Nanoform Finland reported a 38% reduction in first-half 2026 cash burn to €5.0 million, down from €8.1 million in the same period last year, as the company outlined its cost-control measures and regulatory progress during a presentation on August 20.
The Helsinki-based drugmaker, listed on Nasdaq Helsinki under the ticker NANOFH, recorded operating expenses of €2.4 million in the first six months of 2026, a 33% decline year-over-year. Gross margins remained above 90%, while EBITDA improved to negative €5.8 million from negative €9.5 million in H1 2025. Cash and cash equivalents stood at €19 million at the end of June, down from €20.5 million at March 31.
Nanoform’s lead candidate, Nanoenzalutamide, targeting prostate cancer, secured a streamlined regulatory pathway from the UK Medicines and Healthcare products Regulatory Agency (MHRA), allowing the use of existing bioequivalence studies and pharmacokinetic modeling. The company plans to submit a market authorization application before the end of 2026, with a projected EU launch in 2028. Manufacturing under Good Manufacturing Practice standards is slated to begin in 2026.
The company also highlighted a biologics partnership signed in May 2026 with a US Nasdaq-listed biopharmaceutical firm, covering ultra-high concentration subcutaneous delivery technology. The agreement includes a non-refundable $1 million upfront payment for one year of exclusivity, with an option to extend for another year at the same cost. Additional milestones and tiered royalties—ranging from low- to mid-single digits—are tied to future commercialization.
Nanoform reported signing six new customer projects in Q2 2026, evenly split between GMP and non-GMP projects. Over the trailing 12 months, the company has secured 23 projects, including six GMP projects, up from just one in early 2023. Revenue per project ranges from €50,000 to €500,000 for early-stage work, €0.5 million to €10 million for clinical-stage GMP manufacturing, and 1% to 20% royalties or supply pricing for market-stage products.
Long-term financial targets include annual income exceeding €50 million by 2030 from exclusivity fees, royalties, and profit shares, alongside small-molecule commercial milestones of over €25 million. The company projects EBIT margins above 30% by 2030, supported by a compound annual growth rate in income exceeding 50% from 2026 to 2030.
The stock traded at $0.93 on August 20, down 3.23% from the prior close of $0.96 and near its 52-week low of $0.38.
