Spago Nanomedical (SPAGO) Q1 2026 earnings summary

Executive summary

• Phase I of the Tumorad-01 study is nearing completion, with the maximum tolerated dose identified and preparations underway for phase II, marking a key milestone for clinical and regulatory progress.

• Visible tumor uptake of 177Lu-SN201 in additional patients strengthens proof-of-concept for Tumorad, supporting its mechanism and future development.

• Management team was strengthened with the appointment of a new Director CMC & Supply to support clinical and commercial scale-up.

• Abstract on Tumorad-01 accepted for presentation at a major scientific conference, reflecting growing scientific interest.

Financial highlights

• Net sales for the quarter were KSEK 22, down from KSEK 338 year-over-year.

• Operating expenses decreased to KSEK -7,967 from KSEK -8,964, mainly due to headcount reductions and focus on clinical activities.

• Loss for the quarter was KSEK -6,798, an improvement from KSEK -7,435 in the prior year.

• Cash and cash equivalents at quarter-end were KSEK 25,923, compared to KSEK 26,578 last year.

• Cash flow from operating activities improved to KSEK -3,256 from KSEK -6,426 year-over-year.

Outlook and guidance

• Cash position is sufficient for planned activities, but securing financing for phase II remains a priority, with ongoing evaluation of partnerships and financing options.

• The company is preparing for regulatory interactions and development plans for both orphan and broader indications.