Equity research Immunovia Q4 2025: First impression – Modest Q4 sales, targeting Medicare submission by mid-2026

Immunovia reported net sales of SEK 0.4m (0.5) in Q4 2025, consisting of both royalties and PancreaSure sales. Hence, while the net sales breakdown is not specified, initial test sales were modest in absolute terms.  However, the company says it has increased the number of high-risk surveillance centres penetrated by four in the period, and eight more have been added in 2026. Also, it reports orders of at least 180 tests in total from three different centres (while unclear how much has already been billed). In January, Immunovia also received state regulatory approval for PancreaSure in California.  Another key positive message on the timeline, in our view, is that Immunovia states it aims to submit for Medicare coverage in mid-2026.

Operating cash flow in the period at SEK -20m (-28.3) was again better than the guidance of a negative SEK 8-10m per month. The lower-than-expected costs are partly due to the timing of sales team/key account manager recruitment, which was delayed to the current quarter. Also, R&D costs declined. By the end of Q4, the cash position was stronger than expected at SEK 77m vs 27m the previous quarter. Based on the board’s and CEO’s assessment, the cash balance will secure the company’s working capital needs through Q3 2026.

Overall, test sales were lower than we had anticipated at this admittedly early stage of commercialisation. Hence, we might need to review our near-term quarterly sales expectations somewhat. We are encouraged by the communicated timelines, e.g., regarding the process for submitting for Medicare coverage and the increased penetration of high-risk surveillance centres.

The company will host an earnings presentation at 3 pm today.

Read our latest update here.

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