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Orexo (ORX) investor relations material

Orexo Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Completed divestment of all US rights to Zubsolv to Dexcel Pharma for USD 91 million plus inventory, with potential earn-out up to USD 16.8 million based on 2026-2027 sales, and transition support agreements in place.

  • Strategic focus shifts to the AmorphOX technology platform and pipeline development, with investment in proprietary and partnered projects.

  • Transition phase with Dexcel includes support services, organizational adjustments, and gradual resource reduction through 2026.

  • R&D pipeline prioritized, with key projects OX640, OX124, OX390, and Izipry advancing toward clinical milestones and regulatory filings.

  • Adjusted 2025 financial objectives met, achieving positive EBITDA when excluding the Zubsolv transaction.

Financial highlights

  • Net proceeds from the Zubsolv sale totaled SEK 813.6 million after transaction costs, boosting year-end cash to SEK 912.4 million and restoring shareholder equity to SEK 491 million.

  • Discontinued operations contributed SEK 840 million to net earnings, mainly from the Zubsolv sale, with a profit on sale of SEK 769 million.

  • EBITDA for continued operations was negative SEK 70 million for the quarter; full-year EBITDA positive at SEK 3.2 million.

  • Continued operations Q4 net revenues were SEK 3.3 million, with EBIT of SEK -103.2 million.

  • Cash and cash equivalents at year-end: SEK 912.4 million, up from SEK 123.3 million.

Outlook and guidance

  • 2025 outlook metrics (excluding Zubsolv transaction effects) were met: Zubsolv net sales USD 50.8 million, OPEX SEK 467.6 million, and positive EBITDA of SEK 3.2 million.

  • 2026 priorities: advance AmorphOX platform, initiate pivotal OX640 trial, analyze OX390 in-vivo data, resubmit Izipry to FDA, and expand peptide/vaccine programs.

  • R&D expenses for 2026 will depend on clinical trial timing; guidance to be refined as plans solidify.

  • Runway of at least two years expected, with potential extension through partnerships or accelerated development.

  • Focus on securing new partnerships and cost coverage for ongoing and future projects.

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Frequently asked questions

Orexo AB, a specialty pharmaceutical company, develops and commercializes pharmaceuticals and digital therapies in the United States. The Company's strategy is to focus on developing products that reduce the risk of opioid dependence, misuse and accidental ingestion by chronic pain patients in need of effective pain management for long-lasting pain, who have been historically underserved. Furthermore, the company is differentiated by their scientifically-validated medications that treat lower urinary tract symptoms due to benign prostatic hyperplasia (BPH). The company's mission is to improve the lives of patients through acquisition, development and commercialization of new therapies as quickly as possible, with a focus on digital health technologies to rapidly deliver greater access to leading edge therapies.

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