Arctic Bioscience (ABS) Q3 2025 TU earnings summary

Executive summary

• HRO350 demonstrated significant reduction in systemic inflammation in the HeROPA trial, with post-hoc analyses confirming benefits in the per-protocol population and improved skin symptoms and quality of life after 1 year compared to placebo.

• Clinical Glaucoma Study showed significant vision improvement with ROMEGAⓇ herring caviar oil, confirming neuroprotective potential and supporting further development and commercialization.

• Early-stage orphan drug ABS302 for brain development in premature infants reached a key product formulation milestone, moving to preclinical testing with a partner in place and commercial strategy targeting asset sale post-preclinical.

• CAPEX related to Pharma finalized as HeROPA trial completed; cost reduction initiatives led to NOK 8.9 million lower operating costs year-over-year.

• NOK 2.5 million in grants received for oral aquaculture vaccine project.

Financial highlights

• Q3-2025 sales revenues reached NOK 11.1 million, up from NOK 8.7 million in Q3-2024, but another source reports Q3 2025 revenues at NOK 8.7 million, down from NOK 11.1 million in Q3 2024.

• Gross margin for Q3-2025 was 21.6%, down from 31.8% or 33.5% in Q3-2024, impacted by a recall issue.

• Year-to-date Nutra revenues slightly down due to recall, but American market revenues surpassed 2024 totals by over NOK 6 million.

• EBITDA for YTD Q3-2025 was NOK -21.4 million, with adjusted EBITDA at NOK -21.4 million (no one-off costs in 2025); adjusted EBITDA for Q3 2025 was NOK -7.8 million, improved from NOK -8.4 million in Q3 2024.

• Available liquidity at end of Q3 2025: NOK 7.5 million, down from NOK 17.4 million at end Q3 2024.

Outlook and guidance

• Strategic opportunities and regulatory engagement for HeROPA development under evaluation; partnerships being sought and further HRO350 development to be funded through partnerships or project-specific funding.

• Increased nutraceutical revenues expected in Q4-2025 and 2026, supported by purchase orders and order outlook; Nutra B2B business expected to grow in 2026 and beyond with new large accounts and geographic expansion.

• B2C launch in Sweden planned for Q4, with further European expansion in 2026 and Northern Europe targeted.

• Liquidity situation closely monitored, with positive bank dialogue and ongoing board assessment and discussions with financing partners.