April-June 2025

• Net sales, which for the quarter only included royalties, amounted to 90 KSEK (85).
• Operating loss was -20.1 MSEK, down from -23.9 MSEK in the second quarter of 2024. Net earnings were -41.1 MSEK (-25.6), with much of the loss due to unrealized exchange rate effects due to a weaker dollar rate on transactions to finance the operations of Immunovia, Inc. 
• Earnings per share before and after dilution were -0.14 SEK (-0.57). 
• Cash flow from operating activities was -18.1 MSEK, reduced from -26,7 MSEK in Q2 2024. The cash burn rate of 6 MSEK per month was well below the Company’s projected burn of 8 to 10 MSEK per month. 
• Cash and cash equivalents at end of period equalled 29.3 MSEK (36.8). 
• Cash in the quarter was increased by the exercise of warrant series TO3 in April, which raised approximately 10.6 MSEK before issue costs. Immunovia’s CEO and members of the board of directors fully exercised their TO3 warrants.
• On May 5, the Company announced PancreaSure as the brand name for its next-generation blood-based test for early detection of pancreatic cancer, a key milestone ahead of the planned U.S. commercial launch. 
• The model-development study for the PancreaSure test was published in the peer-reviewed journal Cancers in June. On May 7, The CLARITI study was presented in the “Best of DDW” session at the world’s largest conference in gastroenterology. Later in May Immunovia presented data to the Early Detection Research Network, a U.S. National Cancer Institute program.

Significant events after the period

• On August 27, 2025, the company announced a rights issue. If fully subscribed, the net proceeds are expected to cover the company’s working capital needs for the coming twelve months. The rights issue amounts to up to SEK 100 million and, with subscription undertakings and guarantee commitments, approximately 80% of the issue is secured, corresponding to SEK 80 million before issue costs. 
• On July 28 , the analytical validation of PancreaSure received a “Distinguished Abstract Award” by the Academy of Diagnostics & Laboratory Medicine, a distinction reserved for the top 2% of abstracts submitted.
• Following the second quarter, Immunovia announced two important developments related to pursuing payer coverage. On July 1, the American Medical Association’s Current Procedural Terminology (CPT) Editorial Panel assigned a CPT Proprietary Laboratory Analyses (PLA) code for the company’s PancreaSure test. Code assignment is one of three steps required to obtain test reimbursement from Medicare, the U.S. government payer for those age 65 and older. Also in July, Immunovia announced the return of Natalie Carfora to lead market access and reimbursement for the Company. 
• In addition to Ms. Carfora, the company added three other employees after the end of the quarter to support the launch of the PancreaSure test and payer reimbursement efforts

Key Highlights

• PancreaSure test launch scheduled for September 2, 2025 will target leading clinical experts (KOL) for advocacy at top U.S. high-risk surveillance programs
• PancreaSure test already embraced by top leading pancreatic cancer high-risk surveillance programs in the U.S at launch
• To capitalize on PancreaSure test launch momentum, Immunovia proposes a new rights issue of Million 100 SEK to realize commercial potential and secure reimbursement milestones

“I am thrilled to report that the much-anticipated PancreaSure commercial launch will take place on September 2. This is a key inflection point for Immunovia as we launch the test to an enthusiastic response from physicians, advocacy groups and people at high risk of pancreatic cancer. Their excitement reflects the significant unmet need for a pancreatic cancer blood test and their trust in our test.”
Jeff Borcherding, CEO and President, Immunovia AB

Conference call
Immunovia will hold a webcast tele conference at 15:00 pm CEST on August 28 with President and CEO Jeff Borcherding.
To take part of the presentation, please dial one of the numbers or watch via the web link below.
 
Telephone numbers and webcast
Sweden: +46 (0)8 5051 0031
United Kingdom: +44 (0) 207 107 06 13
United States: +1 631 570 5613

Link to webcast
https://creo-live.creomediamanager.com/10102133-d8c1-4182-b5cb-a057350c1040