Nanoform narrows Q2 loss as revenue rises 16% year over year

Nanoform Finland reported a narrowed second-quarter loss while reporting a 16% year-over-year rise in revenue, according to the company's earnings release on Thursday. The pharmaceutical firm generated EUR 800,000 in revenue, marking a notable increase from the same quarter last year. The company's gross margin stood at 84% with a gross profit of EUR 700,000 for the quarter. Nanoform's adjusted earnings per share loss also improved during the period.

The company's second-quarter EBITDA loss was EUR 3 million, a significant improvement from the previous year, thanks to a 36% reduction in operating costs. These cost reductions were primarily driven by layoffs and part-time job cuts implemented earlier in the year. During the quarter, Nanoform signed an exclusivity agreement with a U.S. biopharma partner, securing the rights to their biologics nanoparticle technology.

Positive feedback from the UK MHRA has potentially expedited the approval process for Nanoform's drug, nanoenzalutamide. The company anticipates submitting its first market authorization application for the drug before the end of 2026. For 2026, Nanoform aims to maintain its cash burn below EUR 10 million and increase the number of non-GMP and GMP projects signed compared to the previous year. The company is continuing to implement cost-saving measures, including reducing headcount.