Vicore Pharma Announces Third Quarter 2026 Financial Results and Provides Business Update

ASPIRE continues without modification after its planned review, while quarterly operating cash use rose to SEK 137.5 million.

Rhea-AI Summary

Vicore Pharma (NASDAQ:VCRE) reported a third-quarter operating loss of SEK 133.3 million and an update on its Phase 2b ASPIRE trial. Quarterly revenue fell to SEK 0.6 million from SEK 0.8 million a year earlier; net loss widened to SEK 124.3 million from SEK 113.5 million. Loss per share narrowed to SEK 0.44 from SEK 0.48.

Cash, cash equivalents and short-term investments totaled SEK 772.0 million at September 30, versus SEK 1,166.7 million at December 31, 2025. Nine-month revenue was unchanged at SEK 3.4 million. In October, ASPIRE's independent monitoring committee recommended continuing without modification after a planned analysis of whether the trial should stop for lack of benefit; its safety review raised no concerns. Vicore expects topline results in mid-2027 and advanced preparations for a potential Phase 3 trial. Its U.S. depositary shares began Nasdaq trading in July.

7 points · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointASPIRE's independent committee recommended continuation without modification after October's planned futility analysis.
• Minor pointASPIRE's regular independent safety and benefit-risk review raised no concerns.
• Minor point. Forward-looking: it has not happened yet and may not happen.Vicore expects ASPIRE's 52-week topline results in mid-2027.
• Minor pointVicore advanced regulatory, manufacturing and operational preparations for a potential Phase 3 trial.
• Minor pointQuarterly loss per share narrowed to SEK 0.44 from SEK 0.48 a year earlier.

2 minor points

• Minor pointNine-month loss per share narrowed to SEK 1.38 from SEK 1.45 a year earlier.
• Minor pointU.S. depositary shares began trading on the Nasdaq Capital Market in July, complementing the Stockholm listing.

Negative

• Moderate pointCash, equivalents and short-term investments fell to SEK 772.0 million from SEK 1,166.7 million at December 2025.
• Moderate pointQuarterly operating loss widened to SEK 133.3 million from SEK 116.0 million a year earlier.
• Moderate pointQuarterly net loss widened to SEK 124.3 million from SEK 113.5 million a year earlier.
• Moderate pointQuarterly operating cash use increased to SEK 137.5 million from SEK 100.4 million a year earlier.
• Minor pointNine-month operating loss widened to SEK 418.7 million from SEK 318.7 million a year earlier.

4 minor points

• Minor pointNine-month net loss widened to SEK 387.4 million from SEK 340.4 million a year earlier.
• Minor pointNine-month operating cash use increased to SEK 407.6 million from SEK 293.0 million a year earlier.
• Minor pointQuarterly revenue declined to SEK 0.6 million from SEK 0.8 million a year earlier.
• Minor pointSeptember-end equity declined to SEK 725.4 million from SEK 798.7 million a year earlier.

News Explained

Vicore used more cash in operating activities in the first nine months of 2026 than a year earlier.

Key Figures

Q3 operating loss: SEK 133.3 million vs. SEK 116.0 million Q3 loss for the period: SEK 124.3 million vs. SEK 113.5 million Cash, cash equivalents and short-term investments: SEK 772.0 million +2 more

Q3 operating loss

SEK 133.3 million vs. SEK 116.0 million

Three months ended September 30, 2026 vs. 2025

Q3 loss for the period

SEK 124.3 million vs. SEK 113.5 million

Three months ended September 30, 2026 vs. 2025

Cash, cash equivalents and short-term investments

SEK 772.0 million

As of September 30, 2026; SEK 1,166.7 million as of December 31, 2025

Q3 loss per share

SEK 0.44 vs. SEK 0.48

Before and after dilution; three months ended September 30, 2026 vs. 2025

Nine-month operating loss

SEK 418.7 million vs. SEK 318.7 million

Nine months ended September 30, 2026 vs. 2025

Historical Context

1 past event · Latest: Oct 22

1 event

1. Oct 22

   Clinical trial update

   24h Move

   +11.2%

   DMC recommended the same ASPIRE trial continue after futility analysis; topline remained expected mid-2027.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

futility analysis, idiopathic pulmonary fibrosis, orphan drug designation, fast track designation

4 terms

futility analysis medical

"continue without modification following a pre-planned futility analysis"

A futility analysis is a planned mid-course check in a clinical trial to determine whether continuing the study is unlikely to show a meaningful benefit. Think of it like pausing a long road trip to see if you’re close enough to your destination to justify the remaining time and fuel; if not, the trial may be stopped early to limit costs and risk. For investors, futility results can sharply change a company’s timeline, spending needs and the likelihood of regulatory approval, which in turn affects valuation.

idiopathic pulmonary fibrosis medical

"evaluating buloxibutid in idiopathic pulmonary fibrosis (IPF)"

Idiopathic pulmonary fibrosis is a chronic lung disease in which the air‑carrying tissue becomes progressively thickened and scarred for no identifiable reason, making the lungs stiff and less able to move oxygen—similar to a sponge that hardens and loses its pores. It matters to investors because it is life‑limiting with limited effective treatments, so clinical trial outcomes, regulatory approvals, pricing and reimbursement decisions can strongly affect the commercial value of therapies and the financial prospects of companies developing treatments.

orphan drug designation regulatory

"received Orphan Drug and Fast Track designations"

Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.

fast track designation regulatory

"received Orphan Drug and Fast Track designations"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

STOCKHOLM, SE / ACCESS Newswire / November 5, 2026 / Vicore Pharma Holding AB (STO:VICO)(NASDAQ:VCRE), a clinical-stage biopharmaceutical company unlocking the potential of angiotensin II type 2 receptor agonists, today announced its financial results for the quarter ended September 30, 2026, and provided a business update.

"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," said 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."

Significant events during the third quarter

• In July, Vicore's American Depositary Shares commenced trading on the Nasdaq Capital Market in the United States under the ticker symbol "VCRE". The U.S. Listing is a dual listing that complements Vicore's existing listing on Nasdaq Stockholm under the ticker symbol "VICO".
• In July, Vicore appointed Rob Slack, PhD, FRSB, as Chief Scientific Officer. Dr. Slack joined Vicore from GSK, where he served as Vice President and Head of Respiratory Biology, and succeeded Johan Raud, MD, PhD, who transitioned to the role of Senior Advisor.
• In September, Vicore presented new data at the European Respiratory Society Congress 2026, including an oral presentation on the design and baseline characteristics of patients enrolled in the global Phase 2b ASPIRE trial and a poster presentation highlighting translational findings supporting the mechanism of action of buloxibutid.

Significant events after the period

• In October, the independent Data Monitoring Committee (iDMC) for the Phase 2b ASPIRE trial evaluating buloxibutid in idiopathic pulmonary fibrosis (IPF) recommended that the trial continue without modification following a pre-planned futility analysis. The iDMC also completed its regular safety and benefit-risk review and raised no concerns.

Financial overview

July 1 - September 30, 2026

• Net revenues amounted to SEK 0.6 million and SEK 0.8 million for the three months ended September 30, 2026 and 2025, respectively.
• Operating loss amounted to SEK 133.3 million and SEK 116.0 million for the three months ended September 30, 2026 and 2025, respectively.
• Loss for the period amounted to SEK 124.3 million and SEK 113.5 million for the three months ended September 30, 2026 and 2025, respectively.
• Loss per share, before and after dilution, amounted to SEK 0.44 and SEK 0.48 for the three months ended September 30, 2026 and 2025, respectively.
• As of September 30, 2026, cash, cash equivalents, and short-term investments amounted to SEK 772.0 million, equivalent to USD 77.4 million (SEK 1,166.7 million, equivalent to USD 126.8 million as of December 31, 2025).

January 1 - September 30, 2026

• Net revenues amounted to SEK 3.4 million and SEK 3.4 million for the nine months ended September 30, 2026 and 2025, respectively.
• Operating loss amounted to SEK 418.7 million and SEK 318.7 million for the nine months ended September 30, 2026 and 2025, respectively.
• Loss for the period amounted to SEK 387.4 million and SEK 340.4 million for the nine months ended September 30, 2026 and 2025, respectively.
• Loss per share, before and after dilution, amounted to SEK 1.38 and SEK 1.45 for the nine months ended September 30, 2026 and 2025, respectively.

Financial summary of the group

Amounts in SEK million	2026 Jul-Sep	2025 Jul-Sep	2026 Jan-Sep	2025 Jan-Sep	2025 Jan-Dec
Net revenues	0.6	0.8	3.4	3.4	3.8
Operating loss	(133.3)	(116.0)	(418.7)	(318.7)	(452.4)
Loss for the period	(124.3)	(113.5)	(387.4)	(340.4)	(477.5)
Loss per share, before/after dilution (SEK)1	(0.44)	(0.48)	(1.38)	(1.45)	(1.99)
Research and development expenses/ operating expenses (%)2	78.8	84.6	79.0	85.5	84.8
Equity at the end of the period	725.4	798.7	725.4	798.7	1,095.5
Cash flows used in operating activities	(137.5)	(100.4)	(407.6)	(293.0)	(375.7)
Cash and cash equivalents and short-term investments at the end of the period	772.0	835.8	772.0	835.8	1,166.7

Amounts in USD3 million	2026 Jul-Sep	2025 Jul-Sep	2026 Jan-Sep	2025 Jan-Sep	2025 Jan-Dec
Net revenues	0.1	0.1	0.4	0.3	0.4
Operating loss	(13.8)	(12.2)	(44.6)	(32.0)	(46.1)
Loss for the period	(12.9)	(11.9)	(41.3)	(34.2)	(48.6)
Loss per share, before/after dilution (USD)1	(0.05)	(0.05)	(0.15)	(0.15)	(0.20)
Research and development expenses/ operating expenses (%)2	78.8	84.6	79.0	85.5	84.8
Equity at the end of the period	72.7	84.8	72.7	84.8	119.1
Cash flows used in operating activities	(14.2)	(10.5)	(43.4)	(29.4)	(38.3)
Cash and cash equivalents and short-term investments at the end of the period	77.4	88.8	77.4	88.8	126.8

1. No dilutive effect arises for potential common shares for periods when the result is negative or when the exercise price for options or share awards exceeds the average market price.
2. Alternative performance measure (APM). Defined on page 19 of the interim report.
3. Corresponding USD amounts have been translated using exchange rates published by Sveriges Riksbank. Income statement amounts are translated using the average exchange rate for the respective period, while balance sheet amounts are translated using the closing exchange rate at the reporting date. For the third quarter, the average exchange rates applied were SEK/USD 9.64939 and 9.52099 for 2026 and 2025, respectively. For the nine-month periods ended September 30, the average exchange rates applied were SEK/USD 9.38891 and 9.95083 for 2026 and 2025, respectively. For the year ended December 31, 2025, the average exchange rate applied was SEK/USD 9.82205. Balance sheet amounts were translated using the closing exchange rates of SEK/USD 9.97886 as of September 30, 2026, SEK/USD 9.41700 as of September 30, 2025 and SEK/USD 9.20133 as of December 31, 2025.

Interim report, Q3 2026: https://vicorepharma.com/investors/financial-reports/

For further information, please contact:
Hans Jeppsson, Chief Financial Officer, +46 (0)70 553 14 65, hans.jeppsson@vicorepharma.com

About Vicore Pharma Holding AB
Vicore Pharma is a clinical-stage biopharmaceutical company unlocking the potential of a new class of drugs with disease-modifying potential in respiratory and fibrotic diseases, including idiopathic pulmonary fibrosis (IPF). The company's lead program, buloxibutid, is an oral small-molecule angiotensin II type 2 receptor agonist, which received Orphan Drug and Fast Track designations from the United States Food and Drug Administration and is currently being investigated in the global 52-week Phase 2b ASPIRE trial in IPF. Vicore Pharma is publicly listed on Nasdaq Stockholm (VICO) and Nasdaq US (VCRE). www.vicorepharma.com

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Vicore's ongoing Phase 2b ASPIRE clinical trial; the potential clinical benefits, safety, and efficacy of buloxibutid; clinical development timelines, including expected timing of topline data from the ASPIRE trial and continued development plans for buloxibutid; strategic and business plans; financial position and the anticipated cash runway. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties, and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, references to those risks identified in the section entitled "Risk Factors" in Vicore Pharma's filings with the U.S. Securities and Exchange Commission and discussed in Vicore Pharma's Swedish filings and its press releases. Vicore Pharma cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Vicore Pharma disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent Vicore Pharma's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

Attachments
Interim Report Q3 2026

SOURCE: Vicore Pharma Holding

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Vicore Pharma's third-quarter 2026 financial results?

Vicore reported revenue of SEK 0.6 million, an operating loss of SEK 133.3 million and a net loss of SEK 124.3 million. The corresponding year-earlier figures were SEK 0.8 million, SEK 116.0 million and SEK 113.5 million. Loss per share narrowed to SEK 0.44 from SEK 0.48.

When does Vicore Pharma expect ASPIRE results, and what did the interim review find?

Vicore expects topline results from the 52-week Phase 2b ASPIRE trial in mid-2027. In October, the independent monitoring committee recommended continuing without modification after a planned analysis assessing whether to stop for lack of benefit. Its regular safety and benefit-risk review raised no concerns. ASPIRE evaluates buloxibutid in idiopathic pulmonary fibrosis.