Clinical development failure
Most drug candidates do not reach market due to efficacy, safety, or manufacturing issues.
- Scope
- Pipeline value and future commercialization prospects
- Materiality
- high
Vicore Pharma Holding
Vicore Pharma Holding AB is a Swedish biopharmaceutical group focused on developing therapies for severe fibrotic diseases. The group operates through Vicore Pharma AB and Vicore Pharma US Inc., with research and development centered in Sweden and supporting activities in the United States.
36
10.28
9.99
| % | |
|---|---|
| Drug discovery and preclinical R&D | 0% Discovery-stage work and early research on therapies for fibrotic diseases. |
| Clinical development | 0% Human clinical study programs advancing Vicore's fibrosis pipeline. |
| Research collaborations | 100% Contract-based collaboration income tied to agreed research milestones and performance obligations. |
| Intra-group services | 0% R&D and business support services provided within the Vicore group. |
Vicore's external counterparties are primarily pharmaceutical partners and research collaborators that fund or...
- Research collaboration partnersprimary
Pharmaceutical or biotech partners that pay for or co-develop research programs under contract terms.
- Clinical development ecosystemprimary
Clinical sites, CROs, and trial partners that support patient recruitment, study execution, and data generation.
- Internal group entitiessecondary
Vicore Pharma AB and Vicore Pharma US Inc. receive shared services and intra-group R&D support.
- Patients with fibrotic diseasesprimary
The intended end users of Vicore's therapies, especially in severe fibrosis indications.
Vicore is headquartered in Sweden and conducts core research and development primarily through Vicore Pharma AB...
- •Sweden is the main operating base for group R&D
- •United States hosts Vicore Pharma US Inc. and supporting functions
- •Foreign-currency exposure is material because agreements and costs are often non-SEK
- •Exchange-rate movements affect OCI and reported translation effects
- •Clinical and partner activity can span multiple countries through outsourced trials
Vicore's strategy is centered on advancing a pipeline for severe fibrotic diseases through research, clinical...
01
Advance the fibrosis pipelinemedium-term
Clinical progress is the main driver of value creation in a development-stage biopharma model.
02
Strengthen external collaborationsshort-term
Partner agreements can provide funding, expertise, and development support.
03
Rely on outsourced development capabilitiesmedium-term
Clinical trials, manufacturing, and supply are partly partner-dependent and require operational resilience.
Vicore is exposed to the typical risks of a development-stage biopharmaceutical company: clinical failure, patient...
Patient recruitment and trial execution delays
Studies can be delayed by difficulty recruiting patients or retaining them through follow-up.
- Scope
- Clinical timelines and development costs
- Materiality
- high
Partner and supply-chain dependence
Vicore relies on third parties for trials, manufacturing, and supply, creating operational and quality risk.
- Scope
- Clinical operations and product readiness
- Materiality
- high
Intellectual property risk
Future value depends on patents and other exclusivity protections that may be limited or challenged.
- Scope
- Commercialization and competitive moat
- Materiality
- high
Foreign exchange and liquidity risk
Costs and agreements are often denominated in foreign currencies and development is capital intensive.
- Scope
- Cash planning and reported translation effects
- Materiality
- medium
Over-time revenue recognition for research collaborations
Collaboration income
Foreign currency translation
Other comprehensive income and equity
Tax loss carryforwards
Deferred tax assets and equity
IFRS 18
IFRS 18 presentation changes
Income statement presentation and comparability
: 11/08/2026