Immunovia (IMMNOV) Q2 2025 earnings summary

Executive summary

• PancreaSure, a next-generation blood-based test for early pancreatic cancer detection, is launching in September 2025 with strong support from key opinion leaders, major US screening centers, and recognition from the scientific community, including awards and a CPT code.

• Seven leading US pancreatic centers are set to implement PancreaSure at launch, with additional centers expected to follow.

• The company is prioritizing targeted advocacy and phased market entry, focusing on high-risk patient monitoring centers and building a pipeline of physician users.

Financial highlights

• Q2 2025 operating expenses were SEK 20 million, a 17% year-over-year reduction, with net sales of SEK 90 thousand and an operating loss of SEK -20.1 million.

• Net loss for Q2 2025 was SEK -41.1 million, impacted by currency effects; cash flow from operating activities improved to SEK -18.1 million.

• Cash and cash equivalents at Q2 end were SEK 29.3 million, with a cash burn rate of SEK 6 million/month, below the projected SEK 8–10 million.

Outlook and guidance

• The SEK 100 million rights issue, 80% guaranteed, is expected to secure working capital for at least twelve months and fund commercialization and clinical studies.

• Cash burn is expected to rise to SEK 8–10 million/month as commercial activities and clinical studies ramp up.

• Medicare reimbursement for PancreaSure is anticipated in the second half of 2025, with revenue initially patient-pay and shifting to insurance reimbursement in 2026–2027.

• Commercialization will proceed in phases: Targeted Advocacy (2025–mid-2026), Volume-Building (mid-2026), and Revenue Growth (2027), with metrics evolving from center adoption to test volume and revenue.