PCI Biotech (PCIB) Q2 2025 earnings summary

Executive summary

• Discontinued the PCL programme for gene therapy manufacturing on 18 August 2025 due to insufficient progress and elevated project risk.

• Recent R&D efforts failed to deliver convincing manufacturing benefits or cost savings.

• Immediate priority is value preservation and evaluating future options, including sale, merger, or wind-down.

• Cash and cash equivalents at end of June 2025 were NOK 13.6 million, expected to sustain operations into Q4 2025.

Financial highlights

• No revenues for 1H 2025 or 2024; other income (mainly grants) was NOK 1.4 million for 1H 2025, down from NOK 3.4 million in 1H 2024.

• Operating expenses increased to NOK 13.3 million in 1H 2025 from NOK 11.7 million in 1H 2024, driven by higher R&D costs.

• Net loss for 1H 2025 was NOK 11.5 million, compared to NOK 7.4 million in 1H 2024.

• Cash flow from operating activities was negative NOK 12.5 million in 1H 2025.

• Cash and cash equivalents at end of June 2025 were NOK 13.6 million, down from NOK 27.1 million at year-end 2024.

Outlook and guidance

• Focus is on value preservation and evaluating strategic options, including sale, merger, or wind-down.

• Cash position is expected to support operations into Q4 2025.

• Significant uncertainty exists regarding ability to secure additional financing and continue as a going concern.

• Updates on future options and value preservation efforts will be provided as available.