Nxera Pharma rebuild starting to pay off

While it wins more market share, the company also posted Q4 2025 net sales of $30.4 million and full year 2025 net sales of $90.3m, representing 6.8 per cent growth year-on-year.

Christopher Cargill, President and CEO of Nxera Pharma, said: “2025 was a year of disciplined execution and strategic progress for Nxera, as we continued to build a more focused, resilient and scalable biopharmaceutical business with a growing commercial footprint in Japan and a maturing pipeline.

“In doing so, we further strengthened our commercial foundations in Japan and the broader APAC region, with PIVLAZ® for the prevention of cerebral vasospasm after aneurysmal subarachnoid haemorrhage firmly established as the standard of care in Japan.

“We made continued progress with QUVIVIQ™ for insomnia, including manufacturing enhancements to support increasing demand and improve long-term profitability. We also expanded our late- and commercial-stage portfolio through targeted business development, most notably with the licensing of vamorolone for Duchenne Muscular Dystrophy from Swiss specialty pharmaceutical company Santhera as well as new regional partnerships for daridorexant.

“Across our pipeline, 2025 delivered important clinical and strategic milestones. Our partners continued to advance multiple programs into later-stage development, generating approximately US$35 million in milestone payments.

“Importantly, Neurocrine’s initiation of Phase 3 studies with NBI-‘568 marked a significant step forward for our most advanced neuroscience asset from a portfolio of muscarinic agonists discovered by Nxera and licensed to Neurocrine.

“At the same time, we took decisive steps to sharpen our focus and enhance our path to profitability, implementing a targeted restructuring and prioritising programs and platforms with the greatest long-term potential for value creation.

“These were hard decisions and were not taken lightly but are crucial to positioning Nxera for future success. I am very grateful for the important contributions made by all our employees over the last 12 months towards this goal.

“These steps included regaining full rights to our GPR52 agonist program, following which Nxera plans to explore all strategic opportunities for this promising clinical asset. In addition, we launched a new proprietary pipeline in obesity and metabolic disease, leveraging the full power of our NxWave™ platform to address important areas of emerging patient need in this highly attractive commercial space.

“As we enter 2026, Nxera is well positioned with multiple upcoming clinical and regulatory catalysts and a clear strategic focus. I am extremely proud of what our teams have delivered during the year, and I am confident in our ability to build on this momentum as we continue to advance innovative medicines for patients in Japan and around the world.”

$1.8 million milestone payment

Nxera is to receive a $1.8 million milestone payment via progress in a research collaboration with Centessa Pharmaceuticals which is based in Cambridge Massachusetts.

Centessa has achieved an early development milestone associated with its investigational, orally administered, highly potent and selective orexin receptor 2 (OX2R) agonist, ORX489, being developed for the treatment of neuropsychiatric disorders.

This milestone triggers the $1.8m payment to Nxera which will be recognised as revenue in the first quarter of 2026.

New licence agreement

Nxera has also entered into a licence agreement with a newly established independent company (the NewCo), created by a leading international life sciences investment firm, to advance Nxera’s G protein-coupled receptor (GPCR)-targeted programme.

Nxera has received an equity stake in NewCo and upon successful development and commercialisation of the asset, Nxera is entitled to receive unspecified milestone payments plus royalties from sales.

Under the terms of the agreement, Nxera has retained certain rights to develop and commercialise the asset in Japan and certain Asia-Pacific territories in the future.

By partnering with the NewCo, which has the capability to advance asset development and raise capital, Nxera believes this is the best approach to maximise the value of the programme and enable it to reach patients.

Nxera also may choose to participate in a Series A financing round of NewCo in the near future alongside major global investment firms.