Lifecare (LIFE) Q4 2025 earnings summary

Executive summary

• Achieved system-level validation and operational execution for wireless CGM implants, with reproducible manufacturing and real-life implant functionality confirmed in Q4 2025.

• Longevity studies validated biocompatibility and stable in-vivo performance of dual-cavity implants, supporting both veterinary and human clinical pathways.

• Regulatory foundation strengthened with CE marking of electronics module and veterinary product clearance in Europe.

• Ethics approval obtained for first-in-human study; regulatory approval expected imminently.

• Strategic interest and partnership discussions have increased, reflecting reduced technology and production risk.

Financial highlights

• Q4 2025 revenue and other income totaled NOK 6.1 million, mainly from grants; full-year 2025 revenue was NOK 6.6 million, lower than 2024 due to internal development focus.

• Q4 2025 operating loss was NOK 16.9 million, an improvement from Q3; full-year operating loss reached NOK 130.0 million.

• Employee benefits expense for Q4 2025 was NOK 8.3 million; depreciation and amortization at NOK 2.5 million.

• Cash and cash equivalents at year-end were NOK 5.7 million, supported by a NOK 50 million bridge loan.

• Total equity at year-end was negative NOK 28.0 million; equity ratio: -30%.

Outlook and guidance

• Short-term financing secured with NOK 80 million raised in a January 2026 rights issue, covering operations through Q1 2026.

• Priorities for 2026 include initiating first-in-human trials, optimizing implant stability, progressing toward veterinary market launch, and advancing CE-mark documentation.

• Additional capital required for ongoing development, clinical trials, and CE mark completion; execution dependent on warrant exercises and further funding.

• Absence of committed funding beyond Q1 2026 is a material uncertainty for going concern.

• Committed to milestones for human market entry in 2027; development pace tied to financing.