OSE Immunotherapeutics (OSE) H2 2025 earnings summary

Executive summary

• Entered 2026 with a 3-year strategic roadmap focused on catalysts for lusvertikimab and Tedopi®.

• Cash position was €22.7M at Dec 31, 2025, and €17.0M at Mar 31, 2026.

• Cash runway expected to last until early Q4 2026.

• Filing of the 2025 Universal Registration Document postponed to no later than May 28, 2026.

Financial highlights

• 2025 revenues were €2.6M, down from €69.9M in 2024, mainly due to non-recurring 2024 licensing and asset sales.

• Operating income dropped to €2.7M in 2025 from €83.4M in 2024.

• Net loss of €37.7M in 2025, compared to a net profit of €37.4M in 2024.

• EPS was (€1.69) in 2025, down from €1.71 in 2024.

• Cash and cash equivalents at Dec 31, 2025, were €17.6M, with total cash position at €22.7M.

Outlook and guidance

• Cash runway sufficient until early Q4 2026, not including potential new financing or milestone payments.

• Exploring options to extend runway: strategic partnerships, equity financing, debt restructuring, and milestone payments.

• If no sufficient financing is secured, auditors may include a going concern qualification.