HLS Therapeutics Announces Q3 2025 Financial Results

Executive Summary

• Adjusted EBITDA grew 19% YoY in Q3 2025 to $4.9 M and 25% YTD, signaling improved profitability.
• Cash from operations surged 67% in Q3 2025 to $2.5 M (121% YTD), driven by cost reductions and stronger cash conversion.
• The company secured a new credit facility with lower interest rates, reducing annual interest expense by ~​$1.5 M and providing greater flexibility.

Key Details

• Revenue: Q3 2025 $13.5 M (‑4% YoY); YTD 2025 $40.3 M (‑2% YoY).
• Adjusted EBITDA: Q3 2025 $4.9 M (+19% YoY); YTD 2025 $13.9 M (+25% YoY).
• Net Loss: Q3 2025 $(3.9) M, ($0.12) per share (improved from $(4.8) M, ($0.15) per share in Q3 2024).
• Cash from Operations: Q3 2025 $2.5 M (+67% YoY); YTD 2025 $10.6 M (+121% YoY).
• Debt Management: Total borrowings down to $53.1 M (‑21% vs. Dec 31 2024). Principal repayments of $13.9 M made in FY 2025.
• Share Repurchase: $0.8 M repurchased in Q3 2025; 517,776 shares bought since March 17 2025 at a total cost of $1.8 M.
• Product Performance:
• Vascepa contributed $0.6 M to Adjusted EBITDA (most profitable quarter).
• Canadian Clozaril sales down 4% Q3; U.S. Clozaril flat Q3, up 1% YTD.
• Royalty revenue fell 59% YTD after sale of Xenpozyme royalty interest in 2024.
• Operating Expenses: Down 22% Q3 and 20% YTD YoY, mainly from reduced selling & marketing spend after ending a co‑promotion agreement.
• Updated FY 2025 Outlook:
• Adjusted EBITDA target $19.5–$20.5 M (unchanged).
• Revenue target $55–$56 M; Vascepa growth expected in mid‑teens, Clozaril declines of 4–5% (Canada) and 2–4% (U.S.).
• Future Milestones: Anticipated FDA/Health Canada approval of bempedoic acid in Q4 2025 with launch planned for H2 2026.

Notable Quotes

“We are pleased with the solid growth in profitability and cash flow we delivered in Q3 and throughout 2025,” – Craig Millian, CEO
“Looking to the future, with the expected approval of bempedoic acid this month, we are excited to launch this important therapy in Canada in the first half of next year.” – Craig Millian, CEO

All figures are presented in thousands of U.S. dollars unless otherwise noted.