ViroGates (VIRO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue increased 49% year-over-year, offsetting a weak Q2 and bringing nine-month revenue slightly above the same period in 2024.

• Strategic focus shifted toward the longevity and general health market, leveraging suPAR as a biomarker for chronic inflammation and biological age assessment.

• Business model evolving to a franchise approach, equipping partners with marketing and branding tools for broader market reach.

• Company maintains presence in research and acute care, but development and sales efforts are increasingly directed at longevity.

• Recurring customer base grew to 18, up from 16 at the end of Q3 2024.

Financial highlights

• Q3 revenue increased 49% year-over-year; nine-month revenue reached DKK 3.5 million, up 4% from last year.

• Operating expenses decreased by 10%, reducing operating loss by 21% to DKK 7.9 million.

• Net loss decreased by 20% to DKK 7.96 million; cash and equivalents at DKK 9.1 million.

• Gross profit for Q1–Q3 2025 was DKK 4.67 million, up 16% year-over-year.

• Equity ratio dropped to 20% from 50% at Q3 2024 end.

Outlook and guidance

• Full-year 2025 guidance maintained: revenue of DKK 5–7 million and EBIT of DKK -8 to -11 million.

• Anticipates FDA de novo application for TurbiLatex product in Q1 next year, targeting a clinical claim for COVID.

• EMA work ongoing to support Sobi’s drug Kineret, with IVDR authorization preparation underway.

• Main US project with Sobi expected to complete in 2025, with revenue impact from 2026 onward.

• Revenue mix expected to shift further toward longevity and general health segments over the next 2–3 years.