Spago Nanomedical (SPAGO) Q1 2025 earnings summary

Executive summary

• Continued rapid clinical development in Tumorad, with DMC recommending dose escalation for 177Lu-SN201 after positive safety data from two patient groups; eight patients dosed so far across seven tumor types.

• SpagoPix program advanced with publication of clinical results in Investigative Radiology, validating platform and supporting ongoing business development for partnerships.

• Board changes proposed to strengthen international and oncology expertise, with Alan Raffensperger as chairman and Dr. Mikael von Euler as new member.

Financial highlights

• Net sales for the quarter were KSEK 338, compared to KSEK 350 in the same quarter last year.

• Total revenue reached KSEK 1,508, up from KSEK 1,428 year-over-year, mainly from Australian innovation support.

• Operating expenses decreased to KSEK -8,964 from KSEK -9,497 year-over-year.

• Net loss for the quarter was KSEK -7,435, an improvement from KSEK -7,763 year-over-year.

• Cash and cash equivalents at quarter-end were KSEK 26,578, down from KSEK 32,250 year-over-year.

Outlook and guidance

• Phase I part of Tumorad-01 study targeted for completion in 2025, with next DMC evaluation expected end of May.

• Continued focus on cost optimization and active pursuit of strategic partnerships for both Tumorad and SpagoPix programs.

• Further SpagoPix development contingent on external funding or partnerships.