Revenue fell to 4.6 million kronor (313.4). The majority of sales in the fourth quarter of 2024 came from out-licensing (305.9 million). No such revenue was recorded in the fourth quarter of 2025.
The operating result was -46.5 million kronor (290.4).
The result after tax amounted to -41.7 million kronor (247.1), and per share -0.30 kronor (2.17).
Cash flow from operating activities totaled -76.6 million kronor (293.0).
Cash and cash equivalents amounted to 580.8 million kronor (303.3).
The company has received a significant share of its revenues through its licensing agreements with Jazz Pharmaceuticals for SAN2355 and Acadia for SAN711.
"Together, these partnerships generated 70.5 million dollars in initial upfront payments and make Saniona eligible for approximately 1.6 billion dollars in potential milestone payments, in addition to royalty revenues. Jazz is now preparing to launch the first human studies with SAN2355, which will trigger a milestone payment of 7.5 million dollars, while Acadia plans to initiate a phase 2 study in essential tremor during 2026, which will trigger a milestone of 10 million dollars," commented CEO Thomas Feldthus.
Regarding clinical development, Feldthus highlights that the drug candidate SAN2668 for severe pediatric epilepsies has advanced in preparations for regulatory applications, planned for the second half of 2026. The company emphasizes the potential to achieve efficacy comparable to benzodiazepines but with fewer limitations.
For SAN2465, GLP-toxicology batch production has been completed and a GMP batch is being prepared ahead of first-in-human studies in the United States. According to the company, the candidate has demonstrated rapid and long-lasting antidepressant effects in preclinical models. SAN2219 for focal seizures is also advancing toward GLP-toxicology. Saniona intends to launch two phase 1 studies during 2026 and a third at the beginning of 2027, as well as to advance at least one program toward phase 3 under its own management.
| Saniona, Mkr | Q4-2025 | Q4-2024 | Change |
| Net revenue | 4.6 | 313.4 | -98.5% |
| Operating result | -46.5 | 290.4 | |
| Operating margin | 92.7% | ||
| Net result | -41.7 | 247.1 | |
| Earnings per share, kronor | -0.30 | 2.17 | |
| Cash flow from operating activities | -76.6 | 293.0 | |
| Cash and cash equivalents | 580.8 | 303.3 | 91.5% |
