Iconovo (ICO) Q1 2025 earnings summary

Executive summary

• Focus shifted to commercialization after completing development of five inhaler platforms, with organizational restructuring to reduce annual costs by SEK 14–16 million from Q3 2025.

• Collaboration with Lonza to develop inhalable semaglutide for obesity, aiming to replace injectable therapies.

• Regionalized out-licensing for ICOpre to accelerate agreements and increase business value.

• Expansion into Asia, with a SEK 670,000 grant to support a market study in Japan.

• European Patent Office intends to grant a new patent for ICOres, strengthening IP protection until 2038.

Financial highlights

• Net sales for Q1 2025 were SEK 467,000, down from SEK 1.7 million in Q1 2024, with revenue from one project.

• Net loss for Q1 2025 was SEK -11.2 million, compared to SEK -9.6 million in Q1 2024.

• Cash and cash equivalents at period end were SEK 11.1 million, down from SEK 39.1 million a year earlier.

• Cash flow from operating activities was SEK -8.1 million; total cash flow for the period was SEK -13.6 million.

• Shareholders’ equity at period end was SEK 118.2 million, compared to SEK 134.5 million in Q1 2024.

Outlook and guidance

• Financing for the next 12 months is assessed as secured, based on cost reductions and a fully guaranteed rights issue.

• Focus will be on commercialization, licensing activities for ICOpre, and advancing the intranasal semaglutide project.