Scandinavian Real Heart (HEART) Q4 2025 earnings summary

Executive summary

• Advanced preclinical development of the RealheartⓇ TAH, focusing on technical, regulatory, and operational readiness for clinical trials.

• Strengthened financial position through additional funding from the European Innovation Council and a SEK 70 million rights issue, with strong support from shareholders and leadership.

• Expanded global patent estate, securing new patents in Japan, China, and Europe, now holding over 30 patents in at least 15 countries.

• Defined clear operational goals for 2026, including scaling production, achieving 10-day in-vivo survival, and demonstrating 6-month bench reliability.

Financial highlights

• Operating income for the full year 2025 was SEK 153,098; earnings after financial items were SEK -35.5 million, compared to SEK -34.4 million in 2024.

• Equity/assets ratio improved to 86% at year-end, up from 81% the previous year.

• Cash and cash equivalents at year-end were SEK 16.6 million; post-period rights issue added SEK 49 million before issue costs.

• No product sales; SEK 12.4 million in R&D costs capitalized in H2 2025.

Outlook and guidance

• Immediate priority is to complete acute implantation studies with Sahlgrenska University Hospital, followed by chronic survival studies as the final preclinical step.

• Plans to scale production, improve manufacturing processes, and implement a new ERP system in 2026.

• Board is actively evaluating further capitalization options to secure long-term funding.