Gabather (GABA) Q2 2025 earnings summary

Executive summary

• Focus on advancing clinical programs, especially GT-002 for neuropsychiatric disorders, with a clear plan for study initiation and financing.

• Announced promising fMRI results for GT-002 and ongoing preparations for academic publications and industry presentations.

• Adjusted timeline for the TOTEMS study due to quality control issues, with study start now expected in Q4 2025 and first data readout in Q1 2026.

Financial highlights

• Net sales were 0 TSEK for both Q2 and H1 2025, unchanged from previous periods.

• Operating loss improved to -1,342 TSEK in Q2 2025 (from -1,724 TSEK) and -1,645 TSEK for H1 2025 (from -4,913 TSEK year-over-year).

• Net result per share was -0.01 SEK for Q2 and H1 2025, compared to -0.09 SEK and -0.27 SEK, respectively, in 2024.

• Cash flow for H1 2025 was 2,126 TSEK, up from -126 TSEK year-over-year; cash and cash equivalents at period end were 3,004 TSEK.

• Equity at period end was -983 TSEK, improved from -4,175 TSEK at 2024 year-end.

Outlook and guidance

• TOTEMS study start rescheduled to Q4 2025, with first data expected in Q1 2026 and licensing targeted for Q2 2026.

• Ongoing evaluation of financing options, including options exercise, directed issues, loans, soft funding, and partnerships.

• Current liquidity deemed insufficient to fund operations for the next 12 months; significant uncertainty remains regarding going concern.