Swedish biotech firm Egetis Therapeutics AB reported second-quarter revenue of SEK 17.4 million, a 23% year-over-year increase on a constant-currency basis and roughly 30% higher than the prior quarter. The company attributed the growth to ongoing commercialization efforts for its thyroid hormone therapy Emcicate, marketed as Emcitate.
Gross profit reached SEK 3.6 million, though non-cash depreciation of SEK 10.1 million weighed on reported earnings. Adjusted gross profit totaled SEK 13.7 million, lifting the adjusted gross margin to approximately 79%, up from 74% in the first quarter. Operating loss widened to SEK 109.3 million from SEK 78.5 million a year earlier, reflecting higher administrative costs including SEK 5.6 million tied to an employee stock option plan and SEK 4 million in one-time social charges.
Cash burn accelerated to SEK 93.9 million in operating activities, leaving the company with SEK 378 million in cash at quarter-end. Egetis raised SEK 350 million through an oversubscribed directed share issue in April at SEK 5.25 per share, matching the closing price and netting approximately $38 million on a gross basis.
The company remains on track for a U.S. commercial launch of Emcitate in the fourth quarter of 2026, contingent on a positive decision from the U.S. Food and Drug Administration. The Prescription Drug User Fee Act target date is set for September 28. Egetis has already initiated patient enrollment in an expanded access program covering roughly 60 patients across 17 U.S. sites, with plans to expand its commercial team from 21 to 25 employees ahead of launch.
In Germany, where Emcitate has been available since May 2025, annual treatment costs have been set just below EUR 200,000 per patient following negotiations under the AMNOG framework. The company also holds a U.S. patent for a novel tiratricol-based composition valid until 2045.
Analysts at Cantor Fitzgerald estimate a 2026 revenue consensus of $22.1 million, with a projected full-year loss of $0.05 per share. Egetis shares rose 3.82% to $7.06, within a 52-week range of $3.63 to $7.35.
Management described ongoing FDA dialogue as constructive and productive, while CFO Yilmaz Mahshid noted the adjusted gross margin improvement to 79% as a notable inflection point. The company plans to host a scientific advisory board meeting for RTH-beta in September and initiate a clinical study for the same indication in 2027.
