Arctic Bioscience (ABS) H2 2025 earnings summary

Executive summary

• Achieved key milestones in 2025, including completion of the HeROPA phase IIb clinical trial for HRO350 in mild-to-moderate psoriasis, showing statistically significant effects on systemic inflammation and encouraging efficacy signals despite not meeting the primary endpoint due to high placebo response.

• Nutraceutical business demonstrated resilience with strong growth in the American market (143% YoY), stable B2C revenues, and expansion into new European markets.

• Launched Romega Skin Refine, entering the beauty and skincare segment, and managed a product recall with operations returning to normal by year-end.

• Secured new long-term financing and implemented significant cost reductions, improving operational efficiency and liquidity.

Financial highlights

• 2025 group revenue: NOK 40.1 million (down from NOK 43.5 million in 2024); gross profit: NOK 11.0 million (down from NOK 11.9 million); gross margin: 28% (up from 27%).

• Adjusted EBITDA: NOK -28.3 million (improved from NOK -36.8 million in 2024); net loss: NOK 41.0 million (improved from NOK 47.9 million).

• Cash flow from operations: NOK -22.7 million (improved from NOK -45.4 million); available liquidity at year-end: NOK 5.2 million.

• Equity ratio: 61% (down from 75%); total assets: NOK 284.7 million.

Outlook and guidance

• Strong order backlog and positive growth outlook for nutraceuticals in 2026, with further international expansion planned.

• Data from HeROPA and glaucoma studies to be published and leveraged for partnerships and further clinical development.

• Ongoing focus on operational discipline, cost control, and securing additional liquidity.