Oncoinvent ASA reported QQ2 2025 revenue of NOK 2.362 million with a gross profit of NOK 2.362 million, yielding a gross margin of 100.0% as reported, but the quarter’s profitability was heavily driven by operating expenses that produced an EBITDA loss of NOK -27.184 million and a net loss of NOK -27.070 million. The modest top-line was insufficient to offset substantial other expenses (NOK 23.882 million) and SG&A (NOK 5.168 million), resulting in an operating loss of NOK -27.295 million and an EPS of -0.69. Despite a lack of debt and a robust liquidity profile, the company remains in a pre-revenue/high-burn phase typical of early-stage biopharma, with cash on hand per share at NOK 1.78 and a current ratio of 4.39 indicating ample liquidity to fund ongoing R&D through the near term. Trailing twelve months show a larger net loss (NOK -54.139 million) and no near-term material profitability.