Coegin Pharma (COEGIN) Q3 2025 earnings summary

Executive summary

• Transitioned from a development-focused biotech to a commercial company in Q3 2025, marked by first commercial purchase orders for Follicopeptide and establishment of an in-house production facility in Denmark.

• Signed strategic distribution agreements with Gents AB (Sweden), Mercapharm (Poland), and Hårklinikken, supporting international product launch strategy.

• Launched a complementary Follicopeptide product, with market introduction planned for March 2026.

Financial highlights

• Net revenue was 0 TSEK for both Q3 and the first nine months of 2025 (unchanged year-over-year).

• Operating profit for Q3 2025 was -4,058 TSEK (improved from -5,586 TSEK in Q3 2024); for the first nine months, -13,595 TSEK (improved from -16,198 TSEK year-over-year).

• Earnings per share for Q3 2025 was -0.16 SEK (vs. -0.28 SEK in Q3 2024); for the first nine months, -0.55 SEK (vs. -1.08 SEK year-over-year).

• Cash at period end was 7,370 TSEK (down from 9,469 TSEK a year earlier).

• Equity at period end was 11,646 TSEK (down from 33,470 TSEK a year earlier).

Outlook and guidance

• Initial product launches for Follicopeptide are scheduled for December 2025, with further launches and portfolio expansion planned for 2026.

• Targeting balanced cash flow in the second half of 2026 and reduced reliance on external financing.

• A measured financing plan is in progress to ensure sufficient working capital through Q2–Q4 2026.