Inhalation Sciences (ISAB) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was SEK 160k, a sharp decline from SEK 2,277k in Q3 2024; for Jan–Sep 2025, revenue was SEK 1,745k versus SEK 9,555k year-over-year.

• Operating loss widened to SEK -2,765k in Q3 2025 (Q3 2024: SEK -1,001k); Jan–Sep operating loss was SEK -7,504k (Jan–Sep 2024: SEK -2,669k).

• Net loss for Jan–Sep 2025 was SEK -7,517k, with EPS at SEK -0.29 (Jan–Sep 2024: SEK -0.18).

• Order intake increased to SEK 1,551k in Q3 2025 (Q3 2024: SEK 843k) and SEK 3,389k for Jan–Sep 2025 (Jan–Sep 2024: SEK 2,665k).

• A strategic review was initiated with PharmaVentures to explore potential acquisition opportunities.

Financial highlights

• Cash flow from operations was SEK -7,023k for Jan–Sep 2025 (Jan–Sep 2024: SEK -2,005k).

• Cash and cash equivalents at period end were SEK 6,623k (Sep 2024: SEK 5,407k).

• Equity at period end was SEK 9,904k, with an equity ratio of 86.1%.

• Research and development costs were SEK 3,034k for Jan–Sep 2025 (Jan–Sep 2024: SEK 5,229k).

• Number of shares at period end: 39,167,637.

Outlook and guidance

• Ongoing commercialization efforts and expanded marketing campaigns are expected to drive future order conversion.

• Collaboration with PharmaVentures aims to maximize technology value and explore strategic alternatives.

• Continued participation in industry conferences and increased customer engagement anticipated.