Intervacc (IVACC) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased by 70% year-over-year to SEK 20.1 million, with Strangvac® sales in Europe up nearly 300% compared to 2024.

• Operating loss for 2025 was SEK -83.5 million, deteriorating by SEK 6.2 million from the previous year, mainly due to early commercialization and a SEK 17.8 million inventory write-down.

• Cash flow improved significantly to SEK 126.5 million, supported by a rights issue yielding net proceeds of SEK 193.4 million.

• Clinical safety studies for Strangvac® began in the US in December 2025, with efficacy studies planned for late 2026.

• The distribution agreement for Strangvac® in Europe was extended by two years, effective April 2026.

Financial highlights

• Net sales: SEK 20.1 million for 2025, up from SEK 11.8 million in 2024.

• Operating loss: SEK -83.5 million for 2025, compared to SEK -77.3 million in 2024.

• Cash and cash equivalents at year-end: SEK 160.9 million, up from SEK 34.4 million.

• Equity ratio: 93% at year-end 2025, up from 87% in 2024.

• Earnings per share: SEK -0.27 for 2025, compared to SEK -1.00 in 2024.

Outlook and guidance

• Sufficient working capital secured to support growth plans, including US clinical trials.

• US regulatory approval process for Strangvac® underway, with safety and efficacy studies scheduled through 2027.

• Continued focus on expanding Strangvac® market presence and progressing S. suis vaccine development.