SoftOx Solutions (SOFTX) Q2 2025 earnings summary

Executive summary

• Completed financial restructuring, with new board and leadership focusing on inhalation therapeutics for chronic lung diseases and medical countermeasures.

• Operations strategically narrowed to address significant unmet needs in lung infections, especially cystic fibrosis and non-CF bronchiectasis.

• Spun off wound and skin technology in February 2025, allowing independent operation and focus on inhaled therapeutics.

Financial highlights

• Q2 2025 pre-tax loss of NOK 3.3 million, improved from NOK 7.6 million loss in Q2 2024.

• First half 2025 pre-tax loss of NOK 1.4 million, a significant improvement from NOK 29 million loss in H1 2024.

• Total operating revenue for H1 2025 was NOK 7.5 million, up from NOK 4.9 million in H1 2024, mainly from European Defence Fund and Norwegian Research Fund.

• Total operating expenses for H1 2025 were NOK 9.5 million, down from NOK 19.7 million in H1 2024.

• Cash and cash equivalents at end of June 2025 were NOK 19.8 million, up from NOK 8.1 million at end of June 2024.

Outlook and guidance

• Clinical Trial Application (CTA) for proof-of-concept (PoC) trial in chronic lung disease to be submitted end of Q3 2025.

• First healthy volunteer enrollment in Q1 2026, with PoC study completion expected in Q1 2027.

• Ongoing work on medical countermeasures against biological warfare agents, with Phase 1 trial CTA submission targeted for H2 2025 and study initiation in Q1 2026.

• Company continues to seek additional funding to secure approximately EUR 8 million for clinical activities and partnership discussions by 2027.