Inhalation Sciences has today published the report for the second quarter 2026. With me to discuss this report in more detail, I have the company's CEO, Manoush Masarrat. Manoush, looking at the report, can you comment on the sales and revenues year to date?
We have had a great first half of 2026, where we have managed to increase both sales and revenue significantly versus same period last year. The combined revenue of Q1 and Q2 equals almost SEK 7 million , which is in fact double as much as revenue we did entire 2025. As for the sales and new signed orders, we have also managed to double the total versus the first six months of the last year. In terms of operating expenses, OPEX, we continue to work with a lean organization and improving our cost control approach to be close to profitability soon.
How are the ongoing discussions with potential customers and your current pipeline going?
Our pipeline of around SEK 30 million is intact, and we are working through them by different commercial activities, such as our announced marketing campaign. As we mentioned in May, we received an Inhalation Research Services order, IRS order, worth over EUR 100,000 . As a result of our ongoing marketing campaign, we have also seen several U.S. customers that are obliged to source services within the U.S. and U.S. origins, even though there are no direct equivalent services as ours in the U.S. Thus, we are in dialogue with several CROs in the U.S. for direct collaborations and to offer ISAB services within the U.S. market.
And any results you see from the collaboration with FDA on DissolvIt?
Well, we are using the FDA collaboration and DissolvIt study on every meeting and discussions that we have had around our in vitro capabilities. It has had great impact on the level of the discussions. As an example, as we informed early this year, we received orders for over SEK 1.5 million from a global generic pharmaceutical company for IRS on DissolvIt as a direct result from our FDA study. We have also submitted and been accepted to present the high level outcome of this DissolvIt study at three major upcoming industry conferences, one in the U.S. and two in Europe. This will give us tremendous opportunity to promote ISAB's unique technology to the market and inhalation society.
And on July 28th, you announced a financial agreement and a loan up to SEK 4 million . Can you elaborate more on that agreement and the rationale behind it?
This agreement gives us the time and stability needed to responsibly evaluate the ongoing M&A process with the shareholders' best interest in mind. At the same time, it's important to emphasize that Inhalation Sciences isn't standing still while waiting for a possible outcome. We continue to work with customers, carry out assignments, and develop the business. Our technology, expertise, and customer base have significant value, both in the context of a potential structured deal and as a foundation for the company's continued independent development as a standalone business.
And on that note, do you have any status update on the announced M&A process with PharmaVentures?
Well, we announced about the process with PharmaVentures in November last year. At the same time, we informed that the process will carry on between nine to 12 months, which is November 2026. Of course, we had hoped to conclude the process sooner, but again, it is imperative for us to make sure to find the best possible option for ISAB moving forward. That is exactly what we are doing.
And a final question, what are the most important takeaways from the Q2 report for the investors as you see it?
We have shown a significant growth in sales and revenue for first half of 2026 versus the same period last year. The pipeline of SEK 30 million is intact, and we are working us through the leads on a regular basis. We have also ongoing activities in the U.S., as I mentioned. With a continuous lean organization, we are improving our cost control approach towards profitability. Also with the financing agreement in place, we will have the stability needed to evaluate the ongoing discussions firmly and make sure to deliver the best possible option for ISAB, either through a structured deal or continue as standalone business.