Inhalation Sciences (ISAB) Q3 2025 earnings summary

Executive summary

• Launched a LinkedIn communication campaign to boost awareness and generate leads for unique inhalation technology.

• Two abstracts accepted for presentation at the DDL conference, showcasing both in vitro and in vivo study data.

• Initiated a collaboration and strategic review with PharmaVentures to explore potential M&A opportunities.

• Revenue for Q3 2025 was SEK 160k, a sharp decline from SEK 2,277k in Q3 2024; for Jan–Sep 2025, revenue was SEK 1,745k versus SEK 9,555k year-over-year.

• Order intake increased to SEK 1,551k in Q3 2025 (Q3 2024: SEK 843k) and SEK 3,389k for Jan–Sep 2025 (Jan–Sep 2024: SEK 2,665k).

Financial highlights

• Q3 and year-to-date revenues are lower compared to the same period last year, with operating loss widening to SEK -2,765k in Q3 2025 (Q3 2024: SEK -1,001k); Jan–Sep operating loss was SEK -7,504k (Jan–Sep 2024: SEK -2,669k).

• Operating expenses reduced by SEK 3 million year-to-date versus last year.

• Cash flow from operations was SEK -7,023k for Jan–Sep 2025 (Jan–Sep 2024: SEK -2,005k).

• Cash and cash equivalents at period end were SEK 6,623k (Sep 2024: SEK 5,407k).

• SEK 12m raised through a rights issue in June 2025 to support commercialization and sales activities.

Outlook and guidance

• Ongoing commercial efforts include hiring a new chief commercial officer, intensifying lead conversion activities, and expanded marketing campaigns.

• Expectation to conclude the M&A process with PharmaVentures within nine to twelve months, targeting completion by the first half of 2026.

• Focused on increasing conversion rates from leads to orders and expanding the customer pipeline.

• Continued participation in industry conferences and increased customer engagement anticipated.

• Collaboration with PharmaVentures aims to maximize technology value and explore strategic alternatives.