Spago Nanomedical (SPAGO) Q3 2026 earnings summary

Executive summary

• Q3 net sales were KSEK 0 (KSEK 14 YoY), total income KSEK 302 (KSEK 1,250), and net loss KSEK 4,377 (KSEK 6,265).

• Tumorad-01 phase I is nearing completion: 15 patients dosed, maximum tolerated dose of 20 MBq/kg identified, and two more patients planned at 15 MBq/kg to define the phase II dose.

• The board proposed delisting to improve prospects for raising capital for Tumorad phase II; shareholder approval is scheduled for 19 November 2026.

Financial highlights

• Jan–Sep revenue was KSEK 3,762 (KSEK 3,988 YoY), mainly Australian innovation support; net sales were KSEK 0 (KSEK 433).

• Jan–Sep operating expenses were KSEK 24,751 (KSEK 24,823); operating result was KSEK -20,989 (KSEK -20,834) and net loss KSEK 20,713 (KSEK 20,664).

• Q3 operating expenses were KSEK 4,766 (KSEK 7,568); operating result was KSEK -4,464 (KSEK -6,318).

Outlook and guidance

• Near-term priorities: complete Tumorad-01 phase I, define the recommended phase II dose, prepare US Orphan Drug Designation filing for adenoid cystic carcinoma, and advance phase IIa preparations.

• Phase IIa is expected to require substantially more capital; delisting is intended to improve access to long-term specialist investors, but does not guarantee financing.

• Continued SpagoPix clinical development is contingent on a partner, out-licensing, commercial collaboration, or other external financing.