Q3 FY2026
Filed Nov 5, 2026Vicare Pharma reported modest net revenues, wider operating and period losses, and lower cash and short-term investments, while the ASPIRE Phase 2b trial continued without modification following a futility analysis.
The company reported wider quarterly and nine-month operating losses and lower cash resources versus the prior-year periods, but the independent Data Monitoring Committee recommended that the Phase 2b ASPIRE trial continue without modification and topline results remain expected in mid-2027.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, three months ended September 30other | SEK 600K | – | – |
| Operating loss, three months ended September 30other | SEK 133.3M | – | – |
| Loss for the period, three months ended September 30other | SEK 124.3M | – | – |
| Loss per share, before/after dilution, three months ended September 30other | SEK 0.44 | – | – |
| Research and development expenses/operating expenses, three months ended September 30other | 78.8% | – | – |
| Cash flows used in operating activities, three months ended September 30other | SEK 137.5M | – | – |
| Net revenues, nine months ended September 30other | SEK 3.4M | – | – |
| Operating loss, nine months ended September 30other | SEK 418.7M | – | – |
| Loss for the period, nine months ended September 30other | SEK 387.4M | – | – |
| Loss per share, before/after dilution, nine months ended September 30other | SEK 1.38 | – | – |
| Research and development expenses/operating expenses, nine months ended September 30other | 79.0% | – | – |
| Cash flows used in operating activities, nine months ended September 30other | SEK 407.6M | – | – |
| Equity at the end of the periodother | SEK 725.4M | – | – |
| Cash and cash equivalents and short-term investments at the end of the periodother | SEK 772M | – | – |
| Net revenues, three months ended September 30other | $100K | – | – |
| Operating loss, three months ended September 30other | $13.8M | – | – |
| Loss for the period, three months ended September 30other | $12.9M | – | – |
| Loss per share, before/after dilution, three months ended September 30other | USD 0.05 | – | – |
| Net revenues, nine months ended September 30other | $400K | – | – |
| Operating loss, nine months ended September 30other | $44.6M | – | – |
| Loss for the period, nine months ended September 30other | $41.3M | – | – |
| Loss per share, before/after dilution, nine months ended September 30other | USD 0.15 | – | – |
| Equity at the end of the periodother | $72.7M | – | – |
| Cash and cash equivalents and short-term investments at the end of the periodother | $77.4M | – | – |
mid-2027 outlook
- NoteTopline results expected in mid-2027 for the Phase 2b ASPIRE trial.
What drove it
- The independent Data Monitoring Committee recommended that the Phase 2b ASPIRE trial continue without modification following a pre-planned futility analysis.
- The Data Monitoring Committee completed its regular safety and benefit-risk review and raised no concerns.
- Vicare advanced regulatory, manufacturing, and operational groundwork for a potential Phase 3 trial.
- The company presented ASPIRE trial design and baseline-characteristics data and translational findings supporting buloxibutid's mechanism of action at the European Respiratory Society Congress 2026.
- American Depositary Shares commenced trading on the Nasdaq Capital Market in July under the ticker symbol VCRE.
Concerns
- Net revenues were SEK 0.6 million for the three months ended September 30, 2026.
- Operating loss was SEK 133.3 million for the three months ended September 30, 2026, compared with SEK 116.0 million for the prior-year quarter.
- Operating loss was SEK 418.7 million for the nine months ended September 30, 2026, compared with SEK 318.7 million for the prior-year period.
- Cash flows used in operating activities were SEK 137.5 million for the quarter and SEK 407.6 million for the nine-month period.
- Cash, cash equivalents, and short-term investments were SEK 772.0 million as of September 30, 2026, compared with SEK 1,166.7 million as of December 31, 2025.
- The release did not provide a quantified cash-runway estimate.
What to watch
- Topline results from the global 52-week Phase 2b ASPIRE trial, expected in mid-2027.
- Further updates on the Phase 2b ASPIRE trial evaluating buloxibutid in idiopathic pulmonary fibrosis.
- Progress on regulatory, manufacturing, and operational preparation for a potential Phase 3 trial.
- Cash resources and operating cash use ahead of the ASPIRE topline readout.
Balance sheet and cash flow
- Cash, cash equivalents, and short-term investments amounted to SEK 772.0 million, equivalent to USD 77.4 million, as of September 30, 2026.
- Cash, cash equivalents, and short-term investments amounted to SEK 1,166.7 million, equivalent to USD 126.8 million, as of December 31, 2025.
- Equity at the end of the period was SEK 725.4 million and USD 72.7 million.
- Cash flows used in operating activities were SEK 137.5 million for the three months ended September 30, 2026 and SEK 407.6 million for the nine months ended September 30, 2026.
Analysis
Vicare remains a clinical-stage company with limited reported revenue. Net revenues were SEK 0.6 million in the third quarter, compared with SEK 0.8 million in the prior-year quarter, while nine-month net revenues were SEK 3.4 million in both 2026 and 2025. The reported financial profile continues to be defined by development spending and losses rather than commercial revenue generation.
Quarterly operating loss was SEK 133.3 million, compared with SEK 116.0 million in the prior-year quarter, and loss for the period was SEK 124.3 million, compared with SEK 113.5 million. For the first nine months, operating loss was SEK 418.7 million versus SEK 318.7 million, while loss for the period was SEK 387.4 million versus SEK 340.4 million. Research and development expenses represented 78.8% of operating expenses in the quarter and 79.0% over the nine-month period, underscoring the concentration of spending on the pipeline.
Liquidity declined during the reported period. Cash, cash equivalents, and short-term investments were SEK 772.0 million as of September 30, 2026, compared with SEK 1,166.7 million as of December 31, 2025. Cash flows used in operating activities were SEK 137.5 million in the quarter and SEK 407.6 million over the first nine months. Equity at period end was SEK 725.4 million. The release refers to anticipated cash runway but does not state a quantified runway duration.
The key operating development was the October recommendation from the independent Data Monitoring Committee to continue the Phase 2b ASPIRE trial without modification after a pre-planned futility analysis. The committee also raised no concerns in its safety and benefit-risk review. Management said ASPIRE topline results are expected in mid-2027 and described ongoing preparation for a potential Phase 3 trial. The central items for investors are therefore the progression of ASPIRE, the eventual 52-week dataset, and the company's cash use before that expected readout.
Management, verbatim
The third quarter was a period of disciplined execution as ASPIRE advances toward its 52-week readout. Shortly after the period ended, the independent Data Monitoring Committee recommended that ASPIRE continue as planned following a pre-planned futility analysis, keeping us on track for topline results expected in mid-2027.
Ahmed Mousa, Chief Executive Officer of Vicore Pharma
We also advanced the regulatory, manufacturing, and operational groundwork for a potential Phase 3 trial so we can move quickly once the Phase 2b data are available. We enter the final quarter of the year with momentum, a strong balance sheet, and growing recognition of buloxibutid's potential in IPF.
Ahmed Mousa, Chief Executive Officer of Vicore Pharma
Not in the filing
stated, not guessed- Accounting standard basis, including whether results are reported under IFRS
- Gross profit and gross margin
- Operating expense total
- Research and development expense amount
- Selling, general and administrative expense amount
- Income tax expense or benefit and tax rate
- Debt and other borrowing balances
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividend information
- Quantified cash-runway guidance
- Financial revenue, expense, margin, operating-expense, or tax-rate guidance
- Prior-quarter comparisons for reported metrics
- Reported percentage changes for revenue, losses, cash flow, equity, and cash balances
- Revenue segment reporting
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.