Inhalation Sciences (ISAB) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw strong order intake of 5.4 MSEK, with most orders carried forward as backlog into 2026.

• Increased order pipeline and customer interest followed the FDA's endorsement of the DissolvIt study.

• Ongoing M&A process with PharmaVentures aims to find a strategic partner or buyer, with several ongoing discussions.

• Several new contracts were signed with international clients, including major pharmaceutical companies and research institutions.

• The company continues to focus on commercializing its core technology and expanding its service portfolio.

Financial highlights

• Q4 sales surpassed SEK 5 million, with the majority as order backlog for 2026.

• Net sales for Q4 2025 were 1,296 tkr, down from 1,492 tkr in Q4 2024; full-year net sales were 3,041 tkr, down from 11,047 tkr.

• Operating loss for Q4 2025 was -2,651 tkr; full-year operating loss was -10,155 tkr.

• Equity at year-end was 7,261 tkr, with an equity ratio of 76.2%.

• One order over SEK 2 million in December was directly linked to FDA collaboration.

Outlook and guidance

• The company expects to continue converting leads to firm orders and plans to extend its marketing campaign into the first half of 2026.

• Management anticipates an exciting 2026, with a strong start due to a large order backlog.

• Ongoing strategic review and M&A process may result in a sale or partnership within 9-12 months.

• No dividend is proposed for 2025.