Prolight Diagnostics (PRLD) Q1 2025 earnings summary

Executive summary

• Advanced development of Psyros point-of-care (POC) platform, with first commercial prototypes delivered for preclinical validation at St Thomas' Hospital, London, showing high clinical sensitivity and specificity (AUC 0.97–0.98).

• No net sales; focus remains on product development and validation for high-sensitivity troponin testing.

• Significant patent milestones: two core Psyros patents granted in Europe, new US patent for MicroFlex, expanding IP protection in 17 European countries until 2040/2041.

• Rights issue resolved post-period to fund completion and commercialization of Psyros system.

• Strong partner interest, with ongoing studies to demonstrate equivalence between plasma and whole blood, critical for regulatory approval and commercial agreements.

Financial highlights

• Net sales: SEK 0 (unchanged year-over-year).

• Other operating income: SEK 1.7 million (up from SEK 0.07 million year-over-year), mainly from UK government grants.

• Net loss: SEK -10.9 million (vs. SEK -8.9 million year-over-year).

• Cash flow from operating activities: SEK -9.2 million (vs. SEK -8.8 million year-over-year).

• Cash and cash equivalents: SEK 3.2 million at period end (vs. SEK 31.5 million year-over-year); post-period, approx. SEK 9 million received in tax returns and grants, and SEK 8 million bridge loan secured.

• Equity: SEK 116.5 million (vs. SEK 128.3 million at year-end 2024).

Outlook and guidance

• Ongoing clinical performance study at St Thomas' Hospital to demonstrate whole blood equivalence, with results expected in Q2 2025, pivotal for partnership and commercialization.

• Capital raise intended to ensure financial flexibility and optimal negotiation position for strategic partnerships.

• Focus on finalizing Psyros system development and initiating clinical performance study in 2025.