Nanoform Finland (NANOFH) Q3 2025 earnings summary

Executive summary

• Granted a commercial cGMP manufacturing license, enabling production and quality control of nanoformed APIs for Europe and other markets, and achieved significant progress in scaling both small molecule and biologics platforms.

• Expanded product kernel pipeline with new nanoformulated therapies, including partnerships for nanoencorafenib and a combination of olaparib/temozolomide, and advanced clinical and licensing stages.

• Announced Asia expansion with partnerships in Japan and South Korea, strengthening commercial presence.

• All 2025 near-term business targets remain on track, with a new 2026 target for cash burn below EUR 10 million and CMD set for December 16 to announce 2030 mid-term targets.

• Cash burn improved due to lower costs and higher customer payments, with strong cash position at period end.

Financial highlights

• Revenue for 1-9/2025 grew 9% year-over-year to EUR 2.2 million from 45 customer projects, with gross profit up to EUR 1.9 million and gross margin at 86%.

• Quarterly cash burn reduced to EUR 3.9 million in Q3 2025, with annualized cash burn at approximately minus EUR 15 million.

• Cash and cash equivalents at end of Q3 2025 were EUR 29.5 million, supporting a strong balance sheet.

• EBITDA improved to EUR -14.1 million, and operating loss narrowed to EUR -16.6 million.

• Customer payments and revenues recognized in 2025 outpace 2024 levels.

Outlook and guidance

• Targeting cash burn below EUR 10 million for 2026, with improved free cash flow anticipated in 2025 versus 2024.

• All 2025 near-term business targets are on track, including signing new development and license agreements.

• New 2030 mid-term targets to be announced at Capital Markets Day in December.

• First pivotal bioequivalence clinical study with a nanoformed medicine expected.

• Expecting an uptick in project signings as pharma industry replenishes early-stage pipelines.