Vivesto (VIVE) Q1 2026 earnings summary

Executive summary

• Advanced two lead oncology programs, Paccal Vet and Cantrixil, toward key milestones in Q1 2026, with strengthened financial position following a rights issue raising SEK 53.8 million before costs.

• Clinical pilot study for Paccal Vet in dogs with hemangiosarcoma is nearing completion, with top-line data expected in Q2/Q3 2026; interim results show median survival of 138 days vs. 60–86 days for surgery alone.

• Dose-escalation study for Paccal Vet in cats is progressing well, with higher tolerated doses and observed anti-tumor effects; top-line results expected Q2/Q3 2026.

• All dogs dosed in Cantrixil PK/toxicology study; good tolerability observed, with next steps planned for both veterinary and human clinical development.

• Chinese partner Zhejiang Zhida Pharmaceutical intends to terminate the Apealea license due to regulatory challenges in China, with no direct financial impact.

Financial highlights

• Net sales for Q1 2026 were SEK 0 thousand (0), with an operating loss of SEK -6,789 thousand (-8,588) and net loss after tax of SEK -6,893 thousand (-8,288) compared to Q1 2025.

• Earnings per share before and after dilution were SEK -0.01 (-0.02).

• Cash and short-term investments totaled SEK 31,483 thousand (23,562) at quarter-end.

• Cash flow from operations was SEK -6,460 thousand (-3,085); investing activities SEK -30,000 thousand (2,981); financing activities SEK 35,937 thousand (0).

• Equity at period end was SEK 166,557 thousand (150,120), with an equity ratio of 94% (88%).

Outlook and guidance

• Funding from the rights issue is expected to finance operations into the second half of 2027.

• Top-line data from key clinical studies for Paccal Vet and Cantrixil anticipated in Q2/Q3 2026.

• Commercial partnerships for lead programs targeted between H2 2026 and H1 2027.