Mabion (MAB) Q2 2025 earnings summary

Executive summary

• Report covers the six months ended 30 June 2025, with a strategic focus on CDMO services for biologics, including ongoing contracts with Novavax and new agreements with Novalgen Ltd, IBMP, and WPD Pharmaceuticals.

• Significant operational progress includes completion of engineering and GMP batches for Novalgen and expansion of analytical services for Novavax.

• The company is actively seeking new contracts and financing to address liquidity challenges and ensure ongoing operations.

Financial highlights

• Revenue for H1 2025 was PLN 5.7 million, a sharp decline from PLN 61.4 million in H1 2024; Q2 2025 revenue was PLN 3.2 million versus PLN 29.2 million in Q2 2024.

• Net loss for H1 2025 was PLN 30.7 million, compared to a net profit of PLN 27.8 million in H1 2024; basic and diluted loss per share was PLN -1.90.

• Cash and cash equivalents decreased to PLN 10.8 million as of 30 June 2025 from PLN 38.4 million at year-end 2024.

• Operating cash flow was negative PLN 26.6 million in H1 2025, compared to positive PLN 49.9 million in H1 2024.

Outlook and guidance

• Management forecasts that current and potential contracts are insufficient to maintain liquidity for the next 12 months; immediate capital injection is necessary.

• Bridge financing from shareholders and a planned share issuance are underway to secure short- and medium-term liquidity.

• The company expects to secure additional CDMO contracts in the near term, but significant uncertainty remains.