Vivesto (VIVE) Q4 2025 earnings summary

Executive summary

• Advanced two oncology programs, Paccal Vet (veterinary) and Cantrixil (veterinary and human), with positive interim and preclinical results reported in Q4 2025.

• Completed a successful rights issue raising SEK 53.8 million to fund ongoing and planned studies, ensuring operational runway into H2 2027.

• Strengthened business development by engaging Liberi Group to identify international partners for lead programs.

• Focused on cost-effective project advancement to value-driving milestones and subsequent partnering for late-stage development and commercialization.

Financial highlights

• Q4 2025 net sales were SEK 0 thousand (0), operating loss was SEK -8,914 thousand (-10,955), and net loss was SEK -9,077 thousand (-10,711).

• Full-year 2025 net sales were SEK 0 thousand (0), operating loss SEK -34,377 thousand (-41,962), and net loss SEK -34,082 thousand (-39,754).

• Result per share for Q4 was SEK -0.02 (-0.02) and for the year SEK -0.06 (-0.07).

• Cash flow for the year was SEK 887 thousand (previous year: -3,846), with cash and equivalents at SEK 2,026 thousand at year-end.

• Solid equity position with SEK 124,577 thousand in equity and an equity ratio of 84% at year-end.

Outlook and guidance

• Top-line results from the Paccal Vet dog pilot study expected in summer 2026; registration-enabling study planned if positive.

• Paccal Vet cat dose-escalation study expanded, with results expected in Q2 2026.

• Cantrixil PK/toxicology study in humans planned for H1 2026, with a pilot study in dogs to follow in H2 2026.

• Rights issue proceeds expected to fund operations and development milestones into H2 2027.