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Ondine Biomedical Inc on Thursday said higher investment, which is designed to support future growth, impacted margins in 2025. The Vancouver-based non-antibiotics treatment developer reported a net loss of C$29.5 million in 2025 widened from C$19.1 million the year prior. This reflected increased investment, including conducting a US phase 3 pivotal study, US Food & Drug Administration audit readiness, and operational infrastructure to support future growth. Revenue increased 29% to C$2.6 million from C$2.0 million, driven by new hospital deployments and increased utilisation within existing accounts. Gross margin was 61% in 2025, lower than 64% in the prior year, reflecting the hardware segment, where strategic investments continue to support customer adoption and market penetration. Consumables margins improved during the year following the rollout of the next-generation nasal illuminator in Canada. ‘Ondine has used the past year to build with discipline and conviction. Completion of patient enrolment in our pivotal LANTERN Phase 3 study, marks a significant milestone in our strategy to bring nasal photodisinfection to the US market. Alongside the trial, our growing body of real-world evidence continues to demonstrate the potential of Steriwave to reduce infections, improve patient outcomes and lower healthcare costs,’ said Chief Executive Carolyn Cross. Since the year-end Ondine has completed a C$9.2 million fundraising through a placing and subscription, which Cross noted has strengthened its financial position. ‘Looking ahead, 2026 is expected to be an important year for Ondine as we focus on delivering the LANTERN clinical results, progressing our regulatory plans and continuing to execute our growth strategy. We believe the progress achieved clinically, commercially, financially and operationally over the past year positions the company to deliver sustainable growth and long-term value for shareholders,’ she added. Shares in Ondine Biomedical fell 6.1% to 13.62 pence each in London on Thursday in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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