Immunovia (IMMNOV) Q1 2026 earnings summary

Executive summary

• Commercialization of PancreaSure in the U.S. focused on high-risk surveillance centers, with expansion to large gastroenterology groups planned for 2026 and a 75% increase in high-risk programs using PancreaSure in Q1 2026.

• Onboarded 21 leading pancreatic cancer centers by Q1 2026, with a 145% increase in the sales pipeline of engaged centers.

• Hired three strategic account managers, accelerating commercial traction and pipeline growth.

• Actively pursuing partnerships with over a dozen large diagnostics companies and expanding business development in Asia, especially Japan and China.

• Launched multiple clinical studies, including the ASSURE registry, to support reimbursement and demonstrate clinical utility.

Financial highlights

• Q1 2026 net sales were SEK 374,000 (374 KSEK), up 169% from SEK 139,000 in Q1 2025, driven by increased test sales and royalty income.

• Operating loss for Q1 2026 was SEK 18.4 million, slightly improved from SEK 18.9 million in Q1 2025.

• Net loss for Q1 2026 was SEK 18.4 million, a significant improvement from SEK 57.8 million in Q1 2025, with EPS loss of SEK 0.03 versus SEK 0.24.

• Average monthly cash burn was SEK 6.9–7.0 million, below guidance, with a cash position of SEK 56.1 million at March-end, sufficient through Q3 2026.

• Equity ratio increased to 71% from 67% year-over-year.

Outlook and guidance

• Expect to move from targeted advocacy to volume-building phase in H2 2026, expanding target audience and driving higher test volumes.

• Medicare coverage submission planned for mid-2026, with ongoing efforts to secure commercial payer coverage into 2027.

• Guidance for monthly cash burn remains SEK 8–10 million as clinical study spending increases.

• Strategic focus on securing a commercialization partner and exploring out-licensing in Asia.

• Management and board incentives are aligned with commercial, reimbursement, partnership, and funding milestones.