Coegin Pharma (COEGIN) Q2 2025 earnings summary

Executive summary

• Intense preparations for the commercial launch of the first Follicopeptide-based hair growth product by end of 2025, with production scale-up and commercial discussions advancing on schedule.

• Achieved over 80% reduction in production costs, supporting entry into the premium segment and enabling strong margins for initial marketing investments.

• Ongoing adaptation of the business model to maximize opportunities in the cosmetics market, with exclusivity granted to high-performing partners.

• Cash runway secured into Q2 2026, allowing focus on production, partner agreements, and launch strategy execution.

Financial highlights

• Net revenue was 0 TSEK for both Q2 and H1 2025, unchanged from the previous year.

• Operating profit for Q2 2025 was -3,908 TSEK (improved from -4,486 TSEK in Q2 2024); H1 2025 operating profit was -9,538 TSEK (improved from -10,611 TSEK in H1 2024).

• Earnings per share for Q2 2025 was -0.16 SEK (Q2 2024: -0.22 SEK); H1 2025 was -0.38 SEK (H1 2024: -0.71 SEK).

• Cash and cash equivalents at period end were 12,336 TSEK (13,768 TSEK at end of H1 2024).

• Equity ratio at period end was 87.81% (96.02% at end of H1 2024).

Outlook and guidance

• Remains on track for commercial launch of Follicopeptide-based hair growth product by end of 2025.

• Production scheduled to start in Denmark in autumn 2025, with initial commercial volumes to be produced in a secured facility.

• Ongoing partner dialogues and strong market interest support positive outlook.