Nanoform Finland (NANOFH) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter revenue and gross margin of 94%, with revenue up 45% year-over-year and significant reduction in operating costs by 31%, signaling progress toward cash flow positivity.

• Signed first exclusivity deal for biologics technology with a major US biopharma company, securing a $1 million upfront fee and potential for high tens of millions in milestones and royalties, establishing a second commercial pillar.

• Lead program Nanoenzalutamide advanced with a multi-track strategy and strong partner engagement; other product kernels, including Nanoapalutamide and Nanoencorafenib, progressing as planned.

• Subcutaneous biologics delivery platform validated in preclinical studies, matching performance of market leaders such as Herceptin HYLECTA.

• Personnel reduced by 22% to 139, with further cost savings expected from layoffs and part-time arrangements.

Financial highlights

• First quarter revenue reached EUR 1.3 million (+45% YoY), gross profit EUR 1.2 million, and gross margin 94% (up from 82%).

• Trailing 12-month income surpassed EUR 5 million, a new high and above 2022 levels.

• Operating expenses fell by 31% year-over-year to EUR 4.3 million, now at the same level as five years ago.

• EBITDA improved to EUR -2.96 million (annualized negative below EUR 10 million), and operating free cash flow improved to EUR -3.16 million.

• Net debt: EUR -14.2 million; cash and equivalents: EUR 20.5 million.

Outlook and guidance

• On track to achieve 2026 cash burn target of below EUR 10 million, with cost savings of EUR 5–6 million implemented.

• 2030 targets reiterated: three products on the market, income growth at >50% CAGR (2026–2030), and EBIT margin above 30%.

• Near-term targets include submission of first marketing authorization for a nanoformed medicine and securing multiple development and license agreements in 2026.

• Expect continued income growth and further reductions in operating expenses throughout 2026.