Orexo (ORX) Q4 2025 earnings summary

Executive summary

• Completed divestment of all US rights to Zubsolv to Dexcel Pharma for USD 91 million plus inventory, with potential earn-outs up to USD 16.8 million, and transition support agreements in place.

• Strategic focus shifts to the AmorphOX technology platform and pipeline development, with plans to expand its application in proprietary and partnered projects.

• Transition phase includes supporting Dexcel through 2026, with organizational adjustments and employees joining Dexcel.

• Met adjusted 2025 financial objectives, achieving positive EBITDA when excluding the Zubsolv transaction.

Financial highlights

• Year-end cash position of SEK 912.4 million, up significantly due to the Zubsolv sale.

• Net proceeds from the Zubsolv transaction were SEK 813.6 million after transaction costs.

• EBITDA for continued operations was negative SEK 70 million in Q4; full-year EBITDA positive at SEK 3.2 million.

• Discontinued operations contributed SEK 840.4 million to net earnings, mainly from the Zubsolv sale.

• OPEX for continued operations in Q4 was SEK 104 million, reflecting transition costs.

Outlook and guidance

• 2026 priorities: advance AmorphOX platform, initiate pivotal OX640 trial, analyze OX390 in-vivo data, resubmit Izipry to FDA, and expand peptide/vaccine programs.

• Guidance on R&D expenses for 2026 is pending, as costs depend on clinical trial timing and potential partnerships.

• Runway of at least two years is expected, with potential extension through partnerships.

• 2025 financial outlook (excluding Zubsolv transaction): buprenorphine/naloxone market grew 3%, Zubsolv net sales USD 50.8 million, OPEX SEK 467.6 million, positive EBITDA SEK 3.2 million.