BioPorto (BIOPOR) Q4 2025 earnings summary

Executive summary

• Achieved a commercial milestone in Q4 2025 with the US launch of ProNephro AKI (NGAL) for pediatric use.

• Completed patient enrollment for the adult clinical cut-off study by October 2025.

• Advanced the three-year "Forward" Strategic Plan, focusing on market adoption, high growth, and market expansion through 2028.

• Secured DKK 76.5 million in financing via private placements in April and November 2025.

Financial highlights

• FY 2025 total revenue reached DKK 40.3m, up 11% year-over-year (13% at constant exchange rates).

• Total NGAL revenue was DKK 28.2m, a 22% increase year-over-year (25% at constant exchange rates).

• US NGAL revenue grew 25% year-over-year (29% at constant exchange rates); ROW NGAL declined 34%.

• Adjusted EBITDA loss for 2025 was DKK 76.5m, an 8% increase from the prior year.

Outlook and guidance

• 2026 guidance: total NGAL revenue DKK 33–42m (20–50% growth), total revenue DKK 48–58m (20–45% growth), adjusted EBITDA loss DKK 50–60m.

• Strategic plan targets cash flow positivity in 2H 2027 and FY 2028 revenue of DKK 150–200m with EBITDA margin above 15%.