PILANasdaq StockholmBiotechnologyIFRS · SEK

Pila Pharma

PILA PHARMA AB is a Swedish biotech company focused on developing oral drug candidates based on TRPV1 inhibition. The company operates through a parent company in Malmö and a wholly owned Danish subsidiary that carries out research and development activities.

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Revenue0.8m SEK
−47.0 %y/y
Operating profit (EBIT)-8.0m SEK
+0.9 %y/y
EBIT margin-1,036.8%
−482.5 ppy/y
Net income-11.2m SEK
−13.2 %y/y

Fiscal year 2025 · change from previous year

Development 2019–2025

-10-8-6-4-202m SEK2019: 0.35 m SEK20192021: 0.72 m SEK20212022: 1.9 m SEK2022: EBIT -3.6 m SEK20222023: 0.65 m SEK2023: EBIT -2.3 m SEK20232024: 1.5 m SEK2024: EBIT -8.1 m SEK20242025: 0.77 m SEK2025: EBIT -8.0 m SEK20250.77-8.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Drug discovery and preclinical development70 %

Discovery and preclinical work on novel oral drug candidates built around TRPV1 inhibition.

Clinical development preparation20 %

Activities supporting transition from preclinical work into clinical-stage programs.

Intercompany R&D services10 %

Services provided by the parent company to the Danish subsidiary within the group.

Customers

PILA PHARMA does not sell a broad commercial product portfolio; its direct counterparties are primarily the group’s own subsidiary and, through development programs, future pharmaceutical partners and clinical stakeholders. The business is built around advancing drug candidates toward human testing, so value creation depends on research progress, regulatory milestones, and eventual partnering or licensing opportunities.

Intra-group R&D funding

Pila Pharma Danmark ApS receives research and development support from the parent company.

Future pharmaceutical partners

Potential licensing or collaboration partners for pipeline assets and clinical programs.

Clinical research organizations

Contract research providers used to execute outsourced preclinical and clinical work.

Capital market investors

Equity investors fund development activities before any product commercialization.

Strategy

The company’s strategy is to advance its TRPV1-based oral drug platform through preclinical work and into clinical development. It is also building optionality around obesity and erythromelalgia, which broadens the pipeline while keeping the business centered on a single scientific mechanism.

Move preclinical assets into the clinicShort term

Clinical entry is the key value inflection point for a development-stage biotech.

Build the obesity programMedium term

Obesity is a large therapeutic market that can support meaningful partnering interest.

Advance erythromelalgia as a rare-disease opportunityMedium term

Rare-disease programs can offer clearer clinical positioning and differentiated value.

Geography

The company is headquartered in Malmö, Sweden, and is organized as a Swedish parent company with a wholly owned Danish subsidiary. Its operating footprint is therefore concentrated in Sweden and Denmark, while its drug development ambitions are tied to broader international pharmaceutical markets.

Risks

As a pre-commercial biotech, PILA PHARMA depends on successful research outcomes, regulatory progress, and access to external capital. The company also faces execution risk from outsourcing, scientific uncertainty around TRPV1-based mechanisms, and the possibility that development timelines or funding needs extend beyond expectations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on external financing2Outsourcing and consultant dependence4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: Critical

    Drug candidates may not demonstrate safety or efficacy in human studies.

    Exposure: TRPV1-based obesity and erythromelalgia programs

  2. Dependence on external financingImpact: HighLikelihood: Medium

    The company is not yet commercial and must fund R&D before product revenue exists.

    Exposure: Research and development operations

  3. Concentration in a single scientific platformImpact: High

    The pipeline is centered on TRPV1 inhibition, so setbacks affect the whole company.

    Exposure: Pipeline and valuation

  4. Outsourcing and consultant dependenceImpact: MediumLikelihood: Low

    Operations are run through consultants and CROs rather than a large internal team.

    Exposure: Preclinical and clinical execution

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Accounting

Judgemental items
R&D expense recognition

Most development spending is likely expensed as incurred and drives reported losses.

Impact: Affects operating result and comparability across periods

Intercompany service revenue

Parent-company revenue includes services provided to the Danish subsidiary.

Impact: Affects reported operating income at the parent level

Intangible asset impairment

Any acquired or capitalized development assets require periodic recoverability assessment.

Impact: Could materially change reported assets and earnings

Going-concern and liquidity disclosures

A pre-commercial biotech must explain funding needs and cash runway assumptions.

Impact: Important for assessing solvency and future dilution risk

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Last updated: 24/09/2026

Pila Pharma (PILA) Revenue, Earnings & Financials 2025 – Clarifo