NextCell Pharma (NXTCL) Transition period summary

Executive summary

• Achieved key milestones in ProTrans clinical trials, including completion of ProTrans-Young enrollment and long-term data showing sustained insulin production up to seven years post-infusion.

• Strengthened financial position through successful warrant exercise and a directed share issue, broadening the shareholder base.

• Advanced international strategy with the establishment of a Hong Kong subsidiary and participation in JETRO's Japan Entry Acceleration Program.

Financial highlights

• Fourth quarter 2025 operating income was SEK 1.8 million, down from SEK 3.1 million year-over-year; net sales SEK 1.8 million.

• Full-year 2025 operating income was SEK 10.2 million (prior year: SEK 11.3 million); net sales SEK 10.0 million.

• Profit/loss after financial items for Q4 was SEK -13.8 million (Q4 2024: SEK -9.1 million); full-year loss SEK -39.4 million (prior year: SEK -42.0 million).

• Cash and cash equivalents at year-end were SEK 26.0 million (prior year: SEK 32.7 million).

• No dividend proposed for the financial year.

Outlook and guidance

• Next planned ProTrans-Young data readout after summer 2026, with expectations for clearer efficacy differences over time.

• QVance targets GMP license submission in early 2026, with continued growth and commercial traction anticipated.

• Strategic focus on Asian market expansion, leveraging Hong Kong as a gateway to China.