BioInvent International AB (publ)

Net sales were SEK 3 million in Q4 2025 versus SEK 21.4 million in Q4 2024, a decline of SEK 18 million, mainly because antibody production for customers was lower. Full-year 2025 net sales were SEK 226 million versus SEK 45 million in 2024; management said the increase was mainly due to a SEK 20 million payment from XOMA Royalty for mezagitamab royalty and milestone interests, plus a SEK 1 million milestone, partly offset by SEK 19 million lower customer antibody production. Operating costs were SEK 132 million in Q4 2025 versus SEK 147 million in Q4 2024, while full-year operating costs were SEK 578 million versus SEK 516 million in 2024. The reported result was minus SEK 125.8 million for Q4 2025 and SEK 332.9 million for January to December 2025. Liquid funds and current investments were SEK 593 million at end-December 2025, and management said BioInvent is assessed to be financed for the coming 12-month period. No formal revenue or EPS guidance was given, but management flagged mid-2026 and second-half-2026 clinical readouts, plus a possible pivotal-trial start in 2027.

Martin Welschof emphasized that the company now has multiple value drivers across two platform assets: BI-1808 (TNF receptor 2) and BI-1206 (FcγRIIB). He framed the ASH and post-period data as evidence of real clinical activity in both liquid and solid tumors, repeatedly pointing to complete and partial responses, strong tolerability, and data “maturing in the right direction.” His tone was upbeat and confident, and he said the most important thing remains the data, which he believes is good and improving.

Stefan Ericsson said Q4 net sales were SEK 3 million, down from SEK 21.4 million, because antibody production for customers was lower. For the full year, net sales rose to SEK 226 million from SEK 45 million, mainly due to the SEK 20 million XOMA Royalty payment and a SEK 1 million milestone, despite lower customer production sales. Operating costs were SEK 132 million in Q4 versus SEK 147 million a year earlier, but full-year operating costs increased to SEK 578 million from SEK 516 million, driven mainly by higher BI-1808 and BI-1206 spend and higher personnel costs. He also reported SEK 593 million in liquid funds and current investments and said the company is financed for the next 12 months.

Analysts focused on partnering, funding for 2027, and what data bars would justify moving BI-1206 and BI-1808 into broader or pivotal development. Management said it is discussing both assets with potential partners and suggested deal activity could emerge in the second half of 2026, but stressed that timing depends on data and market conditions. On BI-1206 in first-line non-small cell lung cancer, management said about 60% ORR would give them confidence; they gave the same 60% ORR as the target for a strong outcome. For BI-1808 in CTCL, management said the pivotal decision would depend on improved ORR, duration, and preserving the current strong safety profile.