Novakand Pharma
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Novakand Pharma (NOVKAN) investor relations material

Novakand Pharma Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

Executive summary

  • Entered a non-binding letter of intent for a reverse acquisition of SVF Vaccines AB, to be paid with newly issued shares.

  • Nasdaq placed the company on its observation list due to non-compliance with operational requirements, requiring action within four months to avoid delisting.

  • After the period, a definitive acquisition agreement with SVF Vaccines was signed, pending EGM and regulatory approvals.

  • The company’s main activities focused on preparing for the reverse acquisition and evaluating potential partners for its fraktalkin program.

Financial highlights

  • Q4 operating loss was -5.0 MSEK (vs. -9.9 MSEK YoY); full-year operating loss before impairments was -29.6 MSEK (vs. -46.2 MSEK YoY).

  • Net result after financial items for Q4 was -5.0 MSEK (vs. -9.6 MSEK YoY); full-year net result after impairment was -47.2 MSEK (vs. -44.6 MSEK YoY).

  • R&D expenses for Q4 were 3.5 MSEK (vs. 8.5 MSEK YoY); full-year R&D was 23.6 MSEK (vs. 40.0 MSEK YoY).

  • Cash flow from operations for Q4 was -6.2 MSEK (vs. -11.6 MSEK YoY); full-year was -30.3 MSEK (vs. -58.5 MSEK YoY).

  • Equity at year-end was 15.1 MSEK (vs. 62.3 MSEK YoY); cash at year-end was 16.1 MSEK (vs. 46.4 MSEK YoY).

Outlook and guidance

  • The board sees the reverse acquisition as the best option for shareholder value, given the challenges in raising capital for further clinical development.

  • The transaction is expected to close by the end of Q1 2026, subject to EGM and regulatory approvals.

  • If the transaction fails, there is a risk of delisting and potential liquidation, which would significantly erode shareholder value.

What if Nasdaq denies merged entity listing?
Will fractalkine program be actively developed?
What is the operational plan if acquisition fails?
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Frequently asked questions

Kancera AB is a Swedish biotechnology company focusing on developing pharmaceuticals for the treatment of severe diseases, particularly cancer and inflammatory conditions. The company's efforts are primarily directed towards creating small molecule drug candidates that target disease-promoting immune and cancer cells, specifically utilizing the fractalkine axis. Kancera's work is divided into two main areas: Pharmaceutical Development and Industrial Research and Development (R&D). Solna, Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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