Oncoinvent ASA (0RU5.L) Q1 2025 Earnings Report

Oncoinvent ASA reported its QQ1 2025 results with a modest top-line uptick driven by early-stage revenue, but the quarter remained deeply unprofitable due to heavy expenditure on research and administration. Revenue reached NOK 2.362 million, with gross profit of NOK 2.362 million and a gross margin of 100% as disclosed in the period, though the company disclosed no cost of revenue. Operating losses widened to NOK 27.295 million (EBIT) and EBITDA stood at a loss of NOK 27.184 million, reflecting substantial ongoing investment in the company’s development pipeline. The quarter featured a large allocation to other operating expenses (NOK 23.882 million) that eclipsed core R&D and SG&A, underscoring the growth burn necessary to advance bemcentinib (AXL inhibitor) and related programs. Despite the loss, management preserved liquidity with a strong current ratio of 4.39x and cash per share of NOK 1.78, while the company remains debt-free. Net income per share came in at NOK -0.69 for QQ1 2025, with earnings per share improving YoY by roughly 48.5% despite the continued negative absolute result. The data signals that the business is in a pre-commercial phase with significant optionality, contingent on successful clinical milestones and potential strategic collaborations or financing events to sustain the pipeline.