Spago Nanomedical Interim Report January-September 2026

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Spago Nanomedical

LUND, SE / ACCESS Newswire / November 5, 2026 / Spago Nanomedical (STO:SPAGO.ST)(FRA:7UX.F)

JULY – SEPTEMBER IN BRIEF

Net sales for the quarter amounted to KSEK 0 (KSEK 14)
The loss for the quarter amounted to KSEK -4,377 (KSEK -6,265)
Operating expenses for the quarter amounted to KSEK -4,766 (KSEK -7,568)
Earnings per share, before and after dilution, for the quarter amounted to SEK -0.01 (SEK -0.02)
Cash and cash equivalents at the end of the quarter amounted to KSEK 24,522 (KSEK 11,257)

JANUARY – SEPTEMBER IN BRIEF

Net sales for the year amounted to KSEK 0 (KSEK 433)
The loss for the year amounted to KSEK -20,713 (KSEK -20,664)
Operating expenses for the year amounted to KSEK -24,751 (KSEK -24,823)
Earnings per share, before and after dilution, for the year amounted to SEK -0.03 (SEK -0.06)

SIGNIFICANT EVENTS DURING THE QUARTER

Nothing to report

SIGNIFICANT EVENTS AFTER THE QUARTER

At the Extraordinary General Meeting on 22 October 2026, it was resolved to implement Employee Stock Option Program 2026/2030:A for employees of the company and Employee Stock Option Program 2026/2030:B for certain members of the Board of Directors. The resolutions also include a directed issue and transfer of a maximum of 10,862,315 and 5,431,157 warrants, respectively, to secure the delivery of shares to participants in the programs. Combined, the programs may result in a dilution of a maximum of approximately 2.0 percent of the shares and votes in the company.
On 22 October 2026, the company announced that the Board of Directors has resolved to apply for the delisting of the company’s shares from Nasdaq First North Growth Market, subject to the approval of an extraordinary general meeting. The purpose is to create better conditions for financing the next phase in the development of Tumorad in collaboration with long-term specialist investors. The extraordinary general meeting will be held on 19 November 2026. Major shareholders, as well as board members and management, who together hold approximately 65 percent of the shares and votes, have informed the company that they intend to vote in favour of the resolution. The last day of trading is expected to fall in February 2027.

CEO STATEMENT

During the third quarter, work continued to complete the phase I part of Tumorad-01 and to prepare the next steps in the clinical development. After the end of the quarter, the Board of Directors also resolved, subject to the approval of the general meeting, to apply for the delisting of Spago Nanomedical from Nasdaq First North Growth Market. The background to the decision is that the Board of Directors considers that the prospects of financing the continued development of Tumorad on acceptable terms will be significantly better if the company is unlisted.

The phase I part of the Tumorad-01 study is on track and nearing completion, and we have so far achieved one of the study’s primary endpoints by determining the maximum tolerated dose (MTD). We have also seen clear tumor uptake in patients with head and neck cancer, including adenoid cystic carcinoma (ACC). A total of 15 patients have been dosed, and we are working to recruit two additional patients at the 15 MBq/kg dose level in order to determine the recommended phase II dose (RP2D). This is the next important milestone and a central basis for the continued clinical development.

The results we have seen so far form the basis for our plan to proceed with a phase IIa study in head and neck cancer, with a particular focus on ACC. It is a rare and aggressive form of cancer where treatment options are few and the medical need is great. Together with our observations of tumor uptake in patients with ACC, this gives us reason to prioritize this indication. We also intend to apply for Orphan Drug Designation (ODD) for ACC, which may provide important regulatory and commercial benefits in the continued development.

At the same time, the next development phase entails a considerably greater capital requirement than before. In recent years, we have financed the operations through recurring rights issues that have been limited in size and have resulted in significant dilution for shareholders. Phase IIa requires additional financing of a completely different order of magnitude, and given the continued low appetite for smaller life science companies, the Board of Directors does not consider that this capital can be raised on acceptable terms via the stock market.

In our dialogues with specialist investors and advisers, in Sweden and internationally, we have repeatedly been told that the stock market listing constitutes an obstacle, partly because several investors have mandates that restrict them to unlisted companies. The Board of Directors considers that Spago Nanomedical, as an unlisted company, has better prospects of attracting long-term investors who can value Tumorad based on the program’s clinical progress and potential. The Board of Directors has also evaluated continued listing with new rights issues, directed share issues, debt financing and early out-licensing of Tumorad, and considers that these alternatives currently either would not provide sufficient capital or would entail less favorable terms for the company and its shareholders. As part of the work to broaden our investor base, we have engaged the US financial adviser Incentrum Group.

I understand that the decision raises questions and that a delisting may entail disadvantages for shareholders. Shares held in an investment savings account (ISK) will need to be moved to a regular securities account, and the company will no longer be subject to First North’s rules on reporting or disclosure of information. A delisting is also likely to result in lower liquidity in the share, and it will become more difficult to trade in the share. Although we intend to keep shareholders regularly informed and are investigating the possibility of offering a service that matches buyers and sellers, these are disadvantages that the Board of Directors has weighed against the possibilities of financing the continued development. It is, however, important to emphasize that a delisting does not in itself guarantee that we will succeed in securing financing.

The decision to delist from Nasdaq First North Growth Market is to be considered at an extraordinary general meeting on 19 November. A delisting requires the approval of both the general meeting and Nasdaq Stockholm. A resolution requires, among other things, the support of shareholders representing at least nine tenths of both the votes cast and the shares represented at the meeting. Major shareholders, as well as board members and management, who together hold approximately 65 percent of the shares and votes, have informed us that they intend to vote to approve the Board of Directors’ decision. If the meeting votes no, the company will remain listed and the Board of Directors will continue to evaluate other ways to finance Tumorad.

Our focus for the near future is clear. We will complete the phase I part of Tumorad-01, determine the recommended dose for phase II, prepare ODD filing for ACC in the US, and progress preparations for the planned phase IIa study with a focus on head and neck cancers. In parallel, we are working to secure the funding required to fuel phase II. The promise of Tumorad is clear and convincing and the Board of Directors’ decision to delist is about creating better conditions to realize the potential we see in the program and to drive the development forward toward a possible new treatment for patients with significant medical needs.

Mats Hansen, CEO Spago Nanomedical AB

The interim report is available at the Company’s website; https://spagonanomedical.se/investor-relations/#financial-reports

For further information, please contact Mats Hansen, CEO Spago Nanomedical AB, +46 46 811 88, mats.hansen@spagonanomedical.se

Spago Nanomedical AB is a Swedish company in clinical development phase. The company´s development projects are based on a platform of polymeric materials with unique properties for more precise treatment and diagnosis of cancer and other debilitating diseases. Spago Nanomedical´s share is listed on Nasdaq First North Growth Market (ticker: SPAGO). For further information, see www.spagonanomedical.se.

FNCA Sweden AB is the Certified Adviser of the company.

Attachments

Spago Nanomedical interim report January-September 2026

SOURCE: Spago Nanomedical