Spago Nanomedical (SPAGO) Q2 2025 earnings summary

Executive summary

• Advanced clinical development of 177Lu-SN201 in the Tumorad program, with Phase I/IIa study progressing as planned and DMC recommending continued recruitment at the highest dose due to a favorable safety profile.

• Twelve patients with ten different tumor types have been dosed, with no dose-limiting toxicities and only mild, transient side effects observed.

• Strategic focus remains on Tumorad, while business development for SpagoPix continues to seek partnerships for further clinical advancement.

Financial highlights

• Net sales for Q2 2025 were KSEK 81, down from KSEK 459 in Q2 2024; net sales for H1 2025 were KSEK 419, down from KSEK 809 year-over-year.

• Loss for Q2 2025 was KSEK -6,964 (Q2 2024: KSEK -8,152); H1 2025 loss was KSEK -14,399 (H1 2024: KSEK -15,915).

• Operating expenses for Q2 2025 were KSEK -8,291, reduced from KSEK -10,255 in Q2 2024, mainly due to headcount reductions.

• Cash and cash equivalents at quarter-end were KSEK 18,517, compared to KSEK 47,700 a year earlier.

• Earnings per share for Q2 2025 were SEK -0.02 (Q2 2024: SEK -0.03); for H1 2025, SEK -0.04 (H1 2024: SEK -0.07).

Outlook and guidance

• Next DMC evaluation for Tumorad-01 is expected in early Q4 2025, with focus on defining maximum tolerated dose and preparing for efficacy studies.

• Continued business development for SpagoPix, with future clinical development dependent on partnerships or external financing.