Ondine Biomedical INC.
Ondine Biomedical Inc. (LON:OBI) is a Canadian life sciences company developing and commercialising light-activated antimicrobial (photodisinfection, aPDT) therapies to prevent and treat healthcare-associated infections, including those caused by multidrug-resistant microbes, without contributing to antibiotic resistance. Its lead commercial product, Steriwave, is a nasal photodisinfection device used mainly for presurgical infection prevention, sold alongside a pipeline of additional indications (burns, chronic wounds, ICU, VAP, CLABSI, CAUTI). The Company's central 2025 priority was completing the pivotal U.S. LANTERN Phase 3 trial ahead of a planned FDA submission.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 3 Jun 2026 · 65 pages · Company website
Ondine Biomedical Inc. makes light-based treatments that kill germs to prevent hospital infections, led by a nasal device called Steriwave. Revenue was CAD 2.6m, up from CAD 2.0m (+29.1%), thanks to new hospitals and more use in existing ones. But the loss widened to CAD 29.5m from CAD 19.1m.
The bigger loss came mainly from research spending, which more than doubled. Most of it went on LANTERN, a large final-stage US trial needed to win approval from the US regulator, the FDA. Office and administration costs fell.
The company ended the year with CAD 10.6m of cash and no bank borrowings, after raising CAD 26.0m by selling new shares. The report mentions no dividend. After the year end it raised a further £5.0 million. Management called 2026 a "defining year", with trial results expected in spring 2026 and an FDA application to follow. The auditor warned of real doubt over whether the company can keep going, given its history of losses and its need for more funding.
New hospital deployments and increased utilisation within existing accounts
Revenue increased by 29% to $2.6 million (2024: $2.0 million), driven by new hospital deployments and increased utilisation within existing accounts.
page 18Gross margin modest decline (61% vs 64% in 2024) due to hardware segment mix
Gross margin was 61% (2024: 64%), with the modest change year-on-year primarily reflecting the Company's hardware segment, where strategic investments continue to support customer adoption and market penetration.
page 18With top-line LANTERN results anticipated in Spring 2026, our focus is now on ensuring that we are ready to move decisively once data are available... including completing the clinical study report, finalising the remaining components of our planned New Drug Application to the FDA.
page 8Land-and-expand commercial model across geographies, hospitals/specialties and new clinical use cases
Commercial adoption driven by a disciplined land-and-expand model; expansion into additional areas, hospitals/regions and use cases; total year-end hospital deployments grew from 5 (2021) to 37 (2025)
page 136 years on one page · FY2020–FY2025
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CAD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 134 confirmed, 11 differ.
No figure has been restated: every figure a later report printed again, it printed the same.