Immunovia (IMMNOV) investor relations material

Executive summary

• PancreaSure was used by 36 high-risk surveillance programs in Q3, including nine newly added centers; 12 reached full adoption, defined as more than 10 tests and consistent quarterly ordering.

• Commercial efforts shifted toward increasing test volume, revising surveillance protocols and expanding outreach to large private gastroenterology practices.

• Reimbursement, clinical-utility evidence and financing remain key to continued commercialization; the rights issue is intended to fund operations into 2027.

Financial highlights

• Q3 net sales were SEK 843,000 versus SEK 101,000 YoY; Jan–Sep sales were SEK 1.598M versus SEK 330,000, from PancreaSure tests and royalty income.

• Q3 operating loss narrowed to SEK 17.680M from SEK 25.051M; net loss was SEK 17.606M versus SEK 29.744M.

• Q3 operating expenses fell SEK 6.589M YoY, mainly due to lower clinical-study spending and a prior-year one-time lease provision.

• Operating cash flow was -SEK 14.910M versus -SEK 16.108M YoY; September-end cash was SEK 19.624M versus SEK 26.569M.

• Q3 cash burn was SEK 5.0M per month, below the previously discussed SEK 8–10M range; sales growth was primarily volume-driven, with royalties and early insurance payments also contributing.

Outlook and guidance

• No 2026 sales forecast was given; early test volumes and insurer payments remain difficult to forecast, though management was encouraged by the trajectory.

• Sales drivers include moving more centers from trial to adoption, future-dated test orders and potentially higher average selling prices.

• Preliminary insurance-payment data are planned for sharing with potential U.S. partners in Q4; early-2027 FDA discussions are planned to review the clinical-data roadmap.

• Management targets monthly cash burn below SEK 8M through at least H1 2027; rights-issue proceeds are expected to cover operations into Q2 2027, with TO 4 warrants potentially extending the runway.