SIGNIFICANT EVENTS DURING 1 JULY - 30 SEPTEMBER 2025
During the third quarter, Iconovo carried out a reorganization to focus on the three largest near-term opportunities: ICOpre, ICOres, and the development of an intranasal version of semaglutide.
During the quarter, progress was made in developing an ICOone® Nasal-based formulation of semaglutide. Together with our development partner Lonza, we have developed several promising powder formulations, and the results show that all of them exhibit very good properties in combination with ICOone® Nasal.
Iconovo's Board of Directors-which includes representatives of Iconovo's two largest shareholders, Färna Invest AB and Fåhraeus Startup and Growth AB (FSG)-unanimously supports the company's strategic direction, with a focus on maximizing the value of these three strong business opportunities.
The reorganization is also reflected in third-quarter costs. Personnel expenses in the third quarter of 2025 decreased by 37% compared with the second quarter of 2025, by 31% compared with the third quarter of 2024, and are expected to decrease further in the fourth quarter of 2025. Other external expenses fell in the third quarter of 2025 by 16% compared with the second quarter of 2025 and are also expected to decrease further in the fourth quarter of 2025.
Significant events after the end of the quarter
In mid-October, the company announced that it is withdrawing the financial targets communicated on 1 June 2022. The targets are being revised but will focus on optimizing the value and commercialization of the company's fully developed inhalers, as well as the development of an intranasal version of the best-selling GLP-1 analogue semaglutide. The aim is to establish updated targets that better reflect the company's current position and future value drivers. The company intends to present new targets upon completion of the review.
KEY FIGURES FOR THE GROUP
| Amounts in TSEK if not otherwise stated | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Jan-Dec 2024 |
| Net sales | 7 | 0 | 601 | 1,948 | 2,934 |
| Operating result | -8,828 | -11,880 | -30,173 | -30,313 | -41,076 |
| Cash flow for the period | -13,480 | -14,959 | -6,139 | -9,568 | 6,209 |
| Earnings per share (SEK) before and after dilution | -0.17 | -0.70 | -0.92 | -1,99 | -2.57 |
| Cash and cash equivalents | 18,550 | 8,912 | 18,550 | 8,912 | 24,689 |
| Shareholders' capital | 130,711 | 111,700 | 130,711 | 111,700 | 129,212 |
| No. of shares end-period | 53,061,250 | 15, 918, 375 | 53,061,250 | 15,918,375 | 21,224 500 |
CEO's MESSAGE
Since the spring, we have worked intensively to build a more commercially focused organisation while significantly reducing our cost base. Our confidence in the substantial market potential of our most advanced product candidates remains as strong as when we presented the company's financial targets just over three years ago, although the launch timelines have changed. It is therefore the right moment to recalibrate our ambitions. We will revert in due course with concrete strategic objectives that move us closer to our overarching goal: establishing Iconovo as one of Europe's leading inhalation companies.
This means we are now reviewing our targets while focusing on maximising the value and commercialisation of the company's fully developed inhalers, as well as advancing an intranasal version of the best-selling GLP-1 analogue semaglutide. The purpose of the recently implemented organisational change was precisely to strengthen the conditions for this strategic direction to succeed.
NEW INITIATIVES TO STRENGTHEN OUR CUSTOMER OFFERING
Inhaled medicines are a commercially attractive and fast-growing segment that offer significant patient benefits. Our five fully developed, unique inhaler platforms provide the potential to create a broad range of new products, each addressing multibillion-currency markets.
To further optimise our offering, we are working to deliver complete inhalation products-combining the inhaler and dry-powder formulation-to pharmaceutical partners. Among other actions, we are strengthening control over inhaler manufacturing. Compared with a business model that licenses out projects at an early stage, the new model enables Iconovo to capture a larger share of the products' long-term revenue potential.
SEMAGLUTIDE IN ICOone® NASAL SHOWS PROMISING RESULTS
We are making rapid progress in developing an ICOone® Nasal-based formulation of semaglutide. Together with our development partner Lonza, we have created several promising powder formulations, with results showing that all of them exhibit very good properties in combination with ICOone® Nasal- a unique, user-friendly nasal inhaler that delivers the drug upon inhalation. A single inhalation per nostril is expected to provide a full standard dose, making semaglutide in ICOone® Nasal an attractive alternative to today's injection therapies. The next step is to demonstrate proof-of-concept through in vivo studies in a preclinical model.
PROGRESS IN PARTNER DISCUSSIONS AND PRODUCT DEVELOPMENT
As before, securing license agreements for the ICOpre® inhaler platform remains one of our top priorities. We continue to run a structured process to sign license agreements for our generic portfolio of Ellipta-based products in ICOpre®. Because patent expiries and regulatory pathways differ across markets, regional agreements can create opportunities for earlier launches. It is therefore strategically sound to pursue parallel negotiations in Europe, Asia and the United States, building a flexible, market-adapted business model that maximises the potential in each region.
The regulatory landscape is now tangibly shifting toward simplified registration pathways for high-quality generics. In early October, the FDA issued specific guidance enabling a streamlined registration process for Ellipta generics with fewer studies. This benefits our product, given our advanced stage of development and the rigor with which we have met FDA expectations; it also lowers the total cost of bringing a U.S. product to market.
We continue to support our partner Amneal in bringing ICOres® to market as a generic equivalent to Symbicort Turbuhaler. ICOres® has the potential to become the first substitutable generic to replace Symbicort Turbuhaler-a medicine that, despite long having lost patent protection, continues to grow. Between 2023 and 2024, global sales of Symbicort increased from USD 2.4 billion to approximately USD 3.0 billion. This development reinforces our and Amneal's shared conviction that ICOres® is one of the most attractive opportunities in complex generics.
In parallel, we are in discussions with several potential partners to establish collaborations on the development of both novel medicines and generics using our patented inhalers. Taken together, this provides a solid foundation for setting new, ambitious targets, which Iconovo will present at a later stage.
We are in a strong position thanks to our unique expertise in inhalation technology-an area where we combine technical leadership with a deep understanding of the entire value chain from development to market. This combination enables us to confidently advance our projects toward future licensing deals, with the goal of creating clear value for patients, partners and shareholders.
Johan Wäborg, CEO
This is ICONOVO
Iconovo is actively engaged in the development of new inhalation drugs through partnerships with international pharmaceutical companies, tapping into an expanding market. Inhalation medications offer substantial benefits over traditional forms of treatment like tablets or injections. However, their development demands specialized expertise across various domains, making it a complex yet rewarding endeavor.
Novel Pharmaceuticals
Iconovo has successfully formed several strategic partnerships with research-driven drug companies to pioneer the development of cutting-edge treatments, harnessing the potential of the company's patented inhalers to deliver enhanced value. The annual sales of medications and vaccines against diseases where inhalers offer significant benefits reaches nearly USD 100bn. The area of reformulated drugs is part of the original pharmaceuticals business area and represents another large and growing market, within which several collaborations already exist in the portfolio (Kiox, Monash).
Generic Pharmaceuticals
The market for inhaled medications targeting asthma and COPD is valued at around USD 29bn. As major inhaled drugs face patent expirations, substantial commercial opportunities arise for generic pharmaceutical companies. Iconovo's products show promising potential to replace medications currently delivered through inhalers such as Turbuhaler® and Ellipta®. Notably, in 2024 Symbicort Turbuhaler® achieved sales of USD 2.9bn, and Ellipta®-inhaled medications recorded impressive sales of USD 5.8bn.
Iconovo's model offers high commercial potential with low development risk
The revenue streams from Iconovo's customer collaborations consist of license income, which includes initial payments for access to the company's technology, development income and milestone-based payments during the development work, and royalties once the products are launched. For Novel Pharmaceutials, our royalty rates are usually low single-digit percentages and for Generic Pharmaceuticals, they are in the range of five to ten percent.
Inhalation platforms
Iconovo has five platforms that collectively address the market's various needs for effective and user-friendly inhalers, offering significant commercial opportunities both in the development of entirely new medicines and during patent expirations of branded drugs.
| ICOres® is a dry powder inhaler designed to be substitutable for AstraZeneca's top-selling product, Turbuhaler®. ICOres is the only reservoir inhaler capable of accommodating up to three different medicines. | |
| ICOpre® is a multi-dose inhaler with pre-filled doses that can be customized for all types of inhalation powders. ICOpre has been designed to be substitutable for GSK's Ellipta inhaler. ICOpre is based on a unique, patented principle that minimizes the risk of infringing on the intellectual property rights of other inhalers. | |
| ICOcap® is an inhaler designed for medication in capsules, which are loaded one at a time. It features a sturdy and uniquely user-friendly design, a patented integrated cap, and low inhalation resistance. A standard version of ICOcap is readily available off-the-shelf, and the inhaler can also be optimized to deliver maximum product performance for a specific medicine. | |
| ICOone® is a unique and patented dry powder inhaler designed for single-use. Its construction allows for quick and easy handling, and it boasts an extremely low manufacturing cost. ICOone can deliver significant inhalation doses that are well protected from moisture, which is crucial for many biologics. The inhaler can be designed with one or two cavities (compartments), which is a significant advantage in developing drugs based on two or more active medications. | |
| ICOone® is also available in a version for nasal inhalation, called ICOone® Nasal - a unique and patented inhaler with an extremely low manufacturing cost. It is particularly suitable for short-term treatments, vaccinations, and as-needed medication, offering numerous medical and practical advantages at an unbeatably low treatment cost. | |
FINANCIAL COMMENTS 1 JANUARY - 30 SEPTEMBER 2025
Turnover and result
Net sales in July-September 2025 amounted to TSEK 7 (0) and consisted of payments under a small project. Net sales in January-September 2025 amounted to TSEK 601 (1,948) and consisted of payments under two projects.
| Amounts i TSEK | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Jan-Dec 2024 |
| Development income | 7 | - | 601 | 1,948 | 2,934 |
| License income | - | - | - | - | - |
| Royalty income | - | - | - | - | - |
| Net sales | 7 | - | 601 | 1,948 | 2,934 |
| Other operating income | 4 | 23 | 689 | 1,328 | 1,330 |
Other operating income for July-September 2025 was in line with the same period last year at TSEK 4 (23). Other operating income for January-September 2025 was lower year-on-year at TSEK 689 (1,328), the main difference being a foreign exchange gain in the first quarter of 2024.
Capitalized development costs amounted to TSEK 2,001 (4,604) in July-September 2025 and primarily related to development of the ICOpre platform and associated formulations. For January-September 2025, capitalized development costs were TSEK 10,397 (16,259).
Costs for raw materials and consumables were reduced to TSEK 361 (1,314) in July-September 2025 and consisted of costs for intranasal semaglutide and ICOpre development. These costs amounted to TSEK 1,933 (4,318) in the first nine months of 2025 and were largely attributable to the same two projects.
Other external expenses totaled TSEK 3,229 (3,375) in July-September 2025. The expenses primarily comprised costs for consultants, rent, leasing, IT, IR and listing activities, and patents. For January-September 2025, other external expenses were reduced to TSEK 10,838 (11,999), mainly due to lower costs for consultants, legal services, IT, and accounting.
Personnel expenses for July-September decreased by 31% to TSEK 4,929 (7,131) due to fewer employees. Personnel expenses for January-September 2025 amounted to TSEK 21,602 (24,377), an 11% decrease.
The average number of full-time employees (FTEs) for July-September 2025 was 19.1, of which 10.0 women, 8.3 men and 0.8 non-binary (28.0, of which 13.9 women, 13.4 men and 0.8 non-binary), and will decline in the fourth quarter due to the reorganisation.
Net financial items amounted to TSEK -35 (-65) for July-September 2025 and TSEK -222 (10) for January-September, due to higher interest income in the first nine months of 2024.
The loss for July-September 2025 narrowed to TSEK -8,863 (-11,145). The result for January-September 2025 was broadly unchanged at TSEK -30,396 (-30,302).
Investments and depreciations
Investments in tangible assets were 0 (0) in both July-September 2025 and January-September 2025. Investments in intangible assets decreased to TSEK 2,217 (4,920) in July-September 2025, and to TSEK 10,915 (17,021) in January-September 2025. These investments primarily relate to the ICOpre platform and associated formulations.
Total depreciation of tangible and intangible assets fell to TSEK 2,315 (2,864) in July-September 2025 and decreased to TSEK 7,428 (8,086) in January-September 2025.
Cash, cash flow and net debt
The Group's cash and cash equivalents at the end of the period amounted to TSEK 18,550 (8,912). There are interest-bearing lease liabilities of TSEK 5,315 (8,001).
Cash flow from operating activities was TSEK -10,387 (-9,114) for July-September 2025 and TSEK -23,944 (-20,016) for January-September 2025, due to a decrease in operating liabilities. Cash flow from investing activities amounted to TSEK -2,217 (-4,920) in July-September 2025 and TSEK -10,915 (-17,021) in January-September 2025. Cash flow from financing activities was TSEK -876 (-926) in July-September 2025 and TSEK 28,720 (27,469) in January-September 2025. Total cash flow for the period was therefore TSEK -13,480 (-14,959) for July-September 2025 and TSEK -6,139 (9,568) for January-September 2025.
Based on the business outlook, budget, and the decided reorganisation and other actions, the Board and management assess that financing for the company's operations and plans is secured for the next 12 months.
Shareholders' equity
At the end of the period equity amounted to TSEK 130,711 (111,700), whereas total assets were TSEK 142,364 (129,025).
PARENT COMPANY
Turnover and result
Net sales for July-September 2025 amounted to TSEK 7 (0) and consisted of payments under a small project. The result for the period was TSEK -8,867 (-11,105).
Shareholders' equity
Equity as of 30 September 2025 amounted to TSEK 136,195 (117,100).
Contact information and calendar
Johan Wäborg, CEO
Tel.: +46 707 78 51 71, johan.waborg@iconovo.se
Carl Lindgren, Chairman of the Board of Directors
carllindgren@live.com
Iconovo AB (publ)
Ideon Science Park, Ideongatan 3B, SE-223 62 LUND
Tel +46 46 275 6777, info@iconovo.se, www.iconovo.se
Registration number Iconovo AB: 556938 - 0156
Certified Adviser
Tapper Partners AB, telephone: +46 70 440 10 98 and email: ca@tapperpartners.se
Financial Calendar
Q4 report (Jan.-Dec. 2025) 27 Feb. 2026
Iconovo's shares are listed on Nasdaq First North Growth Market, Ticker: ICO, ISIN code: SE0010868943.
Key ratio definitions
EBITDA (Earnings before interest, taxes, depreciation and amortization). Operating result before depreciation and amortization.
Board of Directors' affirmation
The Board of Directors and the CEO hereby affirm that the Quarterly Report constitutes a faithful representation of the company's operations, financial position and profit/loss and that it describes the significant risks and uncertainty factors facing the company.
This report has not been subject to the auditor's review.
Lund, 24 October 2025,
Board of Directors, Iconovo AB
Consolidated statement of income and comprehensive income, summary
Consolidated balance sheet statement, summary
| Amounts in TSEK | 2025-09-30 | 2024-09-30 | 2024-12-31 | ||
| ASSETS | |||||
| Fixed assets | |||||
| Intangible fixed assets | 108,284 | 97,461 | 100,974 | ||
| Tangible fixed assets | 10,775 | 15,236 | 14,640 | ||
| 119,059 | 112,698 | 115,614 | |||
| Current assets | |||||
| Trade receivables | 0 | 0 | 313 | ||
| Short-term investments | 4,755 | 7,415 | 5,069 | ||
| Cash and cash equivalents | 18,550 | 8,912 | 24,688 | ||
| 23,304 | 16,328 | 30,071 | |||
| TOTAL ASSETS | 142,364 | 129,025 | 145,685 | ||
| SHAREHOLDERS' EQUITY | |||||
| Share capital | 5,306 | 1,592 | 2,122 | ||
| Other paid-in capital | 347,005 | 290,474 | 318,293 | ||
| Retained earnings | -221,600 | -180,366 | -191,204 | ||
| 130,711 | 111,700 | 129,212 | |||
| Long-term liabilities | |||||
| Leasing liabilities | 1,727 | 4,719 | 4,430 | ||
| 1,727 | 4,719 | 4,430 | |||
| Short-term liabilities | |||||
| Prepayments from customers | 0 | 0 | 0 | ||
| Leasing liabilities | 3,588 | 3,282 | 3,474 | ||
| Other short-term liabilities | 6,337 | 9,325 | 8,569 | ||
| 9,926 | 12,606 | 12,043 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 142,364 | 129,025 | 145,685 |
Consolidated cash flow statement, summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| 3 months | 3 months | 9 months | 9 months | 12 months | |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| OPERATING ACTIVITIES | |||||
| Profit before tax | -8,863 | -11,145 | -30,396 | -30,302 | -41,140 |
| Adjustments for items not included in the cash flow | 2,578 | 3,024 | 8,056 | 6,611 | 11,649 |
| Paid income tax | -259 | -258 | -778 | -753 | -1,016 |
| Cash flow from operating activities | |||||
| before changes in working capital | -6,544 | -8,380 | -23,118 | -24,444 | -30,507 |
| Increase (-) / Decrease (+) of operating receivables | 507 | 1,588 | 1,406 | 1,933 | 4,227 |
| Increase (+) / Decrease (-) of operating liabilities | -4,350 | -2,322 | -2,232 | 2,496 | 1,740 |
| Cash flow from operating activities | -10,387 | -9,114 | -23,944 | -20,016 | -24,540 |
| Investment activities | |||||
| Investments in tangible fixed assets | 0 | 0 | 0 | 0 | 0 |
| Investments in intangible fixed assets | -2,217 | -4,920 | -10,915 | -17,021 | -21,902 |
| Cash flow from investment activities | -2,217 | -4,920 | -10,915 | -17,021 | -21,902 |
| Financing activities | |||||
| Issue of shares | 0 | 0 | 36,612 | 33,300 | 61,954 |
| Transaction costs | 0 | -125 | -5,304 | -3,349 | -5,944 |
| Payment of leasing liabilities | -876 | -801 | -2,589 | -2,482 | -3,359 |
| Cash flow from financing activities | -876 | -926 | 28,720 | 27,469 | 52,651 |
| Cash flow for the period | -13,480 | -14,959 | -6,139 | -9,568 | 6,209 |
| Cash and cash equivalents, beginning of period | 32,030 | 23,870 | 24,689 | 18,480 | 18,480 |
| Cash and cash equivalents, end of period | 18,550 | 8,912 | 18,550 | 8,912 | 24,689 |
Consolidated statement of changes in equity, summary
Parent company income statement, summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| 3 months | 3 months | 9 months | 9 months | 12 months | |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| Net sales | 7 | 0 | 601 | 1,948 | 2,934 |
| Other operating income | 4 | 23 | 689 | 1,328 | 1,330 |
| 11 | 23 | 1,290 | 3,278 | 4,264 | |
| Capitalized work for own account | 2,001 | 4,604 | 10,397 | 16,259 | 21,068 |
| Operating expenses | |||||
| Raw materials and supplies | -361 | -1,314 | -1,933 | -4,318 | -4,869 |
| Other external expenses | -4,217 | -4,319 | -13,762 | -14,639 | -19,508 |
| Personnel expenses | -4,929 | -7,131 | -21,602 | -24,377 | -33,775 |
| Depreciation of tangible and intangible fixed assets | -1,426 | -2,005 | -4,760 | -5,646 | -7,403 |
| Other operating expenses | -5 | -1,023 | -58 | -1,068 | -1,153 |
| Operating result | -8,926 | -11,166 | -30,429 | -30,512 | -41,375 |
| Financial income | 60 | 61 | 124 | 398 | 463 |
| Financial expenses | -2 | 0 | -29 | -10 | -25 |
| Profit before tax | -8,867 | -11,107 | -30,335 | -30,123 | -40,937 |
| Tax | 0 | 0 | 0 | 0 | 0 |
| Profit for the period | -8,867 | -11,107 | -30,335 | -30,123 | -40,937 |
| Number of shares, weighted average for period | 53,061,250 | 15,918,375 | 33,015,889 | 15,224,625 | 15,987,632 |
| Earnings per share, SEK | -0.17 | -0.70 | -0.92 | -1.98 | -2.56 |
Parent company balance sheet statement, summary
| Amounts in TSEK | 2025-09-30 | 2024-09-30 | 2024-12-31 | ||
| ASSETS | |||||
| Fixed assets | |||||
| Intangible fixed assets | 108,284 | 97,461 | 100,974 | ||
| Tangible fixed assets | 4,921 | 6,576 | 6,117 | ||
| Financial fixed assets | 6,400 | 5,500 | 5,500 | ||
| 119,605 | 109,538 | 112,592 | |||
| Current assets | |||||
| Trade receivables | 0 | 0 | 313 | ||
| Short-term investments | 5,688 | 7,769 | 6,875 | ||
| Cash and cash equivalents | 17,230 | 7,640 | 23,408 | ||
| 22,918 | 15,409 | 30,596 | |||
| TOTAL ASSETS | 142,523 | 124,947 | 143,188 | ||
| SHAREHOLDERS' EQUITY | |||||
| Restricted equity | |||||
| Share capital | 5,306 | 1,592 | 2,122 | ||
| Fund for development expenses | 94,890 | 78,526 | 94,890 | ||
| 100,196 | 80,118 | 97,012 | |||
| Unrestricted equity | |||||
| Share premium reserve | 347,005 | 290,474 | 318,293 | ||
| Retained earnings | -280,670 | -223,368 | -239,732 | ||
| Profit for the period | -30,335 | -30,123 | -40,938 | ||
| 35,999 | 36,983 | 37,623 | |||
| Total shareholders' equity | 136,195 | 117,100 | 134,635 | ||
| Short-term liabilities | |||||
| Short-term liabilities | 6,328 | 7,845 | 8,552 | ||
| 6,328 | 7,845 | 8,552 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 142,523 | 124,947 | 143,188 |
Notes
Accounting principles
Iconovo prepares its consolidated accounts in accordance with IFRS, International Financial Reporting Standards, as endorsed by the EU. Furthermore, the Group also applies the Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 1 (Supplementary accounting rules for groups). The Group uses historical cost for the valuation of balance sheet items unless otherwise stated. The interim report has been prepared in accordance with IAS 34. IFRS is constantly evolving, with new standards and interpretations being published continuously. No new or amended standards coming into effect are expected to impact the group's accounting. The complete accounting principles applied by the Group can be found in the Swedish 2024 annual report on pages 57-63.
In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.
Contacts
Johan Wäborg, CEO
+46 707 78 51 71
johan.waborg@iconovo.se
About Iconovo
Iconovo (Nasdaq First North Growth Market: ICO) develops new inhaled medicinal products in collaboration with international pharmaceutical companies. The company provides several types of patent-protected inhalers that can generate significant commercial opportunities in the development of novel pharmaceuticals and vaccines and at patent expirations for established pharmaceuticals. The most advanced project is a generic version of the asthma and COPD product Symbicort®. Iconovo plans to market this product in the Nordic region through its subsidiary Iconovo Pharma, while the company's partner Amneal Pharmaceuticals has the rights in other parts of Europe and the United States. Certified Adviser is Tapper Partners AB.
This information is information that Iconovo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-10-24 08:30 CEST.