SoftOx Solutions (SOFTX) Q3 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 focus on inhaled antimicrobial pharmaceuticals targeting significant unmet needs in respiratory infections.

• Clinical focus shifted to chronic lung diseases, especially cystic fibrosis and non-CF bronchiectasis, with proof-of-concept trial planned.

• Defense subsidiary continues work on inhaled countermeasures against biological threats, funded by European Defence Fund and Norwegian Ministry of Defence.

Financial highlights

• Q3 2025 pre-tax loss of NOK 5.5 million, improved from NOK 17.9 million loss in Q3 2024.

• First three quarters 2025 pre-tax loss of NOK 6.9 million, significantly reduced from NOK 46.9 million loss in the same period 2024.

• Total operating revenue for first three quarters 2025 was NOK 12 million, up from NOK 6.3 million in 2024, mainly from grants.

• Operating expenses for first three quarters 2025 were NOK 19.5 million, down from NOK 37.9 million in 2024.

• Cash and cash equivalents at end of Q3 2025 were NOK 20.1 million, up from NOK 14.5 million at Q3 2024.

Outlook and guidance

• Proof-of-concept clinical trial for inhaled solution to start Q1 2026, with completion expected Q1 2027.

• First healthy volunteer enrollment in Q1 2026; trial timelines and budgets remain unchanged.

• Ongoing efforts to secure approximately EUR 8 million in additional funding for key clinical activities.

• Medical countermeasure Phase 1 trial to be initiated in Q1 2026.