Enorama Pharma (ERMA) Q1 2026 earnings summary

Executive summary

• Q1 2026 was marked by significant legal, regulatory, and financial challenges, including a Refuse-to-File decision from the FDA regarding PMTA applications in the US, leading to legal action and a full write-down of the US subsidiary investment.

• The company’s equity fell below half of registered share capital, prompting a control balance sheet and an extraordinary general meeting, which decided to continue operations.

• Strategic focus remains on establishing NIC-S® in the US and expanding into Europe and Asia, with new product launches and design updates planned.

Financial highlights

• Net sales for Q1 2026 were -109 KSEK, down from 449 KSEK in Q1 2025, due to product returns.

• Operating loss was -10,877 KSEK, improved from -16,678 KSEK year-over-year.

• Pre-tax loss was -12,645 KSEK, compared to -22,511 KSEK in Q1 2025.

• EPS was -0.17 SEK, up from -0.37 SEK in Q1 2025.

• Cash flow for the quarter was 15,264 KSEK, compared to -2,695 KSEK in Q1 2025.

• Cash and cash equivalents at quarter-end were 17,762 KSEK, up from 4,648 KSEK a year earlier.

Outlook and guidance

• Management is actively seeking solutions to restore equity and secure liquidity, with optimism about continued support from main shareholders.

• Ongoing efforts to obtain permanent FDA approval for NIC-S® and to launch in new markets.