Immunovia (IMMNOV) Q2 2026 earnings summary

Executive summary

• PancreaSure adoption expanded to 27 high-risk surveillance programs, including 10 of the top 20 U.S. cancer centers, with a transition from targeted advocacy to volume-building and operational efficiency.

• Strategic account managers are driving adoption, with several sites reaching full adoption and regular ordering, and a focus on moving centers from trial to adoption in H2 2026.

• Commercial strategy emphasizes building advocacy among KOLs, tying investment to revenue, and preparing for strategic partnerships in diagnostics, multi-cancer detection, and pharma.

• Commercial progress and expanding clinical evidence have led to increased partnership discussions in the U.S. and internationally.

• Focus for H2 2026 is to increase testing volume and submit for Medicare coverage, supported by new clinical data and ongoing studies.

Financial highlights

• Q2 2026 net sales rose to SEK 381,000, up from SEK 90,000 year-over-year; H1 net sales reached SEK 755,000.

• Q2 operating loss was SEK 22.9 million, up from SEK 20.1 million last year; H1 operating loss SEK 41.3 million.

• Q2 net loss was SEK 22.8 million (EPS -0.03 SEK), improved from SEK 41.1 million (EPS -0.14 SEK) last year.

• Cash burn rate was 6.9–7.0 MSEK/month, below guidance; cash position at quarter-end was SEK 34.9 million.

• Internal loans converted to capital contributions, reducing currency fluctuation impact on P&L.

Outlook and guidance

• Existing cash expected to fund operations into early Q4 2026; management is evaluating financing options to extend runway into late 2027.

• Medicare coverage submission planned for Q3 2026, with additional clinical data to support the application.

• Growth catalysts for H2 2026 include increased test adoption, the ASSURE registry study, and release of new clinical data.

• Focus on expanding volume within current high-risk programs and targeting large GI groups.