Enorama Pharma (ERMA) Q4 2025 earnings summary

Executive summary

• Q4 2025 focused on advancing the PMTA process and building a commercial platform in the US, with NIC-S® available in about 750 stores in western states.

• The US market remains a strategic priority, despite regulatory setbacks and significant uncertainty following an FDA Refuse-to-File (RTF) decision in February 2026.

• The company wrote down the entire investment in its US subsidiary at year-end due to the RTF and ongoing sales uncertainty.

Financial highlights

• Q4 2025 net sales: 1,750 KSEK (down from 2,641 KSEK in Q4 2024); full-year 2025 net sales: 2,739 KSEK (down 83% from 15,768 KSEK in 2024).

• Q4 2025 operating loss: -18,472 KSEK (vs. -26,673 KSEK); full-year operating loss: -62,810 KSEK (vs. -47,515 KSEK).

• Q4 2025 pre-tax loss: -20,574 KSEK (vs. -22,006 KSEK); full-year pre-tax loss: -75,139 KSEK (vs. -43,806 KSEK).

• Result per share for 2025: -1.01 SEK (vs. -0.72 SEK in 2024).

• Significant negative impact from inventory write-downs (-15,642 KSEK), PMTA costs (-18,365 KSEK), and currency losses (-11,474 KSEK) for the year.

Outlook and guidance

• The company remains committed to pursuing regulatory approval for NIC-S® in the US, despite the FDA RTF decision.

• Ongoing cost control and efficiency measures are prioritized, especially in marketing and regulatory processes.

• Management is optimistic about continued support from major shareholders and is evaluating options to restore equity.