Nanoform Finland (NANOFH) Q2 2025 earnings summary

Executive summary

• Revenue increased 23% year-over-year in H1 2025, driven by milestone payments and 39 customer projects, with all near-term 2025 business targets on track and the first license and supply agreement for nanoenzalutamide signed.

• Preliminary pivotal study results for nanoenzalutamide were supportive, enabling continued market progression and an adjusted regulatory strategy.

• Customer payments in 2025 have already surpassed last year's revenue, reflecting strong commercial traction and expanded global partnerships.

• Key technology and operational milestones included scale-up of CESS® and Biologics platforms, new patents, and a EUR 5 million R&D loan for clinical development.

Financial highlights

• Revenue and other operating income grew 23% year-over-year in H1 2025, with Q2 revenue at EUR 0.67 million and gross margin reaching 98%.

• Annualized cash burn reduced below EUR 15 million, with EUR 33 million in cash at quarter-end, providing over two years of runway.

• EBITDA improved to EUR -10.0 million for H1 2025, and operating free cash flow improved to EUR -10.4 million.

• Customer payments outpaced revenue due to upfront and milestone payments.

• 13 new customer projects and 6 new customers added in H1 2025.

Outlook and guidance

• Several additional license and supply agreements for product kernels are targeted for 2025, with improved free cash flow anticipated.

• Capital Markets Day planned for 2025 to release new long-term (2030) financial and operational targets.

• Continued improvement in cash flow and productivity expected through automation and efficiency gains.

• Increased number of non-GMP and GMP projects expected in 2025 versus 2024.