DexTech Medical (DEX) Q2 2026 earnings summary

Executive summary

• No revenue generated in the second quarter or first half of 2025/2026; focus remains on clinical development.

• Operating loss increased to -1.7 MSEK in Q2 and -3.0 MSEK for the half-year, reflecting higher R&D and regulatory costs.

• Over 80% of patients in the ongoing OsteoDex myeloma study transitioned from progressive to stable disease, with a strong safety profile and no serious treatment-related adverse events.

• Clinical study for OsteoDex in relapsed/refractory multiple myeloma is nearing completion, with all patients expected to finish treatment by February 2026.

• Current liquidity and updated cost forecasts indicate sufficient working capital to fund operations through at least the end of 2028.

Financial highlights

• Net sales were 0.0 MSEK for both Q2 and the half-year, unchanged from the previous year.

• Operating loss was -1.7 MSEK in Q2 (vs. -1.1 MSEK YoY) and -3.0 MSEK for the half-year (vs. -2.4 MSEK YoY).

• Net loss after tax was -1.6 MSEK in Q2 (vs. -1.0 MSEK YoY) and -2.9 MSEK for the half-year (vs. -2.1 MSEK YoY).

• Cash flow for the half-year was -2.5 MSEK (vs. -2.7 MSEK YoY); cash and cash equivalents at period end were 12.2 MSEK (vs. 14.7 MSEK YoY).

• Equity at period end was 21.9 MSEK, or 1.18 SEK per share.

Outlook and guidance

• Existing funding, combined with updated cost projections, is expected to cover operations through at least 2028.

• The Clinical Study Report for the OsteoDex myeloma trial is expected in Q2 2026.

• Future licensing revenues are targeted to support ongoing operations.