Nanexa (NANEXA) Q2 2025 earnings summary

Executive summary

• Focused resources on NEX-22, a once-monthly liraglutide depot for type 2 diabetes and obesity, with positive Phase I results showing 36-day exposure and good tolerability without significant GI side effects.

• Strengthened PharmaShell platform, enabling terminal sterilization, room temperature storage, and ready-to-use formulations, offering cost savings and convenience.

• Appointed Bridget Lacey as Chief Business Officer, enhancing business development capabilities.

• Terminated partnership with Applied Materials, receiving a $750,000 one-time payment and gaining freedom for future manufacturing partnerships.

• Increased international presence and industry recognition, with PharmaShell highlighted as a top technology at BIO 2025.

Financial highlights

• Q2 2025 turnover: SEK 2,705k (Q2 2024: SEK 5,657k); H1 2025 turnover: SEK 5,582k (H1 2024: SEK 13,411k).

• Q2 2025 EBIT: SEK -5,237k (Q2 2024: SEK -6,124k); H1 2025 EBIT: SEK -13,450k (H1 2024: SEK -9,487k).

• Q2 2025 net loss: SEK -5,899k (Q2 2024: SEK -6,012k); H1 2025 net loss: SEK -14,886k (H1 2024: SEK -8,835k).

• Cash and cash equivalents at June 30, 2025: SEK 40,263k (June 30, 2024: SEK 41,311k).

• Cash flow for H1 2025: SEK 29,971k (H1 2024: SEK -23,857k), supported by new share issues and loans.

Outlook and guidance

• Current working capital and cash are expected to finance operations until end of Q1 2026.

• Active efforts underway to secure new revenue from partner agreements and ensure long-term financing.