Oncoinvent (ONCIN) Q4 2025 earnings summary

Executive summary

• Reported positive final data from Phase I RadspherinⓇ trial in ovarian cancer, published in Gynecologic Oncology and presented at ESGO, showing low peritoneal recurrence at 24 months compared to standard care.

• Completed merger with BerGenBio, inheriting Oslo Stock Exchange main board listing and adding NOK 45-51.2 million in cash.

• Raised NOK 130 million in equity through a fully underwritten rights issue, resulting in a year-end cash balance of NOK 179.7-180 million and runway into 2027.

• Appointed Dr. Ramzi Amri as CFO, bringing significant medical, pharma, and financial expertise.

• Ongoing Phase II ovarian cancer trial recruited 26 patients by year-end, with expanded sites in Europe and the US and strong recruitment momentum into 2026.

Financial highlights

• Year-end cash position of NOK 179.7-180 million, significantly higher than previous year, providing runway into 2027.

• 2H 2025 operating loss of NOK 106.3 million, mainly due to increased clinical activity and merger-related expenses.

• 2H 2025 operating revenue: NOK 16-16.1 million, primarily from Artbio agreement.

• 2H 2025 operating expenses: NOK 122-122.4 million, driven by clinical trial costs and merger expenses.

• One-off non-cash expense of NOK 21.5-21.6 million from reverse merger, representing about 18-20% of 2025 operating expenses.

Outlook and guidance

• Cash runway extends beyond planned Phase II ovarian study analysis, supporting clinical and commercial development into 2027.

• Focus on disciplined cash management, execution of Phase II trial, and evaluation of strategic opportunities.

• Preparing for future financing and strategic partnerships to support Phase III development.

• Final Phase II ovarian cancer trial readout expected in 2028, with interim analysis late 2026.

• Protocol amendments and new sites expected to further strengthen Phase II recruitment in 2026.