Gabather (GABA) Q4 2025 earnings summary

Executive summary

• Focused on regulatory and operational readiness for next clinical phase in TOTEMS and financial stability for 2026 milestones.

• New clinical material for GT-002 produced and approved, enabling site activation in Q1 2026.

• Presented new preclinical and clinical data confirming GT-002's clinical potential at a major neuroscience conference.

• Peer-reviewed article on TOTEMS clinical trial accepted for publication, enhancing external validation.

• Strengthened capital structure through bridge financing, guarantee commitments, and directed share issues.

Financial highlights

• Net sales were 0 TSEK for both Q4 and full year 2025 (unchanged year-over-year).

• Operating loss improved to -1,247 TSEK in Q4 (from -1,398 TSEK) and -4,511 TSEK for the year (from -7,775 TSEK).

• Net loss after tax was -1,326 TSEK in Q4 (from -1,395 TSEK) and -4,652 TSEK for the year (from -7,753 TSEK).

• Cash flow for the year was 2,265 TSEK (vs. -237 TSEK in 2024); cash and cash equivalents at year-end were 3,143 TSEK (vs. 878 TSEK).

• Equity at year-end was 662 TSEK (vs. -4,175 TSEK); equity per share was 0.00 SEK (vs. -0.18 SEK).

Outlook and guidance

• Entering 2026 with reduced operational risks, stronger scientific position, and improved financial predictability.

• Aiming to sign a license agreement for GT-002 in 2026 based on clinical progress.

• Board assesses current liquidity as insufficient for the next 12 months; ongoing evaluation of new financing options.