Nanexa (NANEXA) Q4 2025 earnings summary

Executive summary

• Secured a major license and option agreement with Moderna for PharmaShell®-based products, including an initial USD 3 million payment and potential milestones up to USD 500 million plus royalties.

• Transitioned focus in NEX-22 project from liraglutide to semaglutide, targeting monthly and quarterly dosing for type 2 diabetes and obesity.

• Achieved finalist status in the Fierce Life Sciences Innovation Awards for drug delivery technology.

• Announced breakthrough preclinical data for monthly semaglutide formulation post-period.

Financial highlights

• Q4 2025 turnover: SEK 30,090 thousand (up from SEK 4,517 thousand YoY), with SEK 27,999 thousand from Moderna agreement.

• Q4 2025 EBIT: SEK 16,665 thousand (vs. -12,025 thousand YoY); profit after tax: SEK 16,036 thousand (vs. -11,631 thousand YoY).

• FY 2025 turnover: SEK 36,149 thousand (up from SEK 24,361 thousand YoY); EBIT: SEK -8,768 thousand (vs. -26,062 thousand YoY); net loss: SEK -11,388 thousand (vs. -24,905 thousand YoY).

• Cash and cash equivalents at year-end: SEK 44,567 thousand (vs. SEK 10,292 thousand YoY).

• Cash flow for the year: SEK 34,276 thousand (vs. -54,877 thousand YoY).

Outlook and guidance

• Board believes current working capital and cash are sufficient to finance operations until early 2027.

• Focus remains on securing further revenue from pharma agreements and advancing business development, especially for semaglutide and GLP-1 projects.

• No dividend proposed for 2025.