Adherium (ASX:ADR) is positioning itself for the future as a data-driven respiratory monitoring company, reporting progress in its US expansion and a pivot toward commercialisation.
For the year ended June 30, 2025, the company reported a net loss of $12.68 million, compared with $10.32 million in 2024. It stated that the result reflects a deliberate investment in US operations and the reshaping of its patient onboarding systems to serve customers and their patients better.
Revenue for the period was $817,237, only slightly down on the previous year’s $840,982. The company noted that research and development expenditure decreased to $3.44 million from $4.14 million, as resources were redirected from clinical trials and device development to scale commercial operations.
“Adherium is no longer just a clinical trials company,” the company said. “We are building a sustainable business that provides adherence and technique monitoring on a subscription basis to patients and healthcare providers.”
Sales and marketing costs increased to $4.29 million from $2.14 million, reflecting the company’s expanded presence in the US, including the hiring of new staff and the establishment of new facilities. Administrative expenses also increased to $5.49 million, primarily due to higher consulting fees associated with executive recruitment and leadership development.
While these costs contributed to the headline loss, they are also setting the foundation for what Adherium describes as its “next phase of growth.” The company said the US market represents its most significant opportunity and that the increased investment is already opening new pathways for adoption of its Hailie Smartinhaler technology.
Although cash reserves at 30 June 2025 were $43,255, compared with $6.2 million a year earlier, the company has since secured a stronger financial position. In July, Adherium completed an accelerated entitlement offer, raising $4.49 million. By the end of August, $4.34 million had been received, providing immediate liquidity to support growth initiatives.
Adherium’s directors acknowledged the independent auditor is likely to flag material uncertainty around going concern, as in previous years. However, they remain confident the company is on the right track, citing recent capital raising success and a sharper commercial focus.
“Our strategy is clear—we are building a subscription-based business in one of the most dynamic healthcare markets in the world,” the board said. “With a leaner R&D profile, a stronger balance sheet, and momentum in the U.S., Adherium is positioned to create real long-term value for shareholders and patients alike.”