PharmaLundensis (PHAL) Q4 2025 earnings summary

Executive summary

• No revenue was generated in 2025, with net sales at 0 SEK for both the quarter and full year, unchanged from the previous year.

• Net loss after financial items increased to -7,105,869 SEK for the year, compared to -3,627,172 SEK the previous year.

• Focus was on finalizing the Minievaporator for market introduction and progressing clinical projects, particularly for KOL and chronic bronchitis.

• Several positive milestones achieved: large-scale production method for Phal-501, patent progress, and successful animal toxicity studies.

Financial highlights

• Net loss after financial items for Q4 was -1,902,517 SEK, compared to -1,136,366 SEK in Q4 2024.

• Earnings per share for the year was -0.12 SEK, down from -0.07 SEK the previous year.

• Equity ratio at year-end was 32%.

• Cash and cash equivalents at year-end were 1,163,714 SEK, down from 1,273,672 SEK.

• Total assets decreased to 8,944,940 SEK from 10,071,572 SEK year-over-year.

Outlook and guidance

• 2026 is expected to be a pivotal year, with the company aiming to become profitable and self-finance clinical studies.

• Sales of Minievaporator are anticipated to fund GMP production and clinical trial costs.

• A major rights issue of up to 20 MSEK is planned for early 2026 to strengthen capital.