Iconovo (ICO) Q2 2025 earnings summary

Executive summary

• Completed organizational restructuring to focus on commercialization, reducing annual costs by SEK 14–16 million from Q3 2025.

• All five inhaler platforms fully developed; now prioritizing out-licensing and commercial partnerships.

• Significant progress in intranasal GLP-1 formulations with Lonza, aiming for in vitro proof-of-concept by year-end.

• Rights issue oversubscribed at 114.4%, raising SEK 36.6 million before costs and bringing in a new major shareholder.

• New board members with industry expertise appointed at the June AGM.

Financial highlights

• Net sales for Q2 2025 were SEK 127k, down from SEK 249k in Q2 2024; H1 2025 net sales SEK 594k vs. SEK 1,948k year-over-year.

• Operating result for Q2 2025 was SEK -10.3 million, compared to SEK -9.7 million in Q2 2024.

• Cash and cash equivalents at period end were SEK 32.0 million, up from SEK 23.9 million a year earlier.

• Cash flow for Q2 2025 was SEK 21.0 million, mainly due to the rights issue.

• Equity at period end was SEK 139.4 million, up from SEK 122.8 million in Q2 2024.

Outlook and guidance

• Focus shifting to commercializing inhaler platforms, especially out-licensing ICOpre and advancing Amneal collaboration.

• Financing for the next 12 months is secured following cost reductions and capital injection.

• In vitro proof-of-concept for intranasal GLP-1 expected before year-end, with clinical trials to follow.