Scandinavian Real Heart (HEART) H1 2026 earnings summary

Executive summary

• Achieved key operational milestones, including ethical approval for chronic in vivo studies and continued transition to new manufacturing facilities to support future clinical activities.

• Board adopted a new strategic goal to be ready for first-in-human implantation of the artificial heart in February 2028.

• Strengthened scientific validation with a peer-reviewed study showing significantly lower hemolysis compared to a leading artificial heart.

• Enhanced intellectual property position with new patents granted in Europe, China, Australia, and India, protecting core technology and adaptive control systems.

• Successfully completed a rights issue, raising approximately SEK 49 million before issue costs to support ongoing development.

Financial highlights

• Operating income for H1 2026 was SEK 86,587, similar to H1 2025.

• Loss after financial items for H1 2026 was SEK -23.96 million, compared to SEK -18.63 million in H1 2025.

• Cash and cash equivalents at period end were SEK 40.0 million, up from SEK 27.9 million at H1 2025.

• Equity/assets ratio improved to 91% from 85% year-over-year.

• Earnings per share for H1 2026 was SEK -2.82, compared to SEK -4.23 in H1 2025.

Outlook and guidance

• Focus remains on achieving readiness for first-in-human implantation by February 2028.

• Six-month full-system reliability demonstration expected to complete in Q1 2027.

• Continued emphasis on advancing preclinical program, manufacturing readiness, and data generation for clinical studies.