Biosergen (BIOSGN) Q4 2025 earnings summary

Executive summary

• Advanced BSG005 program with focus on manufacturing readiness and regulatory progress, including a successful pre-IND meeting with the FDA providing clear guidance for next steps in clinical development.

• Completed second cohort in proof-of-concept trial for BSG005; preparing for next phase and resumption of clinical trials in India.

• Strengthened team with appointment of a Global Senior Project Director to support clinical trial execution.

Financial highlights

• Operating loss for Q4 2025 was SEK -12.5 million, compared to SEK -2.3 million in Q4 2024, reflecting increased investment in clinical and regulatory activities.

• Net loss for Q4 2025 was SEK -12.5 million (SEK -5.31 per share), compared to SEK -2.2 million (SEK -0.95 per share) in Q4 2024.

• Cash and cash equivalents at year-end 2025 were SEK 15.4 million, down from SEK 50.6 million at year-end 2024.

• Total assets decreased to SEK 21.1 million from SEK 53.0 million year-over-year.

• No new share issues or financing inflows in Q4 2025; cash flow from operating activities was SEK -7.8 million.

Outlook and guidance

• Priorities for 2026 include completing release of the new BSG005 drug batch, maintaining regulatory interactions, and resuming clinical trials in India.

• Company is evaluating financing alternatives to secure resources for continued development amid challenging funding conditions.