Immunovia (IMMNOV) Q3 2026 earnings summary

Executive summary

• PancreaSure uptake accelerated: nine new surveillance centers started using the test, bringing the total to 36; 12 centers reached consistent adoption.

• Commercial efforts shifted from initiating trials at expert centers to increasing test volume and expanding outreach to large private gastroenterology practices.

• Management cited encouraging reimbursement and partnership prospects, while continued commercialization depends on financing, payer coverage and clinical utility evidence.

Financial highlights

• Q3 net sales were SEK 843K versus SEK 101K YoY, from PancreaSure tests and royalty income; Jan–Sep sales were SEK 1.598M versus SEK 330K.

• Q3 operating loss improved to SEK 17.680M from SEK 25.051M; net loss was SEK 17.606M versus SEK 29.744M.

• Q3 operating expenses fell SEK 6.589M YoY to SEK 17.675M, mainly on lower clinical-study spending and a one-time lease provision in the prior-year quarter.

• Operating cash flow was -SEK 14.910M versus -SEK 16.108M YoY; period-end cash was SEK 19.624M versus SEK 26.569M.

Outlook and guidance

• The planned rights issue is expected to provide net proceeds of ~SEK 53M, assuming full subscription, and cover working capital needs into Q2 2027; TO4 warrant proceeds could extend the runway.

• Q3 cash burn was SEK 5.0M per month, below prior guidance of SEK 8–10M; management targets burn below SEK 8M monthly through at least H1 2027.

• Phase-two commercial priorities include revising surveillance protocols, encouraging weekly testing, broadening center relationships and reaching large private GI practices.