Street Calls of the Week
Introduction & Market Context
Immunovia AB (STO:IMMNOV) presented its Q2 2025 results on August 28, revealing plans for the commercial launch of its PancreaSure test for early pancreatic cancer detection. Despite the company’s optimistic outlook, investors responded negatively, with shares tumbling 21.44% to 0.71 SEK from the previous close of 0.90 SEK.
The Swedish biotech company emphasized its mission to increase pancreatic cancer survival through early detection in high-risk individuals. CEO Jeff Borcherding stated during the presentation that the company has "never been closer to achieving our mission," though market sentiment suggested concerns about the company’s financial position and commercialization timeline.
Quarterly Performance Highlights
Immunovia reported operating expenses of 20 MSEK for Q2 2025, representing a 17% reduction compared to the same period last year. The company’s cash balance stood at 29.3 MSEK at the end of the quarter, with a monthly cash burn of 6 MSEK—below the previously guided range of 8-10 MSEK.
As shown in the following financial overview:
The company expects cash burn to increase to 8-10 MSEK monthly as funding shifts toward commercialization and clinical studies to support reimbursement. To address its funding needs, Immunovia announced a shareholder rights issue of 100 MSEK, with 80% (80 MSEK) already guaranteed. The subscription period is set for October 7-21, 2025, following shareholder approval at an extraordinary general meeting scheduled for September 29.
Strategic Initiatives
The centerpiece of Immunovia’s presentation was its PancreaSure test launch strategy, which focuses on a targeted, phased approach. The company plans to initially build advocacy among key opinion leaders (KOLs) and high-risk surveillance centers before expanding to broader markets.
The launch strategy emphasizes four key principles:
Immunovia outlined a three-phase commercialization approach spanning from Q3 2025 through 2027, gradually increasing investment as payer coverage expands:
For each phase, the company has established specific metrics to track progress:
Reimbursement Progress
A critical component of Immunovia’s strategy involves securing reimbursement from Medicare and private insurers. The company reported significant progress in Q2 2025, including securing a CPT code for PancreaSure, making a pricing recommendation to Medicare, and designing clinical utility studies needed to seek coverage.
The company’s timeline suggests a patient-pay model for 2025-2026, with Medicare reimbursement targeted by mid-2026 and broader insurance coverage expected in 2027. This gradual approach aligns with the company’s phased commercialization strategy but may contribute to investor concerns about the timeline to significant revenue generation.
Competitive Industry Position
Immunovia highlighted that seven top pancreatic cancer centers will implement the PancreaSure test at launch, including Northwestern Medicine, Penn Medicine, Hackensack Meridian Health, HonorHealth, Rutgers Cancer Institute, CU Medicine, and Inova. This institutional adoption represents a significant endorsement of the technology.
The presentation included supportive quotes from medical directors at these institutions. Dr. Rosario Ligesti, Chief of Gastroenterology at Hackensack Medical Center, stated: "Pancreatic cancer is so lethal because it’s usually diagnosed too late. We need more ways to detect pancreatic cancer early, especially in people at high risk. The PancreaSure test has proven to accurately detect stage 1 and 2 disease, making it an important addition to our toolkit."
Forward-Looking Statements
Despite the positive developments presented, the market reaction suggests investors remain cautious about Immunovia’s path to profitability. The company faces several challenges, including potential market saturation in the early detection space, ongoing cash burn despite reductions, and uncertainty in achieving Medicare and insurance reimbursement on the projected timeline.
The significant stock decline following the presentation indicates that investors may be concerned about the company’s need for additional funding through the rights issue, as well as the extended timeline before meaningful revenue generation is expected to begin in 2027.
While Immunovia’s technology has received recognition—including a Distinguished Abstract Award from the Academy of Diagnostics & Laboratory Medicine and being recognized as "Best of DDW" at Digestive Disease Week—the company must now demonstrate successful commercial execution to regain investor confidence.
Full presentation:
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