Mabion (MAB) Q2 2026 earnings summary

Executive summary

• Strengthened financial and commercial foundations with new growth avenues in ADCs, co-development, and innovative biologics, while continuing CDMO contracts with Novavax, IBMP, Novalgen, and WPD Pharmaceuticals.

• Expanded long-term partnership with Novavax through 2029, adding advanced analytics and early-stage project scopes.

• Formalized ADC ecosystem partnerships and advanced Mabion CD20 regulatory pathway with FDA engagement, including reactivation for orphan diseases.

• Significant cost reductions achieved, especially in marketing and personnel, but production underutilization led to negative gross margins.

• Accelerated execution in H2 2026, reallocating capital and infrastructure toward core Drug Substance (DS) growth platform.

Financial highlights

• Revenue for H1 2026 reached PLN 7.8 million, up 31% year-over-year, but down from PLN 12.5 million in H1 2025, driven by higher analytical activity and expanded client scopes.

• Operating loss reduced to PLN -23.0 million from PLN -28.7 million year-over-year due to cost discipline and a shift toward DS and analytics.

• Net loss narrowed to PLN -24.7 million from PLN -30.7 million year-over-year, despite ongoing transition investments.

• Net operating cash flow improved to PLN -18.5 million from PLN -26.6 million; net financing cash flow increased to PLN 18.7 million from PLN -0.5 million.

• Liquidity preserved through CBC financing, PLN 17 million debt conversion into shares, and new loans secured.

Outlook and guidance

• Project pipeline targets annual revenue potential of €15–25 million by 2028, with EBITDA margin expected to exceed 35%.

• Management expects continued liquidity challenges and is actively seeking new contracts, bridge financing, share issues, and strategic investor partnerships.

• H2 2026 to focus on contract conversion, regulatory milestones, and investment in DS and analytics.

• Expansion into the US market is being considered, including due diligence for a potential plant acquisition.