Enorama Pharma (ERMA) Q3 2025 earnings summary

Executive summary

• Transitioned from turnaround to growth, focusing on PMTA process for permanent FDA approval in the US and scaling sales of NIC-S®.

• Leadership changes included new interim and permanent CFOs, a new Commercial Director, and a new interim CEO after the period's end.

• Distribution agreement with Pouch Pro LLP established for US market; previous agreement with Premier Manufacturing ended.

• Negative net sales in Q3 due to adjustments for prior sample volumes and delayed revenue recognition from new distributor.

Financial highlights

• Q3 2025 net sales: -193 KSEK (7,481 KSEK Q3 2024); 9M 2025 net sales: 989 KSEK (13,127 KSEK 9M 2024), a 92% decrease year-over-year.

• Q3 2025 operating result: -12,339 KSEK (-4,476 KSEK Q3 2024); 9M 2025: -44,338 KSEK (-20,842 KSEK 9M 2024).

• Q3 2025 pre-tax result: -13,346 KSEK (-7,127 KSEK Q3 2024); 9M 2025: -54,565 KSEK (-21,800 KSEK 9M 2024).

• Q3 2025 EPS: -0.18 SEK (-0.12 SEK Q3 2024); 9M 2025 EPS: -0.73 SEK (-0.36 SEK 9M 2024).

• Cash and cash equivalents at 30 Sep 2025: 6,563 KSEK (9,617 KSEK 2024).

• Equity at 30 Sep 2025: -4,648 KSEK (33,716 KSEK 2024); equity ratio: -36.97% (81.16% 2024).

Outlook and guidance

• PMTA process remains top priority, with all but two required studies underway; continued investment to secure FDA approval.

• US market expansion expected as new distribution and logistics partnerships are established.