Iconovo (ICO) Q3 2025 earnings summary

Executive summary

• Undertook a major reorganization in Q3 2025 to focus on three main opportunities: ICOpre, ICOres, and intranasal semaglutide development.

• Board and largest shareholders unanimously support the new strategic direction aimed at maximizing value from these opportunities.

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

• Withdrew previous financial targets 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; net sales for Jan–Sep 2025 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 in the same period 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

• New financial and strategic targets will be presented after a review, focusing on value optimization and commercialization of inhalers and semaglutide nasal product.

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