AcuCort (ACUC) Q4 2025 earnings summary

Executive summary

• No revenue was generated in Q4 2025; full-year net sales reached 687 KSEK, a slight increase from 675 KSEK in 2024.

• Net loss after tax for Q4 was -6,757 KSEK (improved from -7,499 KSEK in Q4 2024); full-year net loss widened to -26,190 KSEK from -17,398 KSEK year-over-year.

• Cash position at year-end was 27,012 KSEK, up significantly from 2,772 KSEK at the end of 2024.

• Major strategic milestone: signed a five-year commercial distribution agreement with Glenmark Pharmaceuticals for Zeqmelit® in six European countries, expanding addressable market from 20 million to nearly 200 million people.

• Continued focus on international expansion, with ongoing regulatory and partnership activities in Europe, the Middle East, and the US.

Financial highlights

• Q4 2025: No revenue; net loss after tax -6,757 KSEK; EPS -0.06 SEK (vs. -0.09 SEK in Q4 2024).

• Full-year 2025: Net sales 687 KSEK; net loss after tax -26,190 KSEK; EPS -0.22 SEK (vs. -0.21 SEK in 2024).

• Operating expenses for the year totaled 33,176 KSEK, up from 25,102 KSEK in 2024.

• Cash flow from operations was -18,846 KSEK; cash flow from financing activities was 49,082 KSEK, mainly from a new share issue.

• Year-end equity was 63,742 KSEK, up from 40,849 KSEK at the end of 2024.

Outlook and guidance

• Expects further regulatory approvals and market entries outside the Nordics, with new agreements anticipated to generate future revenues.

• Ongoing expansion into additional European countries and the US is expected to drive future income.

• No dividend proposed for 2025; available liquidity deemed sufficient for operational needs in 2026.