Immunovia AB

Q2 net sales were SEK 381,000 versus SEK 90,000 in the same period last year, an increase of over 300%; first-half 2026 net sales were SEK 755,000 versus SEK 229,000 last year. Operating loss was SEK 22.9 million in Q2 versus SEK 20.9 million last year, and operating loss for the first six months was SEK 41.3 million versus SEK 38.9 million. Net loss for Q2 was SEK 22.8 million versus SEK 41.1 million last year, with EPS before dilution of negative SEK 0.03 versus negative SEK 0.14. Average cash burn was SEK 7 million per month in the quarter, cash ended at SEK 34.9 million, and management said existing cash should fund operations into Q4 2026; they are evaluating equity financing, strategic partnerships and other capital sources to extend runway until the second half of 2027.

Jeff Borcherding framed the quarter as a transition point in the PancreaSure launch, moving from a top-KOL, targeted advocacy phase into a volume-building phase. He emphasized that adoption at leading surveillance programs is real but still early, and said growth in the second half should come from strategic account managers, the registry study, new clinical data, and potentially New York coverage. His tone was constructive and confident, but he repeatedly noted that commercialization will remain disciplined and partnership-driven.

Adam Backstrom highlighted modest but improving revenue, with net sales up over 300% year over year in Q2 and higher first-half sales as well. He said operating loss widened slightly due to increased strategic account manager headcount and accelerated clinical studies, but costs were still below full-year expectations. He also said cash burn averaged SEK 7 million per month, below prior guidance of SEK 8 million to SEK 10 million, and that SEK 34.9 million of cash should last into Q4 2026 while the company pursues additional financing options.

Most of the Q&A focused on the Medicare submission and the addressable market under a symptomatic high-risk coverage framework. Management said the submission will include analytical validation, three published clinical validation studies, the new Medicare-population manuscript, PanFAM clinical-need data, and clinical utility evidence from the DECIDE survey, registry work, and Kaiser pre-diagnostic samples; timing to a decision is uncertain, though they want priority review given the severity of pancreatic cancer. Jeff also said the market has expanded since an earlier 600,000-person estimate, that about 35% of the group has pancreatic cysts and 20% to 30% of U.S. adults over 65 have diabetes, and he was optimistic about a third-quarter New York coverage decision. When asked about advanced partnership talks, management declined to comment on term sheets or exclusivity.