Vicore Pharma Q3 operating loss widens to SEK 133M
ASPIRE’s independent monitoring committee recommended continuation after a planned futility analysis, with topline results expected in mid-2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Vicore Pharma Holding AB reported third-quarter 2026 net revenue of SEK 0.6 million, compared with SEK 0.8 million a year earlier. Operating loss was SEK 133.3 million versus SEK 116.0 million, and loss for the period was SEK 124.3 million versus SEK 113.5 million. Cash flows used in operating activities were SEK 137.5 million, compared with SEK 100.4 million.
At September 30, 2026, cash and cash equivalents plus short-term investments totaled SEK 772.0 million. After the quarter, the independent Data Monitoring Committee recommended that ASPIRE continue as planned following a pre-planned futility analysis. Topline results are expected in mid-2027, and Vicore reported groundwork for a potential Phase 3 trial.
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.
Positive
- None.
Negative
- Moderate pointQuarterly operating loss widened to SEK 133.3 million from SEK 116.0 million.
- Moderate pointQuarterly operating cash use rose to SEK 137.5 million from SEK 100.4 million.
- Minor pointQuarterly net revenue fell to SEK 0.6 million from SEK 0.8 million.
- Minor pointQuarterly loss for the period widened to SEK 124.3 million from SEK 113.5 million.
- Minor pointNine-month operating loss widened to SEK 418.7 million from SEK 318.7 million.
- Minor pointNine-month operating cash use rose to SEK 407.6 million from SEK 293.0 million.
Filing Explained
This 6-K incorporates the Q3 interim report into Vicore’s Form S-8 registration statement from November 5, 2026, except the CEO Comments and Sustainability sections and the press release; those portions are not incorporated through this filing.
Key Figures
Key Terms
pre-planned futility analysis medical
topline results medical
Phase 2b medical
Orphan Drug regulatory
Fast Track designations regulatory
angiotensin II type 2 receptor agonist medical
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were VCRE's third-quarter 2026 financial results?
How much cash and short-term investments did VCRE have at September 30, 2026?
What is the latest VCRE ASPIRE trial update and expected topline timing?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
(Commission File No. 001-43312)
Vicore Pharma Holding AB
(Translation of registrant’s name into English)
Kornhamnstorg 53
SE-111 27 Stockholm, Sweden
(Address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Company Announcement and Interim Report
On November 5, 2026, Vicore Pharma Holding AB (the “Company”) announced its unaudited financial results for the third quarter ended September 30, 2026, which are further described in the Company’s Interim Report Q3 2026 and press release, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
Except as set forth below, the information in this Report on Form 6‑K, including Exhibit 99.1 hereto, shall be deemed to be incorporated by reference into the Company’s registration statement on Form S‑8 (File No. 333‑298501) and any related prospectus, as such registration statement and prospectus may be amended from time to time, and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
The information under the headings “CEO Comments” and “Sustainability at Vicore” in the attached Exhibit 99.1 and the information in the attached Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Exhibits |
| Description |
99.1 |
| Interim Report Q3 2026 |
99.2 |
| Press release dated November 5, 2026 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Vicore Pharma Holding AB |
|
|
|
|
| By: | /s/ Ahmed Mousa |
|
| Ahmed Mousa |
|
| Chief Executive Officer |
Date: November 5, 2026
3
Exhibit 99.1
Exhibit 99.2
Vicore Pharma Announces Third Quarter 2026 Financial Results and Provides Business Update
Stockholm, Sweden & Cambridge, Mass., November 5, 2026 – Vicore Pharma Holding AB (Nasdaq Stockholm: VICO, Nasdaq US: 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 com‐menced 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 Euro‐pean Respiratory Society Congress 2026, including an oral presentation on the design and baseline charac‐teristics 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 Commit‐tee (iDMC) for the Phase 2b ASPIRE trial evaluating buloxibutid in idiopathic pulmonary fibrosis (IPF) rec‐ommended 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. |
Vicore Pharma Holding AB (publ) | Kornhamnstorg 53, SE-111 27 Stockholm, Sweden
Phone: +46 (0)31 78 80 560 | VAT nr SE556680380401 | www.vicorepharma.com
| ● | Loss for the period amounted to SEK 124.3 million and SEK 113.5 million for the three months ended Septem‐ber 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 Septem‐ber 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 | | | 2025 | | | 2026 | | | 2025 | | | 2025 | |
|||||
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 | | | 2025 | | | 2026 | | | 2025 | | | 2025 | |
|||||
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. |
Vicore Pharma Holding AB (publ) | Kornhamnstorg 53, SE-111 27 Stockholm, Sweden
Phone: +46 (0)31 78 80 560 | VAT nr SE556680380401 | www.vicorepharma.com
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.
Vicore Pharma Holding AB (publ) | Kornhamnstorg 53, SE-111 27 Stockholm, Sweden
Phone: +46 (0)31 78 80 560 | VAT nr SE556680380401 | www.vicorepharma.com