SPAGONasdaq StockholmBiotechnologyIFRS · SEK

Spago Nanomedical

Spago Nanomedical is a Swedish clinical-stage life science company developing nanomedicine-based products for cancer treatment and imaging diagnostics. Its core programs are Tumorad, a radionuclide therapy platform, and SpagoPix, a contrast agent platform for MRI-based imaging, both built on patented functional nanoparticles designed to accumulate in tumors.

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Revenue0.4m SEK
−77.1 %y/y
Operating profit (EBIT)-26.9m SEK
+20.1 %y/y
EBIT margin-6,165.7%
−4,401.5 ppy/y
Net income-26.6m SEK
+18.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50-40-30-20-10010m SEK2021: EBIT -43 m SEK20212022: 1.1 m SEK2022: EBIT -43 m SEK20222023: 5.9 m SEK2023: EBIT -43 m SEK20232024: 1.9 m SEK2024: EBIT -34 m SEK20242025: 0.44 m SEK2025: EBIT -27 m SEK2025TTM 2026: 1.0 m SEKTTM1.0
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Radionuclide therapy development50 %

Development of Tumorad and the 177Lu-SN201 candidate for cancer treatment.

Imaging diagnostics development35 %

SpagoPix contrast-agent development for improved MRI precision in cancer and endometriosis.

Nanoparticle platform technology15 %

Patented functional nanoparticle platform used across therapeutic and diagnostic programs.

Customers

Spago Nanomedical does not sell to a broad commercial customer base today; its primary counterparties are pharmaceutical and biotech partners, clinical investigators, and potential licensees. The end users of its products are patients with cancer and other severe diseases, while future commercialization is intended to occur through out-licensing or strategic partnerships with larger drug companies.

Pharmaceutical license partners

Buy or license late-stage development rights and commercialize the programs after proof of concept.

Clinical trial participants and sites

Provide patient enrollment and clinical execution for Tumorad and related studies.

Biotech and research collaborators

Support development, validation, and translational work around the nanoparticle platform.

Healthcare end users

Patients and clinicians ultimately use the therapy and imaging products once commercialized.

Strategy

Spago Nanomedical’s strategy is to advance its nanoparticle-based programs through clinical proof of concept under its own control, then out-license or partner with established pharmaceutical companies. This model is designed to concentrate internal resources on high-value development milestones while relying on partners for broad commercialization and market access.

Clinical proof of concept for TumoradShort term

Clinical validation is the key value-inflection point for a radiopharmaceutical asset.

Advance SpagoPix imaging diagnosticsMedium term

A second program broadens the platform and creates another partnering opportunity.

Secure strategic licensing or partnership agreementsMedium term

Commercial partners provide development capacity, regulatory reach, and market access.

Geography

The company is headquartered in Lund, Sweden and operates as a Swedish listed clinical-stage developer on Nasdaq First North Growth Market. Its current work is centered in Sweden, while future value creation depends on global pharmaceutical partners and eventual international commercialization of its oncology programs.

Risks

The business is exposed to the typical risks of clinical-stage drug development: technical failure, trial delays, patent protection, and uncertainty around regulatory and commercial outcomes. Financing risk is also central because the company depends on external capital and/or partnering success before product revenues can be generated.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development risk1Financing risk2Partnering and commercialization risk3Intellectual property risk4
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: HighLikelihood: High

    The company must demonstrate safety, biodistribution, and efficacy in human studies before partnering value is realized.

    Exposure: Tumorad and SpagoPix programs

  2. Financing riskImpact: HighLikelihood: High

    The company is pre-commercial and depends on external funding to sustain R&D and trials.

    Exposure: Corporate runway and development programs

  3. Partnering and commercialization riskImpact: MediumLikelihood: High

    Future revenues depend on finding capable licensees or collaborators with global reach.

    Exposure: Out-licensing model

  4. Intellectual property riskImpact: MediumLikelihood: Medium

    The platform depends on patents and other rights to protect future licensing value.

    Exposure: Nanoparticle platform and candidate assets

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Accounting

Judgemental items
Public grants

Grants are recognized when conditions are met, which can shift income between periods.

Impact: Affects reported revenue/other income timing

Deferred tax assets

No deferred tax asset is recognized unless future taxable profits are probable.

Impact: Loss carryforwards may not appear as balance-sheet value

Financial asset impairment

Impairment charges were disclosed in the interim summaries and can materially affect earnings.

Impact: Can create volatility in financial items

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Last updated: 24/09/2026

Spago Nanomedical (SPAGO) Revenue, Earnings & Financials 2025 – Clarifo