SoftOx Solutions (SOFTX) Q1 2025 earnings summary

Executive summary

• Strategic restructuring continued, with narrowed focus on inhalation therapeutics for respiratory infections and medical countermeasures.

• Wound & skin care business was spun off in February 2025; operations now fully independent.

• Private placement in March 2025 raised NOK 9 million, extending financial runway for 12 months.

• Cost reduction and resolution of legacy legal and operational issues have improved financial resilience.

Financial highlights

• Q1 2025 operating revenue: NOK 3.2 million (up from NOK 1.8 million in Q1 2024), mainly from grants.

• Total operating expenses: NOK 1.9 million (down from NOK 11 million in Q1 2024), reflecting cost reductions.

• Operating result: NOK 1.3 million (vs. loss of NOK 9.2 million in Q1 2024).

• Net financial items: NOK 0.7 million (vs. negative NOK 12.2 million in Q1 2024).

• Profit before tax: NOK 2.0 million (vs. loss of NOK 21.3 million in Q1 2024).

• Cash and cash equivalents at period end: NOK 22.8 million (up from NOK 10.5 million at year-end 2024).

Outlook and guidance

• First clinical trial application (CTA) for inhaled therapeutics to be submitted in H2 2025; first patient enrollment expected H1 2026, pending funding.

• Medical countermeasure project on track; CTA for phase 1 trial to be submitted Q3 2025, with study start in Q1 2026.

• Ongoing investor dialogues to secure approximately EUR 8 million for clinical activities through 2027.