Respiratorius (RESP) Q2 2025 earnings summary

Executive summary

• No revenue generated in H1 2025; net loss after financial items was -3,811 KSEK compared to -3,571 KSEK year-over-year.

• Scientific publication and patent progress for lead candidate VAL001, targeting DLBCL.

• FDA granted a pre-IND meeting for VAL001, advancing regulatory pathway for US market.

• Market research indicates strong physician interest in VAL001, with over 70% willing to prescribe if available.

• Rights issue of up to 18.9 MSEK announced post-period to strengthen financial position and support VAL001 development.

Financial highlights

• Net sales were 0 KSEK for both Q2 and H1 2025, unchanged year-over-year.

• Net loss after financial items was -1,805 KSEK in Q2 2025 (vs. -1,810 KSEK Q2 2024); H1 net loss was -3,811 KSEK (vs. -3,571 KSEK H1 2024).

• Earnings per share improved to -0.75 SEK for H1 2025 from -1.22 SEK year-over-year.

• Cash and cash equivalents at period end were 3,129 KSEK, down from 7,646 KSEK at 2024 year-end.

• Equity ratio (soliditet) increased to 96.12% at June 30, 2025, from 91.48% a year earlier.

Outlook and guidance

• Rights issue aims to fund operations until cash flow positivity, expected via a licensing deal for VAL001.

• Next steps include advancing VAL001 to phase III and pursuing commercialization.