Coegin Pharma (COEGIN) Q4 2025 earnings summary

Executive summary

• Transitioned from research-focused biotech to a commercially driven innovation platform with products on the market and scalable production in place.

• Achieved first commercial deliveries and initiated consumer pre-orders for Follicopeptide Gel Serum in Q4 2025.

• Strengthened financing and entered 2026 with a clear focus on disciplined execution, scalable growth, and long-term value creation.

Financial highlights

• Net revenue for Q4 2025 was 79 TSEK, compared to 0 TSEK in Q4 2024; full year 2025 revenue also 79 TSEK.

• Operating profit for Q4 2025 was -6,856 TSEK (Q4 2024: -7,136 TSEK); full year 2025 operating profit was -20,452 TSEK (2024: -23,333 TSEK).

• Earnings per share for Q4 2025 was -0.28 SEK (Q4 2024: -0.29 SEK); full year 2025 EPS was -0.82 SEK (2024: -1.26 SEK).

• Cash and cash equivalents at year-end 2025 were 7,923 TSEK (2024: 19,679 TSEK).

• Equity ratio at year-end 2025 was 35.55% (2024: 93.42%).

Outlook and guidance

• 2026 will focus on structured expansion, increased production capacity, and additional distribution partnerships.

• Portfolio strategy to broaden commercial footprint, with new Follicopeptide products and NPP-4 launch targeted for late 2026.

• Directed share issue post-period strengthens liquidity, supporting accelerated production scale-up and working capital.

• Aim to achieve balanced cash flow in the second half of 2026, reducing reliance on external financing.