Iconovo (ICO) Investor Update summary

Capital raise and organizational restructuring

• Launching a fully guaranteed rights issue of SEK 36.6 million, supported by major shareholders and management participation.

• Transitioning to a project-centered, smaller, and more flexible organization, with up to 10 staff reductions.

• Annual cost savings of SEK 14–16 million expected, with reductions starting in Q3 this year.

• The restructuring ensures at least 12 months of liquidity even without new revenues.

Strategic focus and platform development

• Emphasis on commercializing key platforms: ICORES (SymbiCort), ICOPRE (Ellipta generics), and ICO One Nasal (semaglutide).

• ICOPRE licensing process regionalized to accelerate market entry in the US, Europe, and globally.

• ICORES supports Amneal’s pivotal registration study for SymbiCort generics.

• ICO One Nasal aims to bring intranasal semaglutide to preclinical proof of concept within 1–2 years.

Market opportunities and competitive positioning

• SymbiCort and Ellipta generics address multi-billion dollar global markets, with SymbiCort sales rising above $3 billion.

• ICOPRE is the only generic with identical user steps to the original, targeting interchangeability and significant market share.

• Few competitors exist due to high technical barriers and patent expirations; only a handful of potential interchangeable rivals.

• Intranasal semaglutide targets a projected €120 billion obesity market by 2030, leveraging easier administration over injections.