Nanoform Finland (NANOFH) Q4 2025 earnings summary

Executive summary

• Launched a breakthrough strategy targeting both small and large molecules, leveraging proprietary CESS® and BioLine technologies to enable a shift from IV to subcutaneous delivery in biologics, with a goal of three nanoformed medicines and >50% CAGR with EBIT margin >30% by 2030.

• Achieved significant milestones in 2025: new IP, industrial-scale readiness, GMP batches for key products, commercial deals in five countries, and expansion into Asia.

• Major partnerships and licensing agreements established, including BRAFMed Lda and Revio Therapeutics, and a major US pharma partnership.

• Preclinical data on nanotrastuzumab and pivotal clinical studies for nanoenzalutamide support biologics strategy and regulatory filings.

• Workforce reduced by 6% to 171 employees, with further cost-saving measures and a €5M loan from Business Finland to support operations.

Financial highlights

• Record revenue and other operating income in 2025, with revenue up 28% year-over-year to EUR 3.5 million and first-time income from associated companies.

• EBITDA improved year-over-year to EUR -15.2 million from EUR -21.0 million, with gross margin rising to 86% from 80%.

• Cash position at year-end was EUR 24.0 million, with cost reductions of EUR 5–6 million expected from workforce changes.

• Cash burn target for 2026 set below EUR 10 million, excluding potential milestone payments.

• Operating free cash flow improved to EUR -16.3 million from EUR -22.6 million.

Outlook and guidance

• Targeting average >50% CAGR in income through 2030, with EBIT margin above 30% and annual income potential by 2030 projected at >EUR 50 million.

• Cash burn for 2026 expected below EUR 10 million, not including milestone income.

• Anticipates several commercial supply agreements, increased number of GMP/non-GMP projects, and first marketing authorization application for nanoenzalutamide aiming for European launch in June 2028.