Marinomed Biotech (MARI) H1 2025 earnings summary

Executive summary

• Achieved sustainable profitability after restructuring and sale of Carragelose business, with proceeds bridging to Marinosolv platform revenues.

• Entered a partnership for Budesolv in Switzerland, securing upfront, milestone payments, and royalties.

• Focus shifted to Marinosolv technology and Solv4U services, with new licensing and partnership opportunities.

• Sale of Carragelose business to Unither Pharmaceuticals completed, with initial €5M payment received and up to €20M in total possible.

• Announced convertible bond issue and capital increase to strengthen liquidity.

Financial highlights

• Revenue for H1 2025: €7.2M (H1 2024: €2.4M), mainly from Carragelose sale upfront payment.

• Other operating income: €19.3M (H1 2024: €53K), driven by €18.9M restructuring gain.

• Operating profit: €21.0M (H1 2024: -€3.2M); Net profit: €20.7M (H1 2024: -€3.8M).

• Cash and cash equivalents at period end: €1.5M (H1 2024: €0.9M).

• Negative equity reduced to -€5.4M (2024: -€26.2M).

Outlook and guidance

• Focus on licensing Budesolv in additional territories and advancing Tacrosolv partnerships.

• Anticipates profitability from 2025 onwards, leveraging Marinosolv and Solv4U platforms.

• Convertible bond and capital increase to support liquidity and project advancement.