Respiratorius (RESP) Q4 2025 earnings summary

Executive summary

• Achieved key scientific, regulatory, and commercial milestones for lead candidate VAL001, including publication in a major journal and strengthened patent protection in Europe, complementing existing patents in the US, Japan, and Canada.

• Conducted successful pre-IND meetings with the FDA, confirming alignment on Phase III study design and enhancing prospects for strategic partnerships.

• Completed a rights issue raising approximately 10 MSEK to support continued development and operational flexibility into 2026.

Financial highlights

• Net sales were 0 KSEK for both Q4 and the full year, unchanged from the previous year.

• Result after financial items was -1,695 KSEK in Q4 (improved from -1,867 KSEK YoY) and -6,953 KSEK for the year (improved from -7,566 KSEK YoY).

• Earnings per share were -0.21 SEK in Q4 (vs. -0.37 SEK YoY) and -1.17 SEK for the year (vs. -1.89 SEK YoY).

• Cash and cash equivalents at year-end were 7,358 KSEK, down from 7,646 KSEK the previous year.

Outlook and guidance

• Funding from the rights issue is expected to be sufficient to finance operations through 2026.

• Focus remains on securing a partner agreement for VAL001 and advancing to Phase III clinical trials.