Core Viewpoint - BioPorto A/S reported continued growth in NGAL sales and outlined strategic milestones in its "Forward" strategy aimed at transforming kidney care globally [1][5]. Financial Performance - Revenue for Q3 2025 reached DKK 10.4 million, a 7% increase year-over-year, and a 10% increase at constant exchange rates [9]. - Total revenue for the first nine months of 2025 was DKK 28.7 million, reflecting a 1% increase compared to the same period last year, with a 2% increase at constant exchange rates [9][10]. - NGAL sales in Q3 2025 totaled DKK 7.2 million, growing by 5% globally and 10% at constant exchange rates [9]. - For the first nine months of 2025, NGAL sales rose by 5% compared to the same period in 2024, and by 7% at constant exchange rates [10]. Strategic Developments - The company successfully delivered its first ProNephro AKI (NGAL) order to the US market in August 2025, marking a significant step in its commercial launch [8]. - Patient enrollment for the clinical cut-off study was completed by the end of October 2025, with a focus on thorough data analysis to ensure high-quality validation study design [4][8]. - The FDA submission has been postponed to the first half of 2027 to align with the updated study design based on FDA feedback [4][8]. Capital and Funding - On November 13, 2025, BioPorto completed a share issuance, raising approximately DKK 43 million, which is expected to support operations through 2026 [6][8]. - The company aims to achieve positive cash flow in the second half of 2027 [6]. Future Guidance - The full-year guidance for 2025 remains unchanged, with total revenue expected to be in the range of DKK 40-45 million and an Adjusted EBITDA loss projected between DKK 75-80 million [11][16].