Spago Nanomedical (SPAGO) Q4 2025 earnings summary

Executive summary

• Achieved key clinical milestones in the Tumorad program, including DMC recommendation for dose escalation and proof-of-concept in humans for 177Lu-SN201, supporting further development and potential orphan drug designation.

• Completed an oversubscribed rights issue, raising approximately SEK 25 million before costs, strengthening financial position for continued clinical development.

• Focused on advancing Tumorad to Phase II and exploring strategic partnerships for SpagoPix, with ongoing business development for out-licensing or collaboration.

Financial highlights

• Net sales for the year were KSEK 437, down from KSEK 1,911 year-over-year; quarterly net sales were KSEK 4, down from KSEK 617.

• Full-year loss amounted to KSEK -26,554, an improvement from KSEK -32,509 the previous year; quarterly loss was KSEK -5,890, improved from KSEK -7,830.

• Operating expenses for the year decreased to KSEK -31,766 from KSEK -40,626, mainly due to headcount reductions and focus on clinical activities.

• Cash and cash equivalents at year-end were KSEK 29,672, compared to KSEK 32,470 last year.

• Earnings per share for the year were SEK -0.07 (SEK -0.11), and for the quarter SEK -0.01 (SEK -0.02).

Outlook and guidance

• Tumorad Phase I/IIa study progressing as planned, with next DMC review scheduled for March to assess maximum tolerated dose.

• Focus on securing long-term financing and maintaining flexibility for Phase II development and potential strategic collaborations.

• Continued business development for SpagoPix, with further clinical development dependent on partnerships or external funding.