Lumito AB publishes year-end report 2025
Financial overview
Fourth quarter 2025, 1 October – 31 December
Net sales amounted to 0 (79) KSEK.
Result after taxes amounted to -11,244 (-15,476) KSEK.
Earnings per share before and after dilution amounted to -0.01 (-0.06) SEK.
Cash flow from operating activities amounted to -8,616 (-8,713) KSEK.
Full year 2025, 1 January – 31 December
Net sales amounted to 0 (97) KSEK.
Result after taxes amounted to -43,940 (-41,564) KSEK.
Earnings per share before and after dilution amounted to -0.09 (-0.18) SEK.
Cash flow from operating activities amounted to -25,110 (-31,017) KSEK.
Cash and cash equivalents at the balance sheet date amounted to 15,777 (21,592) KSEK.
Financial development
Fourth quarter 2025
Net sales and results
Net sales for the fourth quarter of 2025 amounted to 0 (79) KSEK.
Operating costs, including capitalized costs and depreciation, for the fourth quarter amounted to -10,990 (-15,162) KSEK.
During the fourth quarter of 2025, investments in intangible assets (patents and trademarks) amounted to 121 (43) KSEK. The product development phase was considered completeted during the third quarter of 2024. No further development costs have been capitalized since that time.
Operating result for the fourth quarter amounted to -10,704 (-14,982) KSEK, and the result after tax amounted to -11,244 (-15,476) KSEK.
Cash flow
Cash flow from operating activities during the fourth quarter amounted to -8,616 (-8,713) KSEK.
Total cash flow for the period amounted to -11,683 (-4,577) KSEK. The total cash flow for the year includes a rights issue of 19,547 KSEK after issue costs and repayment of a bridge loan of 2,000 KSEK, raised to secure liquidity until the rights issue was completed.
The existing loan agreement of 20 MSEK, issued by Fenja Capital II A/S in November 2023, was refinanced in November 2025 through a new loan of 6,000 KSEK from Fenja Capital II A/S. In connection with this refinancing, Lumito repaid 6,500 KSEK. Previously, during 2024, 7,500 KSEK of the total loan amount of 20 MSEK had been repaid.
Full year 2025
Net sales and results
Net sales for the full year 2025 amounted to 0 (97) KSEK. Net sales in 2024 relate to test equipment.
Operating costs, including capitalized costs, for the full year amounted to 42,745 (42,734) KSEK. The product development phase was considered completed during the third quarter of 2024, and no further development costs have been capitalized since that time.
External and personnel costs decreased by a total of 7,671 KSEK compared with the same period in 2024, while depreciation of intangible assets increased by 7,338 KSEK compared with the same period in 2024. The decrease in personnel and external costs is primarily due to optimisation of the organisation for the commercial phase the Company is in, conversion to consultants, and cost-efficiency measures. The increase in depreciation is due to the Company’s first product, SCIZYS, being deemed completed in July 2024. The depreciation period is five years.
Investments in intangible assets (patents and trademarks) amounted to 469 (674) KSEK, and capitalized development costs amounted to 0 (3,357) KSEK.
Operating result for the full year amounted to -41,885 (-38,304) KSEK, and the result after tax amounted to -43,940 (-41,564) KSEK.
Cash flow
Cash flow from operating activities during 2025 amounted to -25,110 (-31,017) KSEK. Total cash flow for the period amounted to -5,815 (-862) KSEK. The total cash flow for the year includes a rights issue of 19,547 KSEK after issue costs and repayment of a bridge loan of 2,000 KSEK, raised to secure liquidity until the rights issue was completed.
Personnel
The average number of employees during the year was 8 (12), of whom 3 (3) were women.
Investments, liquidity, and financial position
As of 31 December 2025, the cumulative book value of capitalized development expenditure amounted to 65,177 (83,800) KSEK. The amount relates to development work associated with the company’s products. Depreciation commenced in the third quarter of 2024. The depreciation period is five years.
The book value of investments in the patent portfolio amounted to 2,551 (2,739) KSEK, most of which relates to patents and patent applications associated with the Company’s products. Depreciation commenced in the third quarter of 2024.
Cash and cash equivalents at the balance sheet date amounted to 15,777 (21,592) KSEK.
Accounting principles
This report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board’s general guidelines BFNAR 2012:1 Annual Accounts and Consolidated Accounts (K3).
Further information on the Company’s accounting policies is available on page 25 of the 2024 Annual Report. Amounts are stated in KSEK and MSEK, which in this report refer to thousands and millions of Swedish kronor, respectively. Amounts in parentheses refer to the corresponding period of the previous year.
Auditor’s review
This report has not been reviewed by the Company’s auditor.
The Board of Directors proposes that the accumulated loss of 32,158 KSEK be carried forward.
Significant risks and uncertainties
A description of Lumito’s significant risks and uncertainties is set out on pages 18–19 of the 2024 Annual Report. No material changes have occurred since that date.
The Annual Report is expected to be published on 16 April 2026 and will be available via the Company’s website.
Significant events during the fourth quarter of 2025
2 October: Lumito participated in Biomarkers & Precision Medicine UK, strengthening contacts within drug development and clinical research, and also announced participation in NLSDays and Pharma Outsourcing.
3 October: Lumito published a white paper demonstrating how SCIZYS can measure very low levels of the breast cancer biomarker HER2 with up to twelve times greater sensitivity than established methods.
7 October: Lumito published the terms of the rights issue.
10 October: An extraordinary general meeting was held. All resolutions were adopted in accordance with the proposals presented in the notice.
13 October: Lumito’s EU Growth Prospectus for the planned rights issue was approved by the Swedish Financial Supervisory Authority and published on the Company’s website.
15 October: Concept Life Sciences decided to include Lumito’s SCIZYS technology in its customer offering within drug development through a “scanning-as-a-service” model.
23 October: Lumito signed a letter of intent with Katana Labs GmbH, formalising a strategic partnership to jointly commercialise a comprehensive, ultrasensitive immunohistochemistry workflow combining Lumito’s labelling and scanning technology with Katana Labs’ AI-driven image analysis platform.
29 October: Truly Labs AB decided to include SCIZYS in its service offering to research and pharmaceutical customers.
3 November: The outcome of the completed rights issue was published. The issue was subscribed to approximately 36 MSEK, including subscription commitments and guarantee undertakings, corresponding to a subscription rate of approximately 60 per cent.
11 November: The Board resolved on a directed issue of units to the guarantors in the completed rights issue, in accordance with the guaranteed agreements entered into in connection with the issue.
19 November: The completed rights issue of units was registered with the Swedish Companies Registration Office.
21 November: A business development grant of 250 KSEK was awarded by Region Skåne to accelerate the Company’s commercial development and strengthen its position in the European market.
27 November: Lumito published its interim report for the third quarter of 2025.
2 December: Maria Falck was appointed Chief Business Officer and joined the management team. Anders Wallseth stepped down as Chief Commercial Officer and left the management team but continues as Senior Commercial Advisor.
5 December: Lumito announced the members of the nomination committee for the 2026 Annual General Meeting.
11 December: Lumito’s quality certification was renewed in accordance with the international standard ISO 13485:2016 – Medical devices – Quality management systems.
12 December: Lumito participated in the Digital Pathology & AI Congress: Europe in London.
18 December: Lumito announced new results from its collaboration with Truly Labs demonstrating that the Company’s tissue analysis technology significantly improves detection of rare cells compared with conventional methods.
19 December: The Board proposed that an extraordinary general meeting resolve on a reverse share split whereby five hundred (500) existing shares would be consolidated into one (1) new share and convened an extraordinary general meeting.
Events after the end of the period
12 January: An order for a SCIZYS Erbium kit was received from a Swedish research unit, with an initial value of KSEK 10–20. The customer will utilise the Company’s Scan-as-a-Service offering.
13 January: Analyst Group initiated financial research coverage of Lumito on behalf of the Company.
20 January: An extraordinary general meeting was held. Full information regarding the resolutions is available on the Company’s website, www.lumito.se.
20 January: The composition of the nomination committee for the 2026 Annual General Meeting changed due to changes in shareholdings.
23 January: The joint work of Lumito and Boston Cell Standards was presented in a scientific poster at The Pathological Society of Great Britain & Ireland Winter Meeting 2026.
28 January: Lumito received orders from two Swedish research customers for SCIZYS Erbium kits with an initial value of KSEK 20–30. The customers will utilise the Company’s Scan-as-a-Service offering.
29 January: The Company was granted a patent in India for its technology for tissue analysis using upconverting nanoparticles. The patent has previously been granted in Europe and the United States.
30 January: Following the resolution of the extraordinary general meeting on 20 January 2026 regarding the share consolidation, the Company announced the timetable for the consolidation and the recalculated terms for warrants of series TO7.
3 February: Lumito initiated a pilot project with Professor Anders Bjartell at Lund University to evaluate the Company’s technology for earlier and improved detection of lymph node metastases in prostate cancer.
18 February: Lumito and Atlas Antibodies have entered a strategic partnership with the aim of creating differentiated and value-adding solutions for research, translational applications, and quantitative analysis in tissue samples.
CEO’s statement
The fourth quarter of 2025 marked an important step in Lumito’s development, as we progressed towards a clear market introduction of SCIZYS. We are seeing growing market interest, increased awareness among relevant stakeholders, and a strengthened market presence. Over the past year, we have deepened our understanding of customers’ challenges and become more effective at articulating the tangible value our solution delivers, rather than merely demonstrating technical performance. This shift forms the foundation on which we continue to build – through a clearer offering, stronger positioning and increased focus on relevant use cases – laying the groundwork for long-term growth.
Market introduction with a clear user focus
Our market introduction efforts have begun to yield results. Through the development of our unique offering, the establishment of a Scientific Advisory Board, publication of white papers and targeted collaborations, SCIZYS has now been incorporated into the customer offerings of both Truly Labs and Concept Life Sciences. Feedback from these partners confirms that SCIZYS addresses real needs within preclinical research and drug development. At the same time, SCIZYS occupies a distinct niche in tissue analysis, where highly sensitive and quantitative methods are essential. This niche is expected to grow as increasingly effective and potent therapies are developed, as well as through future diagnostic applications.
Growing interest in SCIZYS
Interest in SCIZYS continues to increase, particularly in relation to the value it brings and the objectivity it supports in decision-making processes for researchers and drug developers. Collaborations with Truly Labs and Concept Life Sciences confirm that Lumito’s offering is perceived as both unique and commercially relevant, not least through the ability to detect very low biomarker levels with high precision. Making SCIZYS available through established CRO partners, including via “scanning-as-a-service” models, lowers adoption thresholds and enables broader market penetration. As is often the case for companies such as Lumito, commercial adoption within advanced applications is gradual. While we had hoped for a faster trajectory, we nonetheless see clear and growing interest forming the basis for accelerating commercialisation.
User-driven evidence strengthens our market position
Our work to demonstrate concrete applications and customer value from the user’s perspective continued to attract attention during the quarter. The white paper published in October shows how SCIZYS enables more accurate differentiation between HER2-low and HER2-negative tissue, which is highly relevant for research decisions and future clinical applications. These results also prompted Keith Miller to initiate the poster recently presented at The Pathological Society of Great Britain & Ireland Winter Meeting 2026.
In parallel, new application data from our collaboration with Truly Labs showed that SCIZYS significantly improves the detection of rare cells. Together, these findings reinforce the position of SCIZYS as a tool that addresses concrete and growing user needs. Application development and additional white papers will therefore remain a priority focus area in 2026, as user-driven evidence is central to further strengthening our market position.
Strategic partnership enhances the overall offering
During the quarter, we also took a strategic step by entering a letter of intent with Katana Labs GmbH. Together, we intend to commercialise a comprehensive immunohistochemistry workflow in which SCIZYS is combined with AI-driven image analysis. The partnership further strengthens our offering by simplifying and streamlining user workflows and addressing the growing need for more precise and scalable solutions in both research and drug development.
Financing for continued commercial expansion
To finance the next phase of development, a rights issue was carried out during the quarter, raising approximately 36 MSEK before issue costs. Together with the business development grant from Region Skåne, this provides the resources required to continue prioritising commercialisation, partnerships and market establishment in Europe.
Strengthened organisation for the commercial phase and quality assurance
We have further strengthened the organisation through the recruitment of Maria Falck as Chief Business Officer. Her experience in cancer research and CRO operations, combined with a focus on business development and partnerships, is a valuable addition as Lumito enters a more clearly defined commercial phase. At the same time, we are pleased that Anders Wallseth will continue to support the company in the role as Senior Commercial Advisor.
Finally, the renewal of our ISO 13485 certification confirms that our processes and systematic quality management meet international standards. This is a fundamental prerequisite for our long-term objective of bringing a clinically approved product to market.
Summary and outlook for 2026
In summary, the fourth quarter of 2025 was intensive and forward-looking, marked by several important steps towards our ambition to become an established player in ultrasensitive digital tissue analysis. Our focus on paying customers, strategic collaborations with leading researchers and key opinion leaders, and partnerships with central stakeholders in tissue analysis strengthen our position and drive continued development. With a clearer user focus, new partnerships and growing market traction, we enter 2026 with clear priorities and strengthened confidence.
Lund, February 2026
Sanna Wallenborg
Chief Executive Officer, Lumito