Oncopeptides (ONCO) Q1 2025 earnings summary

Executive summary

• Net sales reached SEK 13.3 million in Q1 2025, nearly tripling year-over-year and up 34% sequentially, driven by strong launches in Germany, Spain, and a faster-than-expected start in Italy.

• Cash position at quarter-end was SEK 107 million, with a clear path to cash flow positivity by end of 2026, supported by ongoing sales growth and anticipated partnership in Japan.

• Over 400 patients treated with Pepaxti since 2023, with more than half from Germany and around 100 from Italy; sales now active in all key European markets.

• Key milestones included positive reimbursement and first hospital order for Pepaxti in Italy, and the FDA lifting the clinical hold on OPD5, advancing U.S. ambitions.

• Partnership negotiations in Japan are progressing, with deal structure expected to align with industry standards and potential to strengthen financial position.

Financial highlights

• Net sales increased 161% year-over-year and 34% sequentially; gross profit rose to SEK 13.4 million from SEK 4.8 million.

• Operating expenses remained stable year-over-year and decreased significantly from Q4 2024; EBIT improved to SEK -59.8 million from SEK -65.7 million in Q1 2024.

• Net loss narrowed to SEK -60.7 million from SEK -67.7 million; earnings per share improved to SEK -0.29.

• Cash at period end was SEK 107 million, with a SEK 20 million unused credit line and EIB loan facility of up to EUR 30 million, only EUR 10 million drawn.

• Gross margin improved to 101% in Q1 2025.

Outlook and guidance

• Liquidity is expected to sustain operations until positive cash flow is achieved by end of 2026, contingent on sales growth and a successful Japan partnership.

• Focus remains on expanding European market access, progressing Japan partnership, and reigniting U.S. development with OPD5.

• Cost base for Q1 is representative for the rest of the year, with some quarterly fluctuations.

• Profitability plan excludes France, Norway, and Ireland due to market access challenges.

• Financial discipline and alternative financing options under evaluation to ensure liquidity.