Press Release: Santhera Pharmaceuticals Full Year -4-

Revenues from product supply and services are expected to decline significantly compared to 2025. Increased supply volumes to China will not fully offset the reduction in US product sales following Catalyst's transition to direct sourcing from Q1 2026.

Operating expenses are expected to remain within the previously guided range of CHF 50--55 million.

Following the planned commercial launch in Spain in July 2026, a one-off non-sales related milestone linked to the third commercial launch in a major European market falls due to ReveraGen and R-Bridge (having previously taken over the former Idorsia milestones). An amount of USD 20 million falls due and will be recorded within cost of sales (COS). Approximately 75% of this payment is expected to be made in the first half of Q3 2026, unlike remaining sales-related milestones, where the associated cash outflow is linked to corresponding sales milestone cash inflows.

As previously communicated, Santhera expects to achieve cash flow break-even in Q3 2026, after accounting for the milestone payment noted above, with no additional funding required.

Santhera reiterates its mid-term outlook, targeting revenues of EUR 150 million (excluding milestones) in 2028. By 2030, the Company expects to generate more than EUR 150 million in revenues from its directly operated EU markets, excluding distributor revenues, royalties, and milestone income from licensing partners.

Consolidated Balance Sheet

In CHF thousands December 31, 2025 December 31, 2024

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Assets

Tangible assets 2,010 2,571

Intangible assets 63,935 68,946

Financial assets long-term 315 245

Noncurrent deferred loss on

financial instruments 1,584 4,913

Noncurrent assets 67,844 76,675

Current deferred loss on

financial instruments 6,315 3,103

Prepaid expenses 580 373

Inventories 24,868 17,527

Trade and other receivables 26,038 13,885

Cash and cash equivalents 22,440 40,925

Current assets 80,241 75,813

Total assets 148,085 152,488

Equity and liabilities

Share capital 1,402 1,343

Capital reserves and share

premium 651,963 644,410

Accumulated losses (663,929) (614,693)

Employee benefit reserve (1,017) (3,025)

Treasury shares (62) (65)

Translation differences (173) (272)

Total equity (11,816) 27,698

Noncurrent payables 7,616 -

Noncurrent term loans 32,733 31,729

Noncurrent liability from

royalty purchase agreements 39,934 33,165

Noncurrent derivative

financial instruments 6,406 2,216

Noncurrent lease liabilities 1,369 1,940

Noncurrent contract

liabilities 3,156 1,925

Pension liabilities 6,516 7,672

Noncurrent liabilities 97,730 78,647

Trade and other payables 18,005 9,224

Accrued expenses 19,404 19,345

Income tax payable 893 144

Current liability from royalty

purchase agreements 7,153 3,810

Current lease liabilities 588 553

Current convertible bonds 14,259 6,398

Current contract liabilities 139 56

Current derivative financial

instruments - 2,323

Current warrant financial

instruments 1,730 4,290

Current liabilities 62,171 46,143

Total liabilities 159,901 124,790

Total equity and liabilities 148,085 152,488

Consolidated Income Statement

In CHF thousands (except per share

data) Year ended December 31,

2025 2024

Net sales 25,838 14,970

Revenue from outlicensing transactions 23,072 16,924

Net sales to licensing partner 28,275 7,223

Revenue from contracts with customers 77,185 39,117

Cost of sales (62,011) (15,534)

Of which amortization intangible

assets (4,981) (4,977)

Of which royalties payable (8,512) (3,522)

Of which milestones payable (20,170) -

Other operating income 204 232

Development (22,218) (26,468)

Marketing and sales (13,203) (11,016)

General and administrative (17,569) (19,482)

Net gain on entity liquidation - 41

Operating expenses (52,990) (56,925)

Operating result (37,612) (33,110)

Financial income 10,849 11,617

Financial expenses (22,288) (20,169)

Result before taxes (49,051) (41,662)

Income taxes (185) (312)

Net result (49,236) (41,974)

Basic net result per share (in CHF) (3.78) (3.69)

Diluted net result per share (in CHF) (3.78) (3.69)

Consolidated Statement of Cash Flows

Year ended

In CHF thousands December 31,

2025 2024

Result before taxes (49,051) (41,662)

Depreciation and impairment of tangible assets 670 626

Amortization and impairment of intangible assets 5,010 5,020

Share-based compensation 4,250 3,973

Change in fair value of financial instruments, net (3,136) 3,581

Modification of convertible bonds (102) 17

Change in pension liabilities 852 (229)

Reversal of current provisions - (151)

Income taxes paid - (11)

Change in contract liabilities 1,314 1,981

Change in net working capital (2,624) (14,342)

Financial result net of change in fair value of financial

instruments 11,308 7,344

Interest received 409 929

Interest paid (3,663) (2,603)

Net cash flow from/(used in) operating activities (34,763) (35,527)

Investments in tangible assets (52) (151)

Purchase of financial assets long-term (70) -

Proceeds from sale of financial assets - 90

Net cash flow from/(used in) investing activities (122) (61)

Proceeds from exercise of equity rights 660 101

Proceeds from exercise of warrants financial instruments - 958

Proceeds from term loans - 34,300

Proceeds from royalty purchase agreements 10,386 25,632

Proceeds from convertible bonds 9,686

Repayment of convertible bonds - (13,547)

Repayments of royalty purchase liability (3,523) (462)

Financing transaction costs (238) (325)

Payment of lease liabilities (595) (579)

Net cash flow from/(used in) financing activities 16,376 46,078

Effects of exchange rate changes on cash and cash

equivalents 24 65

Net increase/(decrease) in cash and cash equivalents (18,485) 10,555

Cash and cash equivalents at January 1 40,925 30,370

Cash and cash equivalents at December 31 22,440 40,925

Attachment

-- 260428 Santhera Annual Results FY25_Final_English_8pm

https://ml-eu.globenewswire.com/Resource/Download/e2a7860b-7e9c-40da-9934-512e064ea479

(END) Dow Jones Newswires

April 28, 2026 01:00 ET (05:00 GMT)