Vicore Pharma (VICO) Q2 2026 earnings summary

Executive summary

• Completed patient recruitment ahead of schedule for the Phase 2b ASPIRE trial in idiopathic pulmonary fibrosis (IPF), enrolling over 360 patients across 14 countries; topline results expected mid-2027.

• Commenced dual listing on Nasdaq Capital Market in the US under ticker "VCRE" in July, complementing the existing Stockholm listing.

• Strengthened leadership with the appointment of Rob Slack, PhD, as Chief Scientific Officer and Peter Guenter to the Board.

• Presented new clinical and preclinical data supporting AT2 receptor agonism at the American Thoracic Society conference.

• Ended the period with a strong cash position, providing runway into the second half of 2028.

Financial highlights

• Net revenues for Q2 2026 were SEK 2.2 million, up from SEK 1.7 million in Q2 2025; H1 2026 revenues were SEK 2.8 million versus SEK 2.6 million in H1 2025.

• Operating loss for Q2 2026 was SEK 150.1 million, compared to SEK 111.2 million in Q2 2025; H1 2026 operating loss was SEK 273.9 million versus SEK 202.7 million in H1 2025.

• Net loss for Q2 2026 was SEK 142.8 million (SEK 0.51 per share), compared to SEK 115.4 million (SEK 0.49 per share) in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled SEK 905.6 million (USD 93.0 million) at June 30, 2026, down from SEK 1,166.7 million (USD 126.8 million) at December 31, 2025.

• Research and development expenses accounted for 78.0% of operating expenses in Q2 2026.

Outlook and guidance

• Topline data from the ASPIRE Phase 2b trial expected in mid-2027.

• Cash runway extends into the second half of 2028, providing financial visibility through the ASPIRE readout.

• Strategic focus on US market expansion and pipeline advancement.