SoftOx Solutions (SOFTX) Q4 2025 earnings summary

Executive summary

• Completed major organizational restructuring and strategic refocusing, with new leadership and a sharpened focus on inhaled therapeutics for chronic lung diseases and medical countermeasures against biological threats.

• Clinical Trial Application for Phase 2a cystic fibrosis study approved in December 2025; first healthy volunteer dosed in March 2026.

• Advanced Phase 1 program for medical countermeasures, supported by non-dilutive funding from European Defence Fund and Norwegian Ministry of Defence.

• Spun off wound and skin technology to shareholders, enabling full focus on inhaled therapeutics.

• Significant cost reductions and resolution of legacy commitments completed.

Financial highlights

• Total operating revenue for 2025 was NOK 15.6 million, up from NOK 7.9 million in 2024, mainly from European Defence Fund and Norwegian Research Fund grants.

• Total operating expenses for 2025 were NOK 27 million, down from NOK 40.4 million in 2024.

• Pre-tax loss for 2025 was NOK 10.8 million, a significant improvement from NOK 50.5 million loss in 2024.

• Cash and cash equivalents at year-end 2025 were NOK 19.8 million, up from NOK 10.5 million at end of 2024.

• Net proceeds from equity issues in 2025 totaled NOK 19.1 million.

Outlook and guidance

• Dose escalation part of the Phase 2a study expected to complete in H1 2026, with proof-of-concept stage to follow and trial conclusion in Q1 2027.

• Phase 1 study for medical countermeasures to initiate in H1 2026, with results anticipated in H1 2027.

• Additional GMP manufacturing planned for Q1 2026 to support ongoing clinical programs.

• Anticipates meaningful clinical data within twelve months, potentially enabling partnership discussions.