Cardeon (CARDEO) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were 1,120 KSEK, down from 1,763 KSEK year-over-year; full-year net sales were 5,541 KSEK, slightly below 2024 levels.

• Operating result for Q4 was -2,844 KSEK, and for the full year -8,001 KSEK, both improved from the previous year.

• The year was marked by significant progress in portfolio companies, despite a challenging market for small and mid-sized life science firms.

• Focus remained on financial discipline, cost control, and strategic positioning for 2026.

Financial highlights

• Q4 net sales: 1,120 KSEK (down from 1,763 KSEK); full-year: 5,541 KSEK (down from 5,745 KSEK).

• Q4 operating result: -2,844 KSEK (vs. -2,552 KSEK); full-year: -8,001 KSEK (vs. -9,780 KSEK).

• Q4 result after financial items: -12,582 KSEK (vs. -42,227 KSEK); full-year: -16,602 KSEK (vs. -52,109 KSEK).

• Q4 cash flow: -56 KSEK (vs. -1,159 KSEK); full-year: -189 KSEK (vs. -271 KSEK).

• Cash and cash equivalents at year-end: 18 KSEK (vs. 207 KSEK).

Outlook and guidance

• Entering 2026 with a portfolio containing several clinical-phase projects and strong academic collaborations.

• Continued focus on cost control, resource prioritization, and securing liquidity for over 12 months.

• No dividend proposed for 2025.