Immunovia (IMMNOV) Q2 2025 earnings summary

Executive summary

• PancreaSure, a blood-based test for early pancreatic cancer detection in high-risk individuals, is set for commercial launch in September 2025, with strong endorsements from leading experts and top U.S. surveillance centers.

• The test has received significant scientific recognition, including Best of DDW and Distinguished Abstract Award, and is included in high-risk surveillance programs at major institutions.

• Initial adoption will focus on high-risk surveillance centers, with a phased launch strategy and expansion to broader physician groups.

• Key opinion leaders and clinicians have expressed strong support, and seven top U.S. pancreatic centers are ready to implement PancreaSure at launch.

• Focus remains on driving adoption, securing payer reimbursement, and supporting commercialization through clinical studies.

Financial highlights

• Q2 2025 operating expenses were SEK 20 million, a 17% reduction year-over-year due to 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, mainly due to unrealized exchange rate effects.

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

• Cash flow from operating activities improved to SEK -18.1 million from SEK -26.7 million year-over-year.

Outlook and guidance

• Rights issue proceeds will fund PancreaSure commercialization and clinical studies for reimbursement, with 80% of SEK 100 million already secured.

• Cash balance is expected to cover working capital through Q3 2025; full rights issue proceeds would secure funding for the next twelve months.

• Expect to apply for reimbursement in the first half of 2026, with revenue shifting from patient pay to insurance reimbursement by 2027.

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

• Launch strategy emphasizes operational efficiency, targeted advocacy, and scalability, with increased investment tied to reimbursement progress.