Inhalation Sciences (ISAB) Q2 2025 earnings summary

Executive summary

• FDA approved publication of high-level data from the joint DissolvIt study, presented in May, potentially influencing preclinical inhaled drug development.

• Rights issue finalized in June, strengthening cash position by approximately SEK 10 million after expenses, with a focus on reaching profitability.

• New Chief Commercial Officer appointed to drive commercial expansion and sales.

• Strong ongoing customer interest, maintaining a sales pipeline of around SEK 30 million.

• Organization streamlined to focus on commercial activities and in-house expertise.

Financial highlights

• Rights issue raised SEK 10 million net, intended to be the last financing round.

• Net sales for Q2 2025 were 777 tkr, down from 3,357 tkr in Q2 2024; H1 2025 net sales were 1,585 tkr, down from 7,277 tkr in H1 2024.

• Operating result for Q2 2025 was -2,498 tkr (Q2 2024: -893 tkr); H1 2025 operating result was -4,740 tkr (H1 2024: -1,668 tkr).

• R&D expenses reduced by over 50% for H1 2025 compared to H1 2024.

• Earnings per share for Q2 2025 were -0.09 SEK (-0.06); H1 2025 EPS was -0.17 SEK (-0.11).

Outlook and guidance

• Plans to expand commercial initiatives and increase market awareness through international conferences and campaigns.

• Ongoing discussions with potential strategic partners, including possible M&A and asset sales.

• Awareness campaign to leverage regulatory trends and recent study results, running through December.

• Targeting near-term profitability with strengthened cash position and reduced costs.

• Ongoing efforts to convert leads from a SEK 30 million offer pipeline into formal orders.