Immunovia (IMMNOV) Q2 2025 earnings summary

Executive summary

• PancreaSure, a new blood-based test for early pancreatic cancer detection, is launching September 2, 2025, with strong support and endorsements from leading U.S. cancer centers and key opinion leaders.

• The test has received significant scientific recognition, including awards at major conferences and positive feedback from high-risk surveillance centers.

• Seven top U.S. pancreatic centers are ready to implement PancreaSure at launch, with more expected to follow.

• The launch strategy focuses on phased commercialization, operational efficiency, and scalability, with initial efforts targeting high-risk surveillance centers.

Financial highlights

• Q2 2025 operating expenses were SEK 20 million, a 17% reduction year-over-year, reflecting cost-saving initiatives.

• Net sales for Q2 2025 were SEK 90,000, consisting solely of royalties.

• Operating loss improved to SEK -20.1 million from SEK -23.0 million year-over-year; net loss widened to SEK -41.1 million due to unrealized exchange rate effects.

• Cash and cash equivalents at Q2 2025 end were SEK 29.3 million, with a cash burn rate of SEK 6 million/month, below the projected SEK 8–10 million.

Outlook and guidance

• Monthly cash burn is expected to return to SEK 8–10 million as commercial activities and clinical studies ramp up.

• A SEK 100 million rights issue is planned for October 2025, with SEK 80 million guaranteed, to fund commercialization and clinical studies supporting reimbursement.

• The capital raised is expected to fund operations well into 2026, covering the initial commercial launch and key clinical studies.

• Revenue in 2025 will be primarily patient-pay, shifting toward insurance reimbursement in 2026–2027 as coverage is secured.

• Medicare pricing for PancreaSure is anticipated in the second half of 2025.