SoftOx Solutions (SOFTX) Q2 2026 earnings summary

Executive summary

• Transitioned from clinical preparation to active execution in both SIS-02 and SIS-03 programs, achieving key milestones including completion of SIS-03 dose escalation and initiation of proof-of-concept phase in patients with chronic airway infections.

• SIS-02 Phase 1 biodefense study began dosing healthy volunteers in June 2026, with readout expected H1 2027.

• Focus remains on advancing clinical programs to value inflection points and preparing for future financing and partnerships.

Financial highlights

• H1 2026 operating revenue NOK 5.8m, down from NOK 7.5m H1 2025, reflecting EDF project milestone timing.

• Pre-tax loss widened to NOK 13.6m (H1 2025: NOK 1.4m loss) due to increased R&D and clinical activity.

• Cash position at end H1 2026 was NOK 21.4m, up from NOK 19.8m at 2025 year-end.

• Total equity increased to NOK 29.6m (31.12.25: NOK 23.0m) following equity raises.

• H1 2026 saw NOK 20.1m raised via Long State placements and a further NOK 5.75m in July 2026 direct placement.

Outlook and guidance

• SIS-03 proof-of-concept phase in chronic airway infections is underway, with topline results expected H1 2027.

• SIS-02 Phase 1 biodefense study is ongoing, with readout also expected H1 2027.

• Continued disciplined capital allocation and lean operations planned through key milestones.

• Board confirms sufficient flexibility through existing financing and cash to support near-term operations, but continued access to capital remains important.