Vicore Pharma (VICO) Leerink Global Healthcare Conference 2025 summary

Company overview and focus

• Headquartered in Stockholm, listed on Nasdaq Sweden, with a $200M market cap and $100M cash position.

• Main focus is advancing buloxibutid for idiopathic pulmonary fibrosis (IPF), with additional follow-on compounds in the pipeline.

• Team is primarily based in the Nordics, with a small US presence.

Disease landscape and unmet need

• IPF has a poor prognosis (3–5 years survival) and limited treatment options, with only two approved drugs that have significant tolerability issues.

• Only about 25% of US IPF patients initiate treatment, and most discontinue within 10 months due to side effects.

• The commercial opportunity is significant, with over $4.5B in annual sales for current therapies.

Mechanism of action and scientific rationale

• Buloxibutid targets the AT2 receptor, activating an endogenous tissue repair system for fibrosis resolution, vasodilation, and anti-inflammatory effects.

• This approach is upstream and multimodal, addressing alveolar, interstitial, and vascular compartments, unlike most therapies that only block downstream fibrotic pathways.

• The AT2 receptor is highly expressed in lung alveolar type II epithelial cells, crucial for gas exchange and surfactant production.