Caliway Biopharmaceuticals (6919) Q4 2025 earnings summary

Executive summary

• Auditors issued an unqualified opinion, confirming fair presentation of financial statements for 2025 and 2024 in accordance with Taiwan regulations.

• Key audit matter identified was the existence of bank deposits and financial assets, which comprised 81% of total assets as of December 31, 2025.

• The company is focused on new drug development for aesthetic medicine and chronic inflammation, and listed on the Taiwan Stock Exchange in October 2024.

Financial highlights

• Operating revenue for 2025 was NT$38,037 thousand, down from NT$44,434 thousand in 2024.

• Net loss for 2025 was NT$351,918 thousand, an improvement from a net loss of NT$588,830 thousand in 2024.

• Basic loss per share improved to NT$(0.23) in 2025 from NT$(0.41) in 2024.

• Total assets as of December 31, 2025 were NT$9,472,042 thousand, with equity representing 99% of total assets.

• Cash and cash equivalents at year-end 2025 were NT$755,521 thousand, down from NT$6,890,365 thousand at year-end 2024.

Outlook and guidance

• Adoption of new IFRS standards is not expected to have a significant impact; the company is evaluating the effect of IFRS 18, effective 2028.

• No guidance on future revenue or profitability was provided.