Iconovo (ICO) Q3 2025 earnings summary

Executive summary

• Major reorganization in Q3 2025 shifted focus to three main opportunities: EcoPre (Ellipta generic), EcoRes (Symbicort generic), and intranasal semaglutide, with a more commercial approach and cost-saving program.

• Board and largest shareholders, now represented on the board, unanimously support the new strategic direction.

• Significant progress made on intranasal semaglutide, with new powder formulations developed in partnership with Lonza.

• Cost base and personnel costs significantly reduced, with further decreases expected in Q4 2025.

• Previous financial targets withdrawn in October 2025; new targets to be set reflecting current priorities.

Financial highlights

• Net sales for Q3 2025 were TSEK 7, up from TSEK 0 in Q3 2024; Jan–Sep 2025 net sales were TSEK 601, down from TSEK 1,948 year-over-year.

• Operating loss for Q3 2025 was TSEK -8,828, improved from TSEK -11,080 in Q3 2024.

• Loss for Jan–Sep 2025 was TSEK -30,396, nearly unchanged from TSEK -30,302 last year.

• Cash and cash equivalents at period end were TSEK 18,550, up from TSEK 8,912 a year earlier.

• Shareholders' equity increased to TSEK 130,711 from TSEK 111,700 year-over-year.

Outlook and guidance

• Focus remains on advancing EcoPre, EcoRes, and intranasal semaglutide, with new financial and strategic targets to be presented after review.

• Expectation to sign at least one EcoPre partnership agreement within the next twelve months.

• Semaglutide project aims for rapid progression through animal and human studies, with potential for out-licensing by late next year.

• Financing for operations and plans is secured for the next 12 months based on current outlook and cost reductions.