Enorama Pharma (ERMA) Q2 2026 earnings summary

Executive summary

• The period was marked by significant regulatory and financial challenges, including a Refuse-to-File decision from the FDA regarding PMTA applications for NIC-S® in the US, leading to legal proceedings and a control balance sheet due to capital erosion.

• The company continued to invest in regulatory studies and legal actions to support the PMTA process, while also focusing on cost efficiency and product development for new markets.

• Leadership changes occurred post-period, with Amy Walker appointed as interim CEO following the resignation of Bengt Jönsson.

Financial highlights

• Net sales for Q2 2026 were 0 KSEK, down from 733 KSEK in Q2 2025; for H1 2026, net sales were -109 KSEK, compared to 1,182 KSEK in H1 2025, due to product returns.

• Operating loss for Q2 2026 was -11,707 KSEK (Q2 2025: -15,321 KSEK); for H1 2026, -22,584 KSEK (H1 2025: -31,999 KSEK).

• Pre-tax loss for Q2 2026 was -13,115 KSEK (Q2 2025: -18,708 KSEK); for H1 2026, -25,761 KSEK (H1 2025: -41,219 KSEK).

• Earnings per share for Q2 2026 were -0.18 SEK (Q2 2025: -0.28 SEK); for H1 2026, -0.35 SEK (H1 2025: -0.61 SEK).

• Cash flow for Q2 2026 was -14,973 KSEK (Q2 2025: -4,204 KSEK); for H1 2026, 290 KSEK (H1 2025: -6,899 KSEK).

• Cash and cash equivalents at June 30, 2026, were 2,098 KSEK (June 30, 2025: 2,518 KSEK).

Outlook and guidance

• The company remains committed to pursuing the PMTA process for NIC-S® in the US, despite ongoing regulatory and legal uncertainties.

• Efforts continue to restore equity and secure liquidity, with optimism for the brand's future in the US and new European and online markets.