Mabion (MAB) Q3 2025 earnings summary

Executive summary

• Report covers 3 and 9 months ended September 30, 2025, prepared under IFRS and going concern principle.

• Company operates as a CDMO, focusing on contract development and manufacturing of biological drugs, with updated strategy for 2025-2030 emphasizing technological development, operational excellence, and human capital.

• Key contracts executed with Novavax, Novalgen Ltd (UK), Instituto De Biologia Molecular Do Paraná (Brazil), and WPD Pharmaceuticals.

• Significant management changes occurred in Q3 2025, including new appointments and resignations.

Financial highlights

• Revenue for 9M 2025: PLN 10,061k, down sharply from PLN 64,269k in 9M 2024.

• Net loss for 9M 2025: PLN (41,425)k, compared to net profit of PLN 11,539k in 9M 2024.

• Gross loss on sales for 9M 2025: PLN (14,386)k, versus gross profit of PLN 53,211k in 9M 2024.

• Cash and cash equivalents at September 30, 2025: PLN 4,608k, down from PLN 38,448k at December 31, 2024.

• Total assets: PLN 120,456k; total equity: PLN 70,017k; total liabilities: PLN 50,439k as of September 30, 2025.

Outlook and guidance

• Management expects additional contracts to be signed to secure liquidity, but current contracts and pipeline are insufficient for 12-month liquidity.

• Immediate additional financing is required; bridge loan and share issue planned to support operations.

• New strategy for 2025-2030 aims to strengthen CDMO position and acquire new biosimilar and innovative product contracts.