Oncopeptides AB (publ)

Oncopeptides reported Q4 net sales of SEK 18.6 million, up 88% year over year, and full-year net sales of SEK 71.1 million, up 125% year over year. Full-year gross profit was SEK 68.7 million, implying a 97% gross margin. Full-year EBIT improved to minus SEK 224.7 million from minus SEK 283 million last year, and financial items included a noncash warrant valuation loss of SEK 12.2 million. Operating expenses decreased 16% in the quarter and 7% for the full year; year-end cash was SEK 82 million. The company announced a SEK 200 million rights issue, of which SEK 190 million is guaranteed, and said the proceeds are mainly for Pepaxti commercialization in Europe plus a glioblastoma window-of-opportunity study. Management said cash-flow positivity is now expected in 2027, contingent on revenue growth.

Sofia Heigis framed 2025 as a transformative year with commercial execution in Europe and a major strategic pivot toward pipeline value. She emphasized that Pepaxti has a strong European base, with more than 600 patients treated since EMA approval, but also said Germany is harder than expected and Spain was hurt by a continuing doctor strike. Her tone was optimistic but more focused on realism and prioritization, repeatedly stressing the need to concentrate resources on the highest-potential markets and on glioblastoma.

Henrik Bergentoft focused on the financial discipline behind the quarter and the rationale for the capital raise. He said sales grew to SEK 18.6 million in Q4 and SEK 71.1 million for the year, gross profit was SEK 68.7 million with a 97% margin, and operating expenses declined 16% in Q4 and 7% for the year. He also noted cash of SEK 82 million at year-end, the SEK 200 million rights issue with SEK 190 million guaranteed, and that the company expects the proceeds to support commercialization and a path to cash-flow positivity in 2027.

Analysts pressed management on why the cash-flow positivity target moved from 2026 to 2027, and Sofia Heigis pointed to three main factors: Spain’s doctor strike and holiday disruption, slower-than-expected growth in Germany due to market structure and restricted HCP access, and weaker-than-expected volumes in Greece. Questions also focused on the Japan partnership and broader go-to-market strategy; management said Japan is still a preferred-partner discussion with an upfront, milestones, and double-digit royalty structure, but the timing is outside its control. On the rights issue, Henrik said no exact split was given, but the majority of proceeds will still go to Pepaxti commercialization in Europe.