Nanoform Finland Plc reported a second-quarter 2026 cash burn of EUR 1.5 million, bringing first-half spending to EUR 5 million and keeping the full-year target below EUR 10 million on track, executives said on an earnings call.
The company’s cash balance stood at EUR 19 million at the end of June, down from EUR 20.5 million three months earlier. Operating expenses fell 33% in the first half versus the same period a year ago, reflecting efficiency gains following the completion of a small-molecule manufacturing facility in early 2026.
Gross margins remained above 90% in the first half, with the trailing twelve months at 92.3%, according to InvestingPro data. Nanoform also received a $1 million exclusivity payment in May from a Nasdaq-listed biopharmaceutical partner, with the full amount booked in cash during the second quarter and the remainder recognized over 12 months.
Regulatory progress included positive scientific advice from the U.K. MHRA on nanoenzalutamide, supported by the ratification of ICH M15 guidance. Nanoform aims to submit its first market authorization application for the drug in 2026, with midterm 2030 targets including three product launches, revenue CAGR above 50% from 2025 to 2030, and EBIT/EBITDA margins exceeding 30%.
The company signed six projects in the second quarter, evenly split between GMP and non-GMP engagements. Executives emphasized the shift from lab-based technology to a viable GMP manufacturing process as a key differentiator versus traditional CDMO models.
Shares were indicated down 2.71% in pre-market trading at $0.94, near the lower end of a 52-week range between $0.38 and $1.38. Analyst price targets range from $2.34 to $2.63, with consensus expectations prior to the call calling for a loss of $0.04 per share and revenue of $1.1 million for the period.
Nanoform did not provide actual earnings per share or revenue figures in the disclosed materials.
