Nanoform Finland (NANOFH) Q2 2026 earnings summary

Executive summary

• Positive feedback from the UK MHRA supports the hybrid application pathway for nanoenzalutamide, with the first market authorization application targeted before year-end 2026.

• Revenue for January–June 2026 grew 33% year-over-year to EUR 2.0 million, driven by increased customer projects and a new exclusivity deal with a U.S. biopharma partner.

• Six new customer projects signed in Q2 2026, evenly split between GMP and non-GMP, reflecting strategic focus and growing commercial traction.

• Cash flow improved, with cash burn for H1 2026 at EUR 5 million, Q2 cash burn at EUR 1.5 million, and cash reserves at EUR 19 million at period end.

• Signed first exclusivity agreement for biologics technology with a US Nasdaq-listed company, including upfront and milestone payments, royalties, and service fees.

Financial highlights

• Gross margin exceeded 90% in H1 2026, maintaining high profitability.

• Operating expenses decreased by 33% in H1 2026 due to cost structure optimization and restructuring.

• EBITDA loss narrowed to EUR -6.0 million (from EUR -10.0 million), reflecting significant cost reductions.

• Cash at the end of Q2 2026 was EUR 19 million, down from EUR 20.5 million at the end of Q1.

• Basic EPS improved to EUR -0.08 (from EUR -0.13) for H1 2026.

Outlook and guidance

• On track to keep full-year 2026 cash burn below EUR 10 million.

• First marketing authorization application for a nanoformed medicine expected to be submitted in the UK by year-end 2026.

• By 2030, aims to launch three nanoformed medicines, achieve income growth >50% CAGR, and EBIT margin above 30%.

• Continued increase in both GMP and non-GMP project signings anticipated for 2026.

• Plans to sign additional development and commercialization agreements in 2026.