SoftOx Solutions (SOFTX) Q1 2026 earnings summary

Executive summary

• Advanced into active clinical execution in Q1 2026, following a strategic refocus in 2025, with key milestones achieved in both lead clinical and biodefense programs.

• SIS-03 Phase 2a for cystic fibrosis progressed through dose escalation, establishing safety at higher doses and setting up for proof-of-concept in H1 2027.

• SIS-02 biodefense program received regulatory approval and began Phase 1 dosing in June 2026, supported by European Defence Fund and national partners.

• Maintained disciplined capital allocation, with most spending directed to R&D, manufacturing, and clinical advancement.

• Entering a value inflection phase, with upcoming clinical milestones expected to drive partnering discussions.

Financial highlights

• Q1 2026 operating revenue NOK 3.9m, mainly from European Defence Fund project funding (Q1 2025: NOK 3.2m).

• Pre-tax loss of NOK 5.1m (Q1 2025: NOK 1.9m profit), reflecting increased R&D and clinical ramp-up.

• Cash position stable at NOK 19.6m at quarter-end (31.12.25: NOK 19.8m).

• Total equity increased to NOK 24.7m (31.12.25: NOK 23.0m), driven by new equity issues.

• R&D costs accounted for 74% of operating costs.

Outlook and guidance

• Focus on advancing SIS-03 into proof-of-concept phase and executing SIS-02 Phase 1 study.

• Clinical milestones in 2026–2027 expected to be key value inflection points for future partnerships.

• Continued disciplined capital allocation and active evaluation of financing opportunities to support development.