Medexus Pharmaceuticals Stock Earnings Reports

Medexus reported fiscal Q4 2025 net revenue of $24.8M and fiscal year 2025 net revenue of $108.3M. The quarter included the commercial U.S. launch of GRAFAPEX (treosulfan), which generated $0.6M of product-level revenue in Q4 after becoming available late February, and preliminary Q1 FY26 product-level revenue of over $2.5M. Management reports early launch metrics as encouraging: 34 of 180 U.S. transplant centers have ordered GRAFAPEX, four large commercial payers covering ~34M lives and 12 institutions (7% of centers) have positive formulary decisions, and 15 payers list GRAFAPEX on prior authorization. Medexus expects GRAFAPEX product-level adjusted gross margin to ultimately be ~80% and continues to target the product becoming accretive to quarterly operating cash flows by fiscal Q4 FY26 (calendar Q1 2026). Fiscal Q4 adjusted EBITDA was $2.3M (down from $4.4M year-ago) and net income was -$0.6M; the declines were driven primarily by $2.7M of incremental GRAFAPEX commercialization personnel and infrastructure investment. For FY25 the company posted record adjusted EBITDA ($20.2M) and record net income ($2.2M). Cash on hand improved to $24M at March 31, 2025 (from $5.3M a year earlier), driven largely by a January 2025 public offering. The company has $37.6M outstanding under BMO facilities and completed amendments that lower quarterly principal payments (from $3.3M to $1.1M) and reduce interest expense. Management expects GRAFAPEX revenue to accelerate quarter-over-quarter as more P&T and payer decisions occur, sees its mature base franchises as flat-to-slightly-declining, and plans to fund a remaining $15M regulatory milestone payable under the GRAFAPEX agreement from cash on hand under negotiated payment terms.