Gabather (GABA) Q3 2025 earnings summary

Executive summary

• No revenue generated during the period; focus remains on clinical development of GT-002 for neuropsychiatric disorders.

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

• Cost-saving measures implemented, including CEO forgoing salary and staff reductions.

• Ongoing efforts to secure additional financing and maintain liquidity, including bridge loans and options.

Financial highlights

• Net sales were 0 TSEK for both Q3 and Jan–Sep 2025 (unchanged year-over-year).

• Operating loss for Q3 was -1,522 TSEK (vs. -1,377 TSEK last year); Jan–Sep operating loss was -3,263 TSEK (vs. -6,348 TSEK).

• Net loss for Jan–Sep was -3,326 TSEK (vs. -6,329 TSEK year-over-year).

• Cash flow for Jan–Sep was 29 TSEK (vs. 1,017 TSEK year-over-year); cash at period end was 907 TSEK.

• Equity at period end was -2,614 TSEK; equity per share -0.01 SEK; solidity -191.78%.

Outlook and guidance

• TOTEMS study start expected in December 2025, with first data in Q1 2026 and licensing goal in Q2 2026.

• Ongoing evaluation of financing options, including soft funding and partnerships, to ensure financial stability.

• Company aims to secure sufficient capital through options and other means to restore equity and fund operations.