Core Insights - 2025 is identified as a pivotal execution year for Cosmo's Vision 2030, focusing on scalable, innovation-driven growth in AI-enabled MedTech and pharmaceuticals [1] Financial Highlights - Cosmo Pharmaceuticals reported strong preliminary unaudited revenue of €104 million for 2025, with recurring revenues of €88 million and project-based revenues of €16 million [10] - Recurring revenues grew by €12 million compared to 2024, representing a 15% year-over-year increase, primarily driven by GI Genius™ and Winlevi® [10] - The year-end cash position exceeded €128 million, significantly above guidance, with zero debt, enabling strategic M&A and platform expansion [10][19] Business and Pipeline Update - GI Genius™ has evolved into a scalable AI platform, reinforcing Cosmo's leadership in AI-enabled endoscopy [4] - The GI Genius™ Module 300 rollout has progressed smoothly, confirming the robustness of the NVIDIA IGX-powered hardware platform [5] - ColonPRO received regulatory approval in Europe, supported by high-quality clinical evidence [6] - A clinical usability study integrating GI Genius™ with Apple Vision Pro was initiated, positioning Cosmo at the forefront of next-generation human-machine interfaces [7] - The latest iteration of Cosmo's polyp detection software has enhanced performance and introduced post-procedural AI-generated insights [8] Product Developments - Winlevi® has generated over 1.6 million prescriptions since its launch in 2021 and received regulatory approvals in multiple countries, with a European launch expected in the first half of 2026 [9][11] - Clascoterone 5% topical solution is progressing with 12-month safety and tolerability data expected in spring 2026, targeting androgenetic alopecia [12][13][14] Future Outlook - Cosmo is positioned for value creation in 2026 with expanding global reach for Winlevi, continued innovation in GI Genius, and the anticipated data readout for Clascoterone 5% [17] - The company plans to leverage its strong cash position and zero debt to accelerate growth through selective partnerships and capital deployment [17][19]