This article first appeared on GuruFocus .

Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Oncopeptides AB ( STU:OND ) reported a 125% increase in full-year net sales for 2025, reaching 71.1 million SEK.

• The company announced a rights issue of up to 200 million SEK to expand its PDC platform into glioblastoma treatment, which could unlock significant future value.

• Operating expenses decreased by 16% in the fourth quarter and 7% for the full year, reflecting effective cost control.

• The gross profit for the year was 68.7 million SEK, with a strong gross margin of 97%, demonstrating the scalability of their business model.

• Oncopeptides AB ( STU:OND ) has a promising pipeline, particularly in glioblastoma, with potential to transform the company and address high unmet medical needs.

Negative Points

• Growth in Germany was slower than expected, and a medical doctors' strike in Spain negatively impacted sales in Q4.

• The company has pushed its target for positive cash flow from 2026 to 2027 due to lower than anticipated sales growth.

• The German market is challenging due to a scattered prescriber base and restricted access for pharmaceutical representatives.

• The company's reliance on partnerships for geographic expansion has shown slow progress, particularly in complex regions like Africa and the Middle East.

• The timeline for a potential partnership deal in Japan is uncertain and largely out of Oncopeptides AB ( STU:OND )'s control.

Q & A Highlights

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Q: Could you give us some more details about the situation in Spain in Q1 versus Q4 and similar comments for Italy? A: (CEO, Sophia Haggis) In Spain, the doctors' strike continues, though less intense than in December, which affected patient visits and treatment initiations. We are working with experts to catch up. In Italy, the launch has been successful with no changes to the positive dynamics.

Q: Could you say something more about the clinical development in glioblastoma? What's the medium-term plan? A: (CEO, Sophia Haggis) We are initiating a window of opportunity study, or phase zero, ahead of phase one. This involves giving a dose of melflufen before surgery to confirm blood-brain barrier passage. We aim to start this study during the year with about 10 patients.

Q: How much of the proceeds from the rights issue are intended for Papaxity, and how much for other uses? A: (CFO, Henrik Bergen-Toft) While we haven't specified exact numbers, the majority of the funds are directed towards the commercialization of Papaxity in Europe, with some allocated to advancing our glioblastoma opportunity.