Spago Nanomedical (SPAGO) Q3 2025 earnings summary

Executive summary

• Achieved proof-of-concept in humans for Tumorad program with visible tumor uptake and manageable safety profile, supporting further clinical development and potential for orphan drug status in rare cancers.

• Focused on advancing two main programs: Tumorad (radionuclide therapy for solid tumors) and SpagoPix (MRI contrast agent for cancer and endometriosis).

Financial highlights

• Net sales for Q3 2025 were KSEK 14, down from KSEK 485 in Q3 2024; YTD net sales were KSEK 433, down from KSEK 1,294.

• Loss for Q3 2025 was KSEK -6,265 (Q3 2024: KSEK -8,763); YTD loss was KSEK -20,664 (YTD 2024: KSEK -24,679).

• Operating expenses for Q3 2025 were KSEK -7,568 (Q3 2024: KSEK -10,650); YTD operating expenses were KSEK -24,823 (YTD 2024: KSEK -30,403).

• Cash and cash equivalents at quarter-end were KSEK 11,257, down from KSEK 39,946 a year earlier.

Outlook and guidance

• Tumorad program progressing to higher dose levels in clinical trials, with next DMC analysis expected early next year.

• Exploring opportunities for orphan drug designation and partnerships for continued development and commercialization.

• SpagoPix program to continue only with external partners or financing.