Infant Bacterial Therapeutics (IBT) Q4 2025 earnings summary

Executive summary

• No net sales were recorded for 2025; the company remains pre-revenue as it advances its lead drug candidate, IBP-9414, toward regulatory approval.

• Operating loss for 2025 was SEK -68,995k, a significant improvement from SEK -145,343k in 2024, reflecting lower R&D activity post-clinical trial.

• The FDA granted Breakthrough Therapy Designation for IBP-9414 in March 2025, and the company is pursuing accelerated approval.

• Partnerships for drug substance and drug product manufacturing were established with Recipharm Advanced Bio and BioConnection.

Financial highlights

• Operating loss for Q4 2025 was SEK -20,538k, improved from SEK -37,445k in Q4 2024.

• Result after tax for 2025 was SEK -65,166k, compared to SEK -136,905k in 2024.

• Cash flow for 2025 was SEK -72,337k, compared to SEK -111,120k in 2024.

• Cash and cash equivalents at year-end 2025 were SEK 144,009k, down from SEK 223,388k at year-end 2024.

• Equity per share at year-end 2025 was SEK 7.82, with an equity ratio of 65%.

Outlook and guidance

• The company plans to submit a US marketing application for IBP-9414 after manufacturing validation, expected in April 2026.

• Most documentation for the application is complete; remaining steps include a post-launch study proposal and production validation.

• Cash reserves are considered sufficient to reach the market approval milestone.