Glycorex Transplantation (GTAB) Q3 2025 earnings summary

Executive summary

• Achieved double-digit sales growth and improved results, with significant clinical progress in Q3 2025, including successful market expansion and product adoption in new countries such as Morocco and Greece.

• Sales increased by 29% in Q3 year-over-year, with notable growth in India, Singapore, Netherlands, and Canada; rolling 12-month growth reached 24%.

• The first ABO-incompatible kidney transplant in Morocco was performed using Glycosorb® ABO, marking clinical expansion in Africa.

• Resumed sales in Greece and delivered products to a military center in France.

Financial highlights

• Q3 2025 net sales: 9.6 MSEK (up from 7.4 MSEK in Q3 2024); 9M 2025 net sales: 29.4 MSEK (up from 24.7 MSEK in 9M 2024).

• Q3 2025 operating result: -2.1 MSEK (improved from -3.0 MSEK); 9M 2025 operating result: -4.6 MSEK (improved from -8.4 MSEK).

• Q3 2025 net result: -2.2 MSEK (improved from -3.2 MSEK); 9M 2025 net result: -5.0 MSEK (improved from -8.9 MSEK).

• Earnings per share for Q3: -0.03 SEK (-0.04); for 9M: -0.06 SEK (-0.12).

• Cash flow for 9M 2025: 4.5 MSEK (vs. -6.3 MSEK in 9M 2024); cash and equivalents at period end: 10.1 MSEK.

Outlook and guidance

• Continued focus on global expansion, especially in high-growth markets such as India, Mexico, and South Africa.

• Ongoing product development for new indications, including rheumatoid arthritis, and further clinical adoption in transfusion and transplantation.

• Additional financing may be required before achieving positive cash flow.