Highlights Q3 2025:
· Analysis on HeROPA study shows statistically significant effects of
psoriasis drug candidate HRO350 on inflammation
· Significant vision improvement registered in Clinical Glaucoma Study based
on ROMEGA® herring caviar oil - partner potential for further development and
commercialization
· Nutra revenues close to last year - despite significantly affected by the
recall-situation earlier this year. Order intake remains strong for 2026
deliveries
Arctic Bioscience recently disclosed new positive data from the HeROPA-trial in
mild-to-moderate psoriasis. Analysis on blood samples from the trial revealed
statistically significant effects of HRO350 versus placebo on Systemic Immune
-inflammation Index (SII) in patients with mild-to-moderate psoriasis.
Significantly more patients treated with HRO350 achieved a ? 25% reduction in a
systemic inflammatory marker at both 26 weeks and 1 year compared to placebo.
Among patients with lower baseline systemic inflammation, this reduction was
accompanied by statistically significant improvements in psoriasis skin symptoms
and quality of life, shown through achievement of sPGA0/1 and DLQI0/1 in the
HRO350 group after 1 year.
"These new findings showing the potential of HRO350 in reducing inflammation are
of significant value for Arctic Bioscience. The data strengthens a further
development within mild-to-moderate psoriasis, as well as the potential of
general effects on inflammation which may strengthen our HRO350-asset. The
findings from these analyses will also be important as we now enter commercial
dialogues with potential partners. Early November we attended BIO Europe in
Vienna and held a large number of meetings with players within the industry, and
we received positive feedback on our results and status", says Christer
Valderhaug, CEO.
In August, Arctic Bioscience announced that a clinical study published
in International Ophthalmology demonstrated that daily supplementation with
ROMEGA® herring caviar oil resulted in a statistically significant improvement
in the visual field measure Mean Deviation (MD) in patients with primary open
-angle glaucoma (POAG) and controlled intraocular pressure (IOP). No adverse
events were observed, and the treatment was well tolerated.
"These findings suggest that ROMEGA® may be a safe and potentially effective
adjunct to protect vision in glaucoma patients, even when IOP is already
controlled. We are now planning larger, randomized studies to confirm these
promising results,", comments Hogne Hallaråker, CSO in Arctic Bioscience.
In the early-stage project Arctic Orphan (ABS302), a novel orphan designation
drug candidate for brain development in extremely premature infants, Arctic
Bioscience has now reached an important milestone of product formulation. Next
phase will be manufacturing and preclinical testing. Preclinical testing will be
financed and managed by our partner in the project, Smerud Research
International.
The nutra revenues are slightly down from the same period last year,
significantly affected by the previously announced recall-situation, which has
delayed order intake, deliveries and manufacturing in both Q2 and Q3. The recall
-issue is now solved and all replacement products are delivered to our customers
by the end of Q3. The issue will have negative impact on the annual results for
2025. However, order intake for 2026 for both existing and new customers are
looking very promising.
Arctic Algae has continued its research and development work to explore the
spectrum within its field. This has led to a new grant from the Regional
Research Fund (RFF) of NOK 2,5 million, granted in October. This to fund a
project developing vaccines for aquaculture together with leading partners in
the industry.
Financials
Key figures - Q3 2025:
· Revenues from sales: NOK 8,7 million (NOK 11,1 million)
· Other income: NOK 0,9 million (NOK 0,0 million)
· Gross profit: NOK 1,9 million (NOK 3,7 million)
· Gross margin: 21,6 % (33,5 %)
· Adj. EBITDA: NOK -7,8 million (NOK -8,4 million)
Comparable figures for Q3 2024 in brackets.
Key figures as of end Q3 2025:
· Revenues from sales: NOK 25,9 million (NOK 27,8 million)
· Other income: NOK 2,4 million (NOK 0,5 million)
· Gross profit: NOK 7,6 million (NOK 8,8 million)
· Gross margin: 29,4 % (31,8 %)
· Adj. EBITDA: NOK -21,4 million (NOK -29,4 million)
· Available liquidity end of period: NOK 7,5 million (NOK 17,4 million)
Comparable figures as of the end of Q3 2024 in brackets.
Revenues from sales amounted to NOK 8,7 million in Q3 2025, a decrease of NOK
2,4 million compared to the same quarter in 2024. Revenues so far this year
amount to NOK 25,9 million, NOK 1,9 million lower than the same period last
year. The European market ex. Norway has had the highest revenue share in 2025
with 36 %. The American market continues its positive growth throughout the
year, and has a total growth compared to the first 3 quarters of last year of
over NOK 6 million. Year-to-date revenue in the American market is already
higher than the total revenue for this region in all of 2024. The Asian market
has been characterized by uncertainty in the consumer market this year, which
affects our sales to this market.
Other income so far this year amounts to NOK 2,4 million, compared to NOK 0,5
million in the same period in 2024. The increase is mainly due to increased
activity in Arctic Algae throughout the year.
Gross profit in Q3 2025 was NOK 1,9 million, representing a gross margin of 21,6
%. The corresponding figures for Q3 last year were NOK 3,7 million and 33,5 %
respectively. Q3 2025 was affected by costs related to previously mentioned
recall case, where additional cost of goods sold were incurred in connection
with the completion of the process. Gross profit so far this year totals NOK 7,6
million, representing a total gross margin of 29,4 %, compared to NOK 8,8
million and 31,8 % for the same period in 2024.
Adjusted EBITDA amounted to NOK -7,8 million in Q3 2025, compared to NOK -8,4
million in the same quarter last year. Year-to-date, adjusted EBITDA amounts to
NOK -21,4 million, compared to NOK -29,4 million in 2024. The improvement is
strongly influenced by the effects of cost reduction measures throughout the
year. In total, operational costs so far this year are NOK 8,9 million lower
compared to last year.
Available liquidity at end of Q3 2025 amounted to NOK 7,5 million.
Outlook
In Q4 we are looking forward to the B2C sales launch in Sweden, which will be an
important steppingstone for further geographical B2C expansion in Northern
Europe. Addressing these markets directly is both strategically and financially
interesting.
The nutra B2B business has been growing steadily and is expected to yield
stronger growth in 2026 and onwards with increased volumes on existing
customers, new large accounts in process and by opening new geographical
markets. Attendance at the Supply Side Global in the US end of October was a
success with very promising leads- and customer interactions, especially related
to our positioning within SPM/PRM (Specialized Proresolving Mediators/Pro
Resovling Mediators) space. These are molecules that play a role in inflammation
-related processes in the body.
Arctic Bioscience is invited as speaker at the Glaucoma360 New Horizon Forum in
San Francisco in January, a significant venue to present our Glaucoma project
for the Industry and the research community.
The liquidity situation is closely monitored. The dialogue with the Group's
financing partners is close and good. The company is in a process with its
primary bank to strengthen its liquidity situation going forward.
Webcast
Arctic Bioscience will host a webcast and Q&A session today at 10:00 CET to
present the Q3 update highlights and results from HeROPA-trial analysis. The
presentation can be accessed through the following link:
https://events.teams.microsoft.com/event/a5afa4c4-2a3b-40e4-9137
-9c1d28c69aee@ce618813-5158-40b5-b6d0-2f2cd3f39b20
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Christer L. Valderhaug
CEO
Mobile: +47 920 84 601
Email: christer@arctic-bioscience.com
Jone R. Slinning
CFO
Mobile: +47 948 75 469
Email: jone@arctic-bioscience.com
About Arctic Bioscience
Arctic Bioscience is a biotech company developing and commercializing
pharmaceutical and nutraceutical products based on unique bioactive marine
compounds.
The company is developing HRO350 - a novel oral drug candidate. HRO350 is being
developed for treatment of patients with mild-to-moderate psoriasis. This is a
large patient group in need of new effective medicines with beneficial safety
profile.
Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as
well as finished goods under the ROMEGA® brand.
Arctic Bioscience is led by a highly skilled team of talents with diverse and
highly relevant background.