Spago Nanomedical
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Spago Nanomedical (SPAGO) investor relations material

Spago Nanomedical Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Achieved key clinical milestones in the Tumorad program, including DMC recommendation for dose escalation and proof-of-concept in humans for 177Lu-SN201, supporting further development and potential orphan drug designation.

  • Completed an oversubscribed rights issue, raising approximately SEK 25 million before costs, strengthening financial position for continued clinical development.

  • Focused on advancing Tumorad to Phase II and exploring strategic partnerships for SpagoPix, with ongoing business development for out-licensing or collaboration.

Financial highlights

  • Net sales for the year were KSEK 437, down from KSEK 1,911 year-over-year; quarterly net sales were KSEK 4, down from KSEK 617.

  • Full-year loss amounted to KSEK -26,554, an improvement from KSEK -32,509 the previous year; quarterly loss was KSEK -5,890, improved from KSEK -7,830.

  • Operating expenses for the year decreased to KSEK -31,766 from KSEK -40,626, mainly due to headcount reductions and focus on clinical activities.

  • Cash and cash equivalents at year-end were KSEK 29,672, compared to KSEK 32,470 last year.

  • Earnings per share for the year were SEK -0.07 (SEK -0.11), and for the quarter SEK -0.01 (SEK -0.02).

Outlook and guidance

  • Tumorad Phase I/IIa study progressing as planned, with next DMC review scheduled for March to assess maximum tolerated dose.

  • Focus on securing long-term financing and maintaining flexibility for Phase II development and potential strategic collaborations.

  • Continued business development for SpagoPix, with further clinical development dependent on partnerships or external funding.

ODD for ACC: Impact on Tumorad development
SpagoPix partnering timeline and strategy
How will Tumorad Phase II be financed?
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Frequently asked questions

Spago Nanomedical AB is a Swedish biotechnology company that specializes in nanomedicine for cancer diagnostics and treatment. The company is advancing two main projects: SpagoPix and Tumorad. SpagoPix is an MRI contrast agent under clinical development, aimed at improving cancer diagnostics by selectively enhancing tumor visibility in breast, liver, and pancreatic cancers. Tumorad is a radionuclide therapy that targets cancer cells using nanoparticles, currently in preclinical stages for treating advanced cancers. Spago Nanomedical is based in Lund, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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