Vicore Pharma (VICO) Q4 2025 earnings summary

Executive summary

• Expanded Phase 2b ASPIRE trial for buloxibutid in IPF, targeting full enrollment by H1 2026, reflecting confidence in the therapy's potential and market opportunity.

• Raised approximately USD 48 million via a directed share issue to fund clinical development and pipeline investments, with strong support from global healthcare investors.

• Upgraded from Nasdaq Stockholm Small Cap to Mid Cap segment effective January 2026.

• Maintained strong operational execution and financial position, with a clear focus on advancing buloxibutid and early-stage pipeline.

Financial highlights

• Revenue for 2025 was SEK 3.8 million, down from SEK 109.4 million in 2024, due to a non-recurring payment in the prior year.

• Operating loss increased to SEK 452.4 million in 2025 from SEK 194.2 million in 2024, reflecting higher R&D expenses.

• Net loss for 2025 was SEK 477.5 million (SEK 1.99 per share), compared to SEK 168.6 million (SEK 1.23 per share) in 2024.

• Cash, cash equivalents, and short-term investments totaled SEK 1,168.2 million (USD 127.0 million) at year-end 2025.

• Equity ratio at year-end was 89.8%.

Outlook and guidance

• ASPIRE trial enrollment on track for completion in H1 2026, with expanded sample size to enhance statistical power.

• Sufficient cash runway to fund ongoing clinical trials, Phase 3 readiness, and early-stage pipeline beyond the Phase 2b readout.

• No dividend proposed for 2025.