DICOTNasdaq StockholmDrug Manufacturers - Specialty & GenericIFRS · SEK

Dicot Pharma

Dicot Pharma is a Swedish clinical-stage pharmaceutical company focused on developing LIB-01, a novel treatment candidate for erectile dysfunction. The company’s work centers on drug discovery, clinical development, and intellectual property protection for a global sexual-health market.

Operating profit (EBIT)-82.5m SEK
−39.2 %y/y
Net income-80.2m SEK
−39.1 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-100-80-60-40-200m SEK2023: EBIT -45 m SEK20232024: EBIT -59 m SEK20242025: EBIT -82 m SEK2025-82
RevenueOperating profit (EBIT)

Business

Share of revenue
Drug candidate development100 %

Development of LIB-01 through preclinical and clinical stages.

Intellectual property0 %

Patent families, know-how, and related protection of the LIB-01 platform.

Partnership commercialization0 %

Potential upfront, milestone, and royalty economics from licensing or partnering.

Customers

Dicot Pharma does not yet sell a commercial product; its near-term counterparties are clinical trial sites, contract manufacturers, and research partners that support development of LIB-01. Longer term, the company’s commercial customers would be patients and prescribing physicians in the erectile dysfunction market, with value created through outlicensing or partnering with a pharmaceutical commercializer.

Clinical research partners

Trial sites, investigators, and CRO-type partners that execute phase studies for LIB-01.

Manufacturing partners

Specialized pharmaceutical manufacturers that produce study drug and placebo tablets.

Pharmaceutical licensees

Potential industrial partners that could outlicense development and commercialization rights.

Future patients and prescribers

Men treated for erectile dysfunction and the physicians who prescribe the eventual product.

Capital providers

Equity investors and warrant holders financing the clinical development program.

Strategy

Dicot Pharma’s strategy is to advance LIB-01 through clinical development and use data to support partnering or outlicensing. The company also seeks to broaden its pipeline over time, while protecting its intellectual property and preserving flexibility through external financing and industrial collaborations.

Advance LIB-01 through clinical developmentShort term

Clinical data are the main value driver for a precommercial biotech and determine partnering potential.

Secure industrial and financial partnershipsShort term

Partnerships can fund development and convert clinical progress into non-dilutive economics.

Protect intellectual propertyMedium term

Patent and know-how protection are essential to preserve exclusivity and bargaining power.

Broaden the product portfolioMedium term

Additional indications or assets could reduce single-asset dependence and expand long-term value.

Geography

Dicot Pharma is headquartered in Sweden and develops LIB-01 for a global market. Its clinical work has involved multiple sites across three countries, while manufacturing and development partnerships are international in scope.

Risks

Dicot Pharma’s main risks are typical of a single-asset clinical biotech: clinical failure, funding needs, and dependence on key personnel. The company also faces intellectual property, manufacturing, and partnering risks because its value depends on protecting LIB-01 and converting development progress into a commercial agreement.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development risk1Capital requirements2Key personnel dependence3Intellectual property protection4Partnering and commercialization risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development riskImpact: CriticalLikelihood: High

    LIB-01 is still in development, so efficacy, safety, and trial design outcomes remain uncertain.

    Exposure: Phase 2 and later-stage studies

  2. Capital requirementsImpact: HighLikelihood: High

    A precommercial biotech typically consumes cash before any product revenue is generated.

    Exposure: Financing of ongoing and future trials

  3. Key personnel dependenceImpact: HighLikelihood: Medium

    The business relies heavily on management, board members, and specialized scientific expertise.

    ExposureLeadershipClinicalIP functions
  4. Intellectual property protectionImpact: HighLikelihood: Low

    Competitors may challenge patents or develop alternative compounds and know-how.

    Exposure: LIB-01 exclusivity and partnering leverage

  5. Partnering and commercialization riskImpact: MediumLikelihood: Medium

    Future value depends on securing industrial partners on acceptable terms.

    Exposure: Outlicensing and royalty economics

Accounting

Judgemental items
Expensing of development costs

Clinical and project spending is recognized immediately, which suppresses asset balances and increases period expense.

Impact: No capitalized development asset or future amortization from current projects

Clinical trial cost timing

Study costs are concentrated when patients are enrolled and drugs are used, creating uneven quarterly results.

Impact: Comparability between quarters is limited

Share-based compensation

Employee option programs create non-cash expense recognized over vesting periods.

Impact: Affects operating expenses and equity

Warrants and equity financing

Funding rounds and warrant exercises affect share count and cash resources.

Impact: Dilution and financing capacity

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026