Poltreg (PTG) Q4 2025 earnings summary

Executive summary

• Revenue from product sales reached 350 thousand PLN in 2025, unchanged from 2024, due to delays in regulatory approval for the main customer.

• Net loss increased to 25,999 thousand PLN in 2025 from 18,708 thousand PLN in 2024, reflecting higher operating expenses.

• The company remains focused on advanced clinical-stage Treg cell therapies for autoimmune diseases, with significant R&D and grant activity.

Financial highlights

• Operating loss widened to 26,204 thousand PLN in 2025 from 20,279 thousand PLN in 2024.

• Total assets decreased to 72,958 thousand PLN at year-end 2025 from 102,379 thousand PLN in 2024.

• Cash and equivalents dropped to 17,785 thousand PLN from 45,655 thousand PLN year-over-year.

• Net cash outflow from operating activities was 27,873 thousand PLN, up from 16,005 thousand PLN in 2024.

• Basic and diluted loss per share were (5.58) PLN and (5.32) PLN, respectively, compared to (4.01) PLN and (3.83) PLN in 2024.

Outlook and guidance

• No indicators of going concern risk identified; recent capital increase supports short- and medium-term objectives.

• Ongoing and new grant-funded projects, including those in preclinical and clinical phases, are expected to drive future development.