Dicot (DICOT) Q4 2025 earnings summary

Executive summary

• Achieved positive phase 2a results for LIB-01, showing long-acting efficacy and favorable safety in erectile dysfunction, supporting advancement to phase 2b in 2026.

• Strengthened scientific understanding of LIB-01's mechanism, highlighting its differentiated action and potential in metabolic diseases.

• Signed agreement with a global CRO to prepare for phase 2b clinical trial in the US and Europe.

Financial highlights

• Net sales for both Q4 and full year 2025 were MSEK 0.0, unchanged from prior year.

• Result after financial items for Q4 was MSEK -16.8 (improved from -20.8), and for the full year MSEK -80.2 (worsened from -57.7).

• Earnings per share for Q4 was SEK -0.01 (unchanged), and for the full year SEK -0.04 (improved from -0.05).

• Cash and cash equivalents at year-end were SEK 69.2 million, down from SEK 113.4 million.

• Market value at year-end was SEK 617 million, up 25% from previous year.

Outlook and guidance

• Phase 2b clinical study for LIB-01 is planned to start in the second half of 2026 in the US and Europe.

• Focus for 2026 is on initiating phase 2b and evaluating expansion into additional therapeutic areas.

• Company will need to strengthen its cash position ahead of phase 2b through equity, out-licensing, or both.