEK in Q3 2024; for Jan–Sep 2025, net sales reached 4,422 KSEK, up from 3,983 KSEK year-over-year.
Operating result improved to -1,820 KSEK in Q3 2025 from -2,197 KSEK in Q3 2024; for Jan–Sep, operating result was -5,158 KSEK, an improvement from -7,228 KSEK.
Cash flow for Q3 was positive at 52 KSEK, compared to -395 KSEK last year; for Jan–Sep, cash flow was -132 KSEK, down from 888 KSEK.
Portfolio companies made significant clinical and business progress, including SpectraCure's positive clinical results and AcroPharma's patent and research agreements.
Financial highlights
Net sales Q3: 1,230 KSEK (Q3 2024: 1,283 KSEK); Jan–Sep: 4,422 KSEK (Jan–Sep 2024: 3,983 KSEK).
Operating result Q3: -1,820 KSEK (Q3 2024: -2,197 KSEK); Jan–Sep: -5,158 KSEK (Jan–Sep 2024: -7,228 KSEK).
Result after financial items Q3: -923 KSEK (Q3 2024: -2,029 KSEK); Jan–Sep: -4,019 KSEK (Jan–Sep 2024: -9,882 KSEK).
Cash and cash equivalents at period end: 75 KSEK (1,367 KSEK last year).
Equity at period end: 51,828 KSEK (86,688 KSEK last year); equity ratio: 86% (95%).
Outlook and guidance
Management expresses confidence in continued positive development, especially in unlisted portfolio companies and clinical progress in SpectraCure.
TEQCool is well-capitalized for at least the next 12 months and is preparing for a planned IPO.
AcroPharma is advancing toward a phase 2 clinical study and expects to finalize agreements with participating clinics soon.
Given current liquid assets, detail Cardeon's funding strategy
Explain the rationale for not writing down listed portfolio?
How will AcroPharma and InsuNova drive value?
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Frequently asked questions
Cardeon AB is a Sweden-based investment company specializing in the healthcare and life sciences sectors. The company focuses on identifying, funding, and developing innovative projects and businesses in areas such as medical technology, pharmaceuticals, and biotechnology. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Spotlight Stock Market.
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