BioInvent International (BINV) Q1 2026 earnings summary

Executive summary

• Focused on advancing BI-1808 (anti-TNFR2) and BI-1206 (anti-FcyRIIB) antibody programs for cancer therapy, with promising interim Phase 2a results in ovarian cancer and NHL.

• Achieved a Phase 3 milestone for HMI-115 in endometriosis, triggering a €1 million payment.

• Nominated two new board members to strengthen governance as pipeline matures.

Financial highlights

• Net sales for Q1 2026 were SEK 13.4 million, down from SEK 22.1 million in Q1 2025.

• Loss after tax was SEK -119.2 million, compared to SEK -116.6 million year-over-year.

• Cash flow from operating activities was SEK -132.8 million, versus SEK -120.0 million in Q1 2025.

• Liquid funds and current investments at period end were SEK 456.5 million, down from SEK 742.2 million.

• Equity/assets ratio at period end was 82%, compared to 89% a year earlier.

Outlook and guidance

• Additional data from BI-1808 in ovarian cancer to be presented at ASCO 2026.

• Further data from BI-1808 in CTCL and BI-1206 triplet in NHL expected mid-2026.

• First readout from BI-1206 with pembrolizumab in NSCLC and uveal melanoma anticipated in H2 2026.

• Company financed into late Q1 2027, but future financing solutions are being evaluated.