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Realheart Year End Report H2 2025
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
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Summary of Year-End Report H2 2025
| Group Overview | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | |
| 2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | ||
| 6 mon | 6 mon | 12 mon | 12 mon | ||
| Operating income | 62 512 | 9 674 | 153 098 | 50 054 | |
| Earnings after financial items | -16 868 193 | -20 243 850 | -35 496 149 | -34 350 238 | |
| Balance Sheet total | 72 687 887 | 83 279 673 | 72 687 887 | 83 279 673 | |
| Equity / Assets ratio | 86% | 81% | 86% | 81% | |
| Earnings per share | -3.37 | -9.79 | -7.10 | -16.61 | |
| Earnings per share after dilution | -1.99 | -2.38 | -4.18 | -4.04 | |
| Number of shares | 4 998 704 | 2 068 152 | 4 998 704 | 2 068 152 | |
| Number of shares after share issue* | 8 497 797 | 8 497 797 | 8 497 797 | 8 497 797 | |
| Parent Company Overview | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | |
| 2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | ||
| 6 mon | 6 mon | 12 mon | 12 mon | ||
| Operating income | 62 512 | 9 674 | 153 098 | 50 054 | |
| Earnings after financial items | -16 387 578 | -18 487 283 | -34 846 165 | -32 409 725 | |
| Balance Sheet total | 77 592 782 | 85 837 128 | 77 592 782 | 85 837 128 | |
| Equity / Assets ratio | 87% | 82% | 87% | 82% | |
| Earnings per share | -3.28 | -8.94 | -6.97 | -15.67 | |
| Earnings per share after dilution | -1.93 | -2.18 | -4.10 | -3.81 | |
| Number of shares | 4 998 704 | 2 068 152 | 4 998 704 | 2 068 152 | |
| Number of shares after share issue* | 8 497 797 | 8 497 797 | 8 497 797 | 8 497 797 | |
*See section about the stock on page 10 for more information.
Revenue and Result
Scandinavian Real Heart AB is currently engaged in research and development and currently has no sales of its own products. Research and development costs incurred for Realheart® TAH were capitalized during the period July 1 - December 31, 2025, in the amount of SEK 12.4 million.
Employees
The number of employees in the Group at the end of the quarter was 13 full-time employees and 2 hourly employees.
Transactions With Related Parties
No significant transactions with related parties have taken place during the period.
Significant Risks and Uncertainties
Realheart’s focus is on getting through the preclinical phase (hemolysis, GLP studies in animals and endurance tests) to be able to start clinical studies. This means that the Company must finalize the version of both the controller and the heart pump to be included in these tests. Realheart must also hold parallel discussions with the Notified Body in the EU and with the FDA in the US to ensure the fastest and safest route for the product to market. The Company is continuously working on measures to minimize delays. Furthermore, the continued product development requires that the Company can secure funding in both the short and long term. The board is continuously working on different scenarios to ensure the Company’s future operations.
Financial Position
At the end of the period, the Group’s cash and cash equivalents amounted to SEK 16.6 million. Through the Rights Issue ended January 27, 2026, the Company received approximately SEK 49 million before issue costs. At present, the Group does not generate its own positive cash flow and is thus dependent on external financing. In order to solve the longer-term financing needs, the Board of Directors is continuously evaluating options for further capitalization of the Company.
CEO Comment
The past six months have marked a productive and strategically important period for Scandinavian Real Heart, as we advanced Realheart® TAH across preclinical development while strengthening the company’s financial footing, global patent estate, and organizational alignment ahead of clinical transition.
Significant Events During the Second Half of the Year
On July 7, Realheart announces that the company has received an outstanding payment of approximately SEK 6.8 million from the European Innovation Council (EIC) following the company’s directed share issue communicated on May 2, 2025, wherein it was announced that EIC has subscribed 600,000 shares to the subscription price of SEK 11.31 per share. The European Innovation Council (EIC) has hitherto subscribed in two separate share issues resolved by the company.
On August 11, Realheart announces that the company has received its third disbursement from the European Innovation Council (EIC) grant, initially awarded in December 2021. The grant aims to support the development of the artificial heart Realheart® TAH. The payment of EUR 250,000 equals 10% of the total grant sum of EUR 2.5 million. The company was awarded a EUR 2.5 million grant within the framework of the European Innovation Council Accelerator program, aimed at supporting European innovations that have the potential to create new markets or disrupt existing ones.
On September 17, Realheart Publishes Positive Blood Flow Data Using a Groundbreaking 4D Medical Imaging Method. The company and its academic partner at Linköping University has published results from a scientific study evaluating a 3D-printed MRI-compatible artificial heart with advanced medical imaging that shows three-dimensional blood flow changes in real time (4D). The results show that Realheart® TAH produces blood flow patterns comparable to those of the natural human heart, underscoring its potential as a safe and effective treatment for severe heart disease.
On November 5, Realheart announces that the company has been granted patent approvals in China and Japan. The patents concern both the core technology of Realheart® TAH, pertaining to the structure and function of the total artificial heart, and the integrated feedback mechanism that regulates the device’s cardiac output. The recent approvals grant protection in China until 2041, and in Japan until 2041. Patent 1: patent in China covering a pressure sensor for Realheart® TAH and Patent 2: patent in Japan covering realtime regulation of Realheart® TAH.
On December 16, Realheart announces that the company resolves on a rights issue of SEK 70 million. Upon full subscription in the Rights Issue, the Company will receive approximately SEK 70 million before issue costs. The Rights Issue is covered to approximately 70 percent by guarantee commitments and subscription commitments from existing shareholders, the Board of Directors and senior executives.
Significant Events After the End of the Period
On January 13, Realheart announces that the subscription period in the company’s rights issue starts. The company’s two main shareholders have already shown their strong commitment by announcing that they will exercise all received subscription rights under the preferential right to subscribe for new shares.
On January 14, Realheart announces that a recording of CEO Ina Laura’s company presentation, held in connection with the extraordinary general meeting on December 16, 2025, is now available. Among others, Ina Laura demonstrates today’s existing artificial heart systems and highlights their limitations from a patient perspective.
On January 28, Realheart announces outcome of the Company’s rights issue. The final outcome shows that 3,499,093 shares were subscribed for, which corresponds to approximately 70 percent of the Rights Issue. Trough the Rights Issue, the Company received approximately SEK 49 million before issue costs.
On February 11, Realheart announces that the company has been granted patent approval by the European Patent Office (EPO). The patent concerns both the core technology of Realheart® TAH, pertaining to the structure and function of the total artificial heart, and the integrated feedback mechanism that regulates the device’s cardiac output. The recent approval grants a unitary patent protecting the technology in 17 EU countries, including Realheart’s key markets, France and Germany, and its home market, Sweden, through 2041.