Davion Healthcare (DAVI) Q4 2025 earnings summary

Executive summary

• Pre-revenue developer of non-invasive home tests; four products are market-ready, with BreastCheck first in line for commercialization.

• Licensing model delegates manufacturing, regulatory compliance, marketing and distribution to partners; NeuRX is the sole licensee and commercialization partner for BreastCheck.

Financial highlights

• FY2025 revenue was €0; operating loss was €824k versus €1.3m in FY2024, mainly reflecting lower executive and director compensation accruals after fees were waived.

• Net loss was €824k versus €1.32m; basic and diluted EPS were €(0.03) versus €(0.06).

• Cash at December 31, 2025 was €1,058; related-party advances totaled €908k, while total assets were €65.1m.

Outlook and guidance

• No revenue is expected before H2 2026 at the earliest; NeuRX targets a U.S. BreastCheck launch in H2 2026, followed by international launches from 2027, subject to market conditions.

• Contractual cash inflows are expected to begin in July 2026; timing and amounts depend on NeuRX’s commercialization and performance.

• FY2025 costs are not representative of FY2026: listing-related fees and higher public-company costs for executives, directors, legal, insurance, accounting, technology and compliance are expected.