Xspray Pharma (XSPRAY) Q2 2025 earnings summary

Executive summary

• No net sales reported in Q2 or H1 2025; focus remains on preparing for DasynocⓇ launch in the US pending FDA approval in October 2025.

• Loss before tax improved to SEK -44.9 million in Q2 2025 from SEK -53.6 million year-over-year; H1 loss before tax was SEK -87.2 million, down from SEK -121.4 million.

• Significant events include FDA acceptance of DasynocⓇ NDA, successful pre-approval inspection, and a licensing deal with Handa Therapeutics.

• Rights issue and loan extension post-period aim to secure up to SEK 175 million for commercialization and development.

Financial highlights

• Q2 2025 loss for the period was SEK -44.9 million, with EPS before dilution at SEK -2.35 (vs. SEK -1.64 in Q2 2024).

• Cash and cash equivalents at June 30, 2025, were SEK 73.8 million, down from SEK 126.6 million a year earlier.

• Cash flow from operating activities in H1 2025 was SEK -110.4 million, an improvement from SEK -119.5 million year-over-year.

• Research and development expenses as a percentage of operating expenses dropped to 9.9% in Q2 2025 from 27.9% in Q2 2024.

Outlook and guidance

• FDA PDUFA date for DasynocⓇ is set for October 7, 2025; preparations for US launch are ongoing.

• Rights issue and loan extension expected to provide sufficient capital for product launch and continued development.

• If DasynocⓇ is approved and launched, management expects to achieve positive operational cash flows.