The report is attached to this press release and can also be downloaded from the company's website.
October - December 2025
- Net sales amounted to 2,648 KSEK (2,041)
- Profit/loss after financial items amounted to -2,524 KSEK (-3,167)
- Earnings per share amounted to -0,10 SEK (-0,14)
- Cash flow from operating activities amounted to -338 KSEK (-2,172)
January - December 2025
- Net sales amounted to 12,285 KSEK (6,566)
- Profit/loss after financial items amounted to -8,056 KSEK (-13,717)
- Earnings per share amounted to -0,34 SEK (-0,66)
- Cash flow from operating activities amounted to -3,744 KSEK (-13,145)
- All orders were delivered at the end of the period
Events during the reporting period
- ChemoTech's Animal Care reports strong Q3 sales surpassing expectations despite seasonal slowdown.
- ChemoTech's Animal Care announces first U.S. order from leading equine clinic in Kentucky.
Events after the reporting period
- -
Words from CEO
2025 concluded with stronger-than-expected fourth-quarter performance, continued commercial momentum, and important clinical validation of our technology. Revenues increased significantly in 2025 compared to 2024 and treatment volumes continued to grow within Animal Care. At the same time, we strengthened our R&D roadmap and sharpened our strategic focus.
A resilient finish to 2025
Revenues in the fourth quarter amounted to 2,6 MSEK, compared with 2 MSEK in the corresponding quarter of the previous year. Cash flow from operating activities for the quarter amounted to -0,3 MSEK, compared with -2,2 MSEK in the same period last year.
Revenues in the quarter performed better than expected, as sales did not experience the larger seasonal decline anticipated for the fourth quarter, primarily due to customer capital expenditure constraints that are commonly observed in larger corporate veterinary organizations. This expectation was assessed in the context of the company's commercial ramp-up beginning in 2024.
For the full year 2025, net sales amounted to approximately 12,3 MSEK, compared with 6,6 MSEK for the full year 2024. Cash flow from operating activities for the full year amounted to -3,7 MSEK, compared with -13,1 MSEK in the previous year.
Sales during the period were generated exclusively within the Animal Care segment, which also accounted for the Group's consolidated operating cash flow.
Expanding clinical utilization
During the year, the total number of treatments delivered using the vetIQure platform continued to increase.
By year-end 2025, the cumulative number of sold treatment-kits well surpassed 3,000 units, more than doubling the number of kits sold at the end of 2024.
This development reflects year-over-year growth driven by higher utilization among existing customers and increasing confidence in repeat treatments, with sustained demand from both large corporate veterinary organizations and independent practices, particularly within Animal Care.
Advancing care where it matters most
Our work continues to focus on delivering meaningful clinical outcomes for patients and animals affected by cancer.
Within Human Care, important improvements were implemented in the ongoing clinical trial at AIIMS Jodhpur in India, strengthening trial execution and data quality. To date, 18 of the planned 25-30 patients have been treated, representing a substantial step toward completion of patient inclusion.
As we published in July 2025, the world's first completed scientific study of Tumour Specific Electroporation (TSE) in veterinary oncology was achieved, with a retrospective study conducted at Istanbul University-Cerrahpasa. The study, now formally validated through an approved PhD dissertation, included 15 dogs and 15 cats with superficial tumors and followed subjects for 12 months. Objective tumor response rates ranged from 72 % up to 100 % across treated animals, with minimal side effects noted and a favorable safety profile. The data supports the use of TSE across curative, adjuvant and palliative settings and reinforce its potential as a safe, minimally invasive local cancer therapy in companion animals.
These results provide strong academic validation of TSE's clinical efficacy in veterinary oncology and bolster evidence for its broader adoption in precision, tissue-sparing cancer care for animals.
Together, these efforts reinforce our ambition to enable more precise, tissue-sparing cancer treatments across both human and veterinary applications.
Navigating markets and talent availability
During 2025, our primary commercial focus was directed toward the United States, which continues to represent our most significant market opportunity in terms of demand, customer engagement, and scalability. North America remains the cornerstone of our growth strategy.
At the same time, we continue to see substantial potential in Europe, particularly in the DACH, Benelux, and UK markets. While development in these regions progressed at a more measured pace during the year, Europe remains a strategically important growth area. We will continue to evaluate and pursue opportunities to strengthen our presence as market conditions evolve.
Technology evolution and R&D momentum
Research and development remained a central priority throughout 2025.
During the year, we developed new treatment kits with enhanced, more premium characteristics, supporting continued advancement of Tumor-Specific Electroporation (TSE) and further differentiating the platform from older Static Electroporation technologies.
In parallel, we initiated the development roadmap for the next generation of the vetIQure platform. While it is too early to communicate a launch timeline, our current ambition is to conduct initial technical and clinical tests during 2026.
As the planned enhancements are predominantly software-driven, all vetIQure systems already installed in the market are expected to benefit from these upgrades. This will further increase the technological distance to static devices that cannot adapt treatment parameters to individual tumor characteristics.
Progress within human oncology
Progress in human oncology during the year has been driven by continued advancement of the AIIMS Jodhpur study and by the leverage of the existing trial to start relations to other academic institutes of India.
Strategic alignment and year-end priorities
As we enter the new year, the Group intends to implement a corporate structure aimed at sharpening strategic focus and improving operational efficiency.
Looking ahead with confidence
I would like to thank our employees, partners, customers, and shareholders for their continued commitment and support throughout 2025. With clearer focus, advancing technology, and growing clinical experience, we are well positioned to continue building long-term value
This disclosure contains information that ChemoTech is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-02-2026 08:30 CET.
For further information please contact:
Mohan Frick, CEO
Phone: +46 (0)10-218 93 00
E-mail: ir@chemotech.se
Certified Adviser: Redeye Sweden AB
Scandinavian ChemoTech AB (publ)
ChemoTech is a Swedish medical technology company based in Lund that has developed a patented technology platform to offer cancer patients access to a new treatment alternative, Tumour Specific Electroporation (TSE), available for treatment of both humans and animals. There are a large number of cancer patients whose tumours for various reasons cannot be treated by conventional methods but where TSE can be a solution. Therefore, the company continuously evaluates new opportunities and areas of application for the technology. ChemoTech's shares (CMOTEC B) are listed on Nasdaq First North Growth Market in Stockholm and Redeye AB is the company's Certified Adviser. Read more at: www.chemotech.se.
