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 and AI-driven market growth planned for 2026 and beyond.

• Hired three strategic account managers, resulting in a 145% increase in the sales pipeline and a 75% increase in high-risk surveillance programs using PancreaSure in Q1 2026.

• 21 leading U.S. pancreatic cancer centers have adopted PancreaSure, with both academic and private health systems represented.

• Actively pursuing commercialization partnerships in the U.S. and licensing opportunities in Asia, especially Japan and China.

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

Financial highlights

• Q1 2026 net sales/revenue was 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 cash position at end of March at SEK 56.1 million.

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

Outlook and guidance

• Cash reserves expected to fund operations through Q3 2026, supporting PancreaSure launch and clinical studies.

• Expect to remain within SEK 8–10 million monthly cash burn as clinical study spending increases later in 2026.

• Medicare coverage submission planned for Q3 2026, with ongoing data collection and potential for additional data submission post-initial filing.

• Expansion to volume-building phase in late 2026 and revenue growth stage in 2027.

• Management and board incentives are aligned with 2026 goals, focusing on commercial demand, revenue generation, partnerships, and funding security.