Inhalation Sciences today published their report for the first quarter 2026 and with us to discuss this in more detail, I have the company's CEO, Manoush Masarrat. Manoush, what are the most important take-home messages in your report?
We have had a couple of tough years in 2024 and 2025. By the end of 2025, especially in late Q4, we managed to convert several quotations, which we have been working on for a long time, into formal orders for a total value of over SEK 5 million. During the first three months of 2026, we have worked very hard to perform the science studies, which have been the majority of the orders, and managed to have a revenue of over SEK 4 million in Q1. It is also important to recognize the great work of our staff that have performed the studies and communicated with customers. It's not only just signing the orders, it's also performing the studies as well as coordinate with the customers on a regular basis.
Which we believe definitely is at least important to sign the orders, and we are very proud of that. At the same time, we have also managed to sign new orders for a total of SEK 2.5 million in the first quarter of the year. From a cost point of view, we continue to work with a very lean and cost-efficient operation, which keeps our OpEx intact with no major investments other than in our commercial activities.
Regarding the publication of the FDA-supported DissolvIt study, what is the status on that side?
Well, we have been in contact with FDA to collaborate on the publication work. Due to their workload, FDA cannot be driving the publication work, it is something that we at ISAB would need to drive. Our plan is to do the groundwork and coordinate with FDA for a review and approval process with the goal of doing so in 2026. This said, we see the FDA study being a fantastic tool for us in our discussions and commercial meetings with customers, where it has confirmed that our technology through our DissolvIt platform can predict the clinical outcome further down the road, by doing so, save tremendous amount of time and cost for the drug delivery and inhalation projects.
Regarding the ongoing discussions with the potential customers, how is that progressing, could you give an update on the current pipeline?
Sure. We are in continuous discussions with both new and existing customers. We have extended our marketing campaign until the summer, in numbers, it has generated so far 300,000 impressions, 1,200 clicks, 80 new leads that we are working through. As a result of this campaign, we are just about to close two new deals anytime soon, which will surely cover the cost for the whole campaign and several additional campaigns if we choose to do so. On top of that, the increased awareness aspect of the campaign. We have also started an ad campaign in Inhalation Magazine with over 3,500 subscribers within the inhalation industry. As for our pipeline, we have a validated total of around SEK 20 million, which we work through with lots of opportunities as well as challenges.
One of the challenges being that the new guidelines from the new U.S. administration, where the studies will need to be performed in the U.S., which limits our abilities currently. This said, we are also working through different partners in the U.S. to advance our positions, hopefully we win these quotations in our favor, describing our unique technology and how it differs from conventional methods in the markets.
As for the M&A process with PharmaVentures, any status update on that side that you can share with us?
As earlier mentioned, we are in the middle of this process and we are in contact with several interested parties. Any information of importance will surely be public with and through a press release through different channels. Until then, we are afraid we cannot disclose any further information about the ongoing discussions.
Can you say anything about when this process will be concluded?
Well, the management and the board of directors are working towards finalizing the process, and our aim is to conclude it before the summer or at least know how we will move forward before in the summer.
Thank you, Manoush. Lastly, any take-home messages for investors and the market from your end?
Once again, we have shown that our unique technology makes a difference in the market and that our customers are returning to Inhalation Sciences when they, A, know about us, B, understand our technology, and C, they understand the differences between us and conventional methods out there. With a tough 2025 behind us, we had a fantastic Q1 in 2026, where the revenues generated in the first three months of the year was higher than entire 2025. With this in mind, we have also several rather big opportunities and quotations in our pipeline and are working hard to convert them to formal orders as soon as possible.
As we mentioned earlier, through the ongoing M&A process with PharmaVentures, we hope to find a suitable partner for Inhalation Sciences, which can take the technology and integrate it to their existing portfolio of products and/or services. As mentioned, we hope to conclude this process before the summer 2026.
Thank you very much, Manoush.
Thank you.