0001104659-26-060270
SEC filingMixed Q1: revenue grew modestly but net loss widened sharply on FX losses; cost restructuring narrowed operating loss.
Revenue increased 1.6% to $8.9 million in Q1 2026, compared to $8.7 million in the prior year period. Growth was led by double-digit direct sales outside of Germany, partially offset by lower revenue in the direct German market. The company continues to see signs of improved sales processes, account targeting, and customer engagement with a smaller and more focused team in Germany. However, unexpected disruption in the Middle East has slowed the anticipated growth of the recently established subsidiary in Dubai, UAE, although conditions are expected to improve as the conflict stabilizes.
Net loss widened to -$5.1 million from -$1.5 million in the prior year period, primarily due to a $1.2 million foreign exchange loss compared to a $3.0 million foreign exchange gain in Q1 2025. This resulted in a diluted EPS of -$0.08 versus -$0.02 in the prior year.
The company continues to actively pursue regulatory approval of DrugSorb-ATR with the FDA and expects to pursue regulatory approval in Canada with better visibility from the FDA. On November 13, 2025, the company announced a Strategic Workforce and Cost Reduction Plan to reduce costs, optimize operations, and accelerate a path to cash-flow profitability. Management targets operating cash flow break-even in the second half of 2026.