Cardeon (CARDEO) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were 1,230 KSEK, slightly down from 1,283 KSEK in Q3 2024; for Jan–Sep 2025, net sales reached 4,422 KSEK, up from 3,983 KSEK year-over-year.

• Operating result improved to -1,820 KSEK in Q3 2025 from -2,197 KSEK in Q3 2024; for Jan–Sep, operating result was -5,158 KSEK, an improvement from -7,228 KSEK.

• Cash flow for Q3 was positive at 52 KSEK, compared to -395 KSEK last year; for Jan–Sep, cash flow was -132 KSEK, down from 888 KSEK.

• Portfolio companies made significant clinical and business progress, including SpectraCure's positive clinical results and AcroPharma's patent and research agreements.

Financial highlights

• Net sales Q3: 1,230 KSEK (Q3 2024: 1,283 KSEK); Jan–Sep: 4,422 KSEK (Jan–Sep 2024: 3,983 KSEK).

• Operating result Q3: -1,820 KSEK (Q3 2024: -2,197 KSEK); Jan–Sep: -5,158 KSEK (Jan–Sep 2024: -7,228 KSEK).

• Result after financial items Q3: -923 KSEK (Q3 2024: -2,029 KSEK); Jan–Sep: -4,019 KSEK (Jan–Sep 2024: -9,882 KSEK).

• Cash and cash equivalents at period end: 75 KSEK (1,367 KSEK last year).

• Equity at period end: 51,828 KSEK (86,688 KSEK last year); equity ratio: 86% (95%).

Outlook and guidance

• Management expresses confidence in continued positive development, especially in unlisted portfolio companies and clinical progress in SpectraCure.

• TEQCool is well-capitalized for at least the next 12 months and is preparing for a planned IPO.

• AcroPharma is advancing toward a phase 2 clinical study and expects to finalize agreements with participating clinics soon.