Kuros Biosciences reports 82% year over year increase in sales in the first three months of 2025

Ad hoc announcement pursuant to Article 53 of the SIX listing rules

Kuros Biosciences reports 82% year over year increase in sales in the first three months of 2025

Financial & Operational Highlights

• Direct MagnetOs™ sales increased by 79% to USD 28.4 million in Q1 2025 (Q1 2024: USD 15.8 million)
• Total Medical Device sales rose by 82% to USD 28.8 million (Q1 2024: USD 15.8 million) with monthly revenue surpassing USD 10.0 million for the first time
• Total Group EBITDA reached USD 2.0 million (Q1 2024: EBITDA of USD 1.2 million)
• Total Group adjusted EBITDA amounted to USD 3.3 million, equaling a margin of 11.6%
• Operating cash flow remains positive after investments in net working capital and effectively finances the expansion of production capacity
• Cash and cash equivalents totaled USD 19.5 million, compared to CHF 19.8 million as of December 31, 2024
• Kuros has further increased its inventory levels in the U.S. by investing an additional USD 2.8 million in view of upcoming tariffs. In addition, plans to diversify production and expand into the U.S. are underway

Regulatory, Commercial & Clinical Highlights

• Global expansion: MagnetOs Granules now commercially cleared in Brazil – with MagnetOs Putty in progress – and both products cleared in Lebanon
• New clinical data published: two recent independent studies demonstrate respectively 95.7% and 94.4% fusion rates with MagnetOs in high-risk patients undergoing interbody fusion, including those with obesity, diabetes and prior spine surgeries^1,2

Schlieren (Zurich), Switzerland, April 15, 2025 – Kuros Biosciences (“Kuros” or the “Company”) a leader in next generation bone healing technologies, today announced its financial performance for the first three months of 2025. Revenue from Direct MagnetOs product sales rose 79% in the first three months of 2025, to USD 28.4 million from USD 15.8 million in Q1 2024. Total group revenue reached USD 28.8 million, up by 82% from USD 15.8 million in Q1 2024, with monthly revenue surpassing USD 10 million for the first time. The Group achieved an EBITDA of USD 2.0 million. Adjusted EBITDA excluding the recurring and one-time share-based compensation, and the relevant social security charges totaled USD 3.3 million, representing an adjusted EBITDA margin of 11.6%. At USD 19.5 million, cash and cash equivalents remained robust and almost at the same level as at the end of the year (Q4 2024: USD 19.8 million), despite significant investments in inventories amounting to around USD 2.8 million to hedge against the tariffs.

Based on the recent announcement from the U.S. government regarding new tariff measures, Kuros is currently evaluating potential implications, including those affecting medical devices and key raw materials. While it is too early to quantify the impact, the company has been taking proactive and mitigating actions to ensure continuity of supply, including increasing inventory levels and diversifying production into the US.

Additionally, Kuros continues to strengthen its global footprint, with MagnetOs Granules now commercially cleared in Brazil and MagnetOs Granules and Putty cleared in Lebanon. These milestones mark important steps in the company’s international expansion, increasing access to its innovative bone graft technology in Latin America and the Middle East.

Two newly published independent retrospective studies further validate the real-world clinical performance of MagnetOs in high-risk patient populations:

• Sandhu et al. (Published: World Neurosurgery, 2025):¹
  In a single-center retrospective study of 55 patients (93 treated levels) undergoing lumbar interbody fusion, MagnetOs Putty demonstrated a fusion rate of 95.7% at one year – despite patients having an average of three comorbidities and a median of two levels fused. These findings reinforce the potential of MagnetOs in complex, comorbidity-laden cases. Read the study
• Davis et al. (Accepted: Orthopedic Reviews, 2025):²
  MagnetOs Easypack Putty was evaluated as a standalone graft in 20 patients (36 treated levels) undergoing transforaminal lumbar interbody fusion procedures. Despite 65% of patients being obese, 35% diabetic, and 30% with prior lumbar surgery, the study showed a fusion rate of 94.4% at one year. Read the study

These additions to the MagnetOs clinical evidence base complement Kuros’ ongoing Project Fusion initiative and further support surgeons in making confident, evidence-based decisions for their patients.

Chris Fair, Chief Executive Officer of Kuros Biosciences, said: “The Group delivered an impressive start to the year, achieving USD 28.8 million in revenue for Q1 2025. Our initial launch into the extremity market coupled with our growing spine partnership with Medtronic, paves the way forward for growth and opportunities. Notably, we reached a new milestone with monthly revenue exceeding USD 10.0 million for the first time and we exceeded our financial operational targets for the quarter. This global performance reflects the continued momentum in our business, and operationally we remain ahead of the curve in ensuring we are proactive to the current tariff environment.” Mr. Fair continued, “With new commercial clearances, expanding clinical evidence and strong momentum in sales, we are off to an exceptional start in 2025. We remain committed to empowering clinicians with innovative biologics that support evidence-based decisions.”

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About MagnetOs
MagnetOs^TM is a bone graft like no other: thanks to its NeedleGrip^TM surface technology, it grows bone even in soft tissues. This surface technology provides traction for our body’s vitally important ‘pro-healing’ immune cells (M2 macrophages). This in turn, unlocks previously untapped potential to stimulate stem cells – and form new bone throughout the graft. The growing body of science behind NeedleGrip is called osteoimmunology. But for surgeons and their patients it means one thing: a more predictable fusion. ^*†‡3-7

Indications Statement
Please refer to the instructions for use for your local region for a full list of indications, contraindications, warnings, and precautions.

About Kuros Biosciences
Kuros Biosciences is on a mission to discover, develop and deliver innovative biologic technologies. With locations in the United States, Switzerland and the Netherlands, the company is listed on the SIX Swiss Exchange. The company’s first commercial product, MagnetOs^TM, is a unique advanced bone graft that has already been used across four continents. For more information on the company, its products and pipeline, visit kurosbio.com.

Forward Looking Statements
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.

^*Results from in vivo laboratory testing may not be predictive of clinical experience in humans. For important safety and intended use information please visit kurosbio.com.
^†MagnetOs is not cleared by the FDA or TGA as an osteoinductive bone graft.
^‡MagnetOs has been proven to generate more predictable fusions than two commercially available alternatives in an ovine model of posterolateral fusion.
  

1. Sandhu, F. et al. World Neurosurgery, 2025; 196:123759, doi: 10.1016/j.wneu.2025.123759
2. Davis, J. et al. Orthopedic Reviews (accepted) 2025, doi: 10.21203/rs.3.rs-4529149/v1
3. Van Dijk, et al. eCM. 2021; 41:756-73
4. Duan, et al. eCM. 2019; 37:60-73
5. Van Dijk, et al. Clin Spine Surg. 2020; 33(6): E276-E287
6. Van Dijk, et al. JOR Spine. 2018; e1039
7. Van Dijk, et al. J Biomed Mater Res. Part B: Appl Biomater. 2019;107(6):2080-2090

Attachment

• Kuros Press Release Q1 2025 Results-2025_final