Oncopeptides (ONCO) Q4 2025 earnings summary

Executive summary

• Net sales more than doubled year-over-year to SEK 71.1 million in 2025, with Q4 sales up 88% to SEK 18.6 million, driven by strong Pepaxti demand, especially in Italy, and successful market access in Spain and Italy.

• Over 600 patients treated with Pepaxti since EMA approval, supported by positive clinical data and inclusion in updated EHA/EMN guidelines.

• Announced a SEK 200 million rights issue, mostly guaranteed, to fund commercialization and pipeline expansion, especially in glioblastoma.

• Strategic review completed for German and R&D operations to sharpen focus and optimize the business model, with resource reallocation from preclinical to clinical research and cost reductions implemented.

• Strategic focus on expanding Pepaxti commercialization in Europe and advancing pipeline assets, especially in glioblastoma, leveraging the PDC platform.

Financial highlights

• Full-year net sales reached SEK 71.1 million, a 125% increase from 2024; Q4 net sales were SEK 18.6 million, up 88% year-over-year.

• Gross profit for the year was SEK 68.7 million, with a gross margin of 97%.

• Operating expenses decreased by 16% in Q4 and 7% for the full year, indicating cost control.

• EBIT improved to SEK -224.7 million from SEK -283 million last year; full-year net loss was SEK -249.6 million, improved from SEK -284.6 million in 2024.

• Cash at year-end was SEK 82 million, with liquidity to be strengthened by the rights issue.

Outlook and guidance

• Targeting positive cash flow in 2027, revised from previous guidance of 2026 due to slower growth in key markets and external disruptions.

• Proceeds from the rights issue will fund continued commercialization and clinical development, especially for glioblastoma.

• Expecting to initiate a window of opportunity (phase 0) clinical study in glioblastoma in 2026.

• Country-level profitability in Germany targeted for 2026.