Immunovia Ab · OMXSTO:IMMNOV
Immunovia Ab — Q1 2026 Earnings Presentation
30 slides from Immunovia Ab's earnings presentation, May 7, 2026
Slide 1: Q&A session and material Forward-looking statements
Q&A session and material Forward-looking s ta te me nts • Questions can be raised via the chat IMPORTANT: The following applies to this document, the oral presentation of the information in this document by function or via telephone on: Immunovia AB (publ) (the “Company”) or any person on behalf of
Slide 2: Immunovia Q1 2026 interim report & 2026 plan
Immunovia Q1 2026 interim report & 2026 plan
Slide 3: Agenda
Agenda • Introduction — Peter Høngaard Andersen, Chair • 2026 priorities and plans — Jeff Borcherding, CEO • Expanding our market with AI — Jeff • Q1 financial results and runway — Adam Bäckström, CFO • 2026 goals and aligning incentives — Peter • Investor questions 3
Slide 4: Immunovia's plan for 2026 & beyond
IMMUNOVIA’S PLAN FOR 2026 & BEYOND
Slide 5: We have defined clear focus areas to grow the business and create shareholder value
We have defined clear focus areas to grow the business and create shareholder value Partnerships & Clinical Studies Commercial Business & Development Reimbursement 5
Slide 6: PancreaSure Commercial Strategy
PancreaSure Start at the top: Build advocacy and use among KOLs and top high-risk surveillance centers. Commercial Tie investment to revenue: Execute a highly targeted, low-cost Strategy launch leveraging current resources and Immunovia’s strengths. Increase investment as reimbursement grows. Positi
Slide 7: We are launching PancreaSure in the U.S. in three phases
We are launching PancreaSure in the U.S. in three phases, increasing commercial investment as we achieve reimbursement Phase TARGETED ADVOCACY VOLUME BUILDING REVENUE GROWTH Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Physician GI Groups, Pancreatologists KOLs & HRSCs Gastroenterologists &
Slide 8: Our objective for the first phase of the PancreaSure launch is to build targeted advocacy
Our objective for the first phase of the PancreaSure launch is to build TARGETED ADVOCACY Phase TARGETED ADVOCACY VOLUME BUILDING REVENUE GROWTH Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Physician GI Groups, Pancreatologists KOLs & HRSCs Gastroenterologists & Other Targets Targets & Endo
Slide 9: Leading U.S. pancreatic cancer centers have ordered PancreaSure tests since launch in September
21 leading U.S. pancreatic cancer centers have ordered PancreaSure tests since launch in September 9
Slide 10: Our strategic account managers made an immediate impact after being hired in Q1
Our strategic account managers made an immediate impact after being hired in Q1 The new sales reps drove a 145% increase in the sales pipeline in just weeks SALES PIPELINE AS OF END OF DECEMBER 2025 SALES PIPELINE AS OF END OF MARCH 2026 Early-stage prospects 15 51 (One or more sales conversations)
Slide 11: Key 2026 commercial initiatives to drive PancreaSure testing volume
Key 2026 commercial initiatives to drive PancreaSure testing volume HRSC GASTRO HRSC TRIAL ADOPTION GROUP TRIAL Continue to drive Pilot programs to Move clinicians trial among new implement from trial users to high-risk PancreaSure adoption (regular surveillance among large GI clinical use) centers
Slide 12: We continue to pursue a commercial partner to significantly increase commercial reach and impact
We continue to pursue a commercial partner to significantly increase commercial reach and impact • Regularly speaking with over a dozen potential U.S. commercialization partners. • Exploring multiple ways to collaborate, including sales co-promotion of PancreaSure, research funding, direct investmen
Slide 13: Reimbursement & Clinical Studies
REIMBURSEMENT & CLINICAL STUDIES
Slide 14: There are multiple ways to obtain payment for PancreaSure tests
There are multiple ways to obtain payment for PancreaSure tests 1 2 3 Insurance Payments Insurance Payments Payments from Patients Prior to Coverage After Coverage Starting Sep 2025 Feb 2026 2027 and beyond $0, $100 or $200 if eligible Amount billed Medicare: $897 (8,350 SEK) for financial assistanc
Slide 15: To prove medical necessity, we must generate evidence of clinical utility
To prove medical necessity, we must generate evidence of clinical utility to complement our analytical and clinical validation studies Analytical Clinical Clinical Validation Validation Utility (AV) (CV) (CU) – Analytical validation study – 3 clinical validation – Multiple clinical utility completed
Slide 16: Near-term surveys and retrospective studies provide support for our initial submission to payers in 2026
Near-term surveys and retrospective studies provide support for our initial submission to payers in 2026 Target Study Objectives Methodology Collaborators Completion Survey how PancreaSure changes DECIDE Physician survey 2026 clinical management of patients Measure patient interest in a blood Patien
Slide 17: Robust clinical studies should generate evidence to support additional payer coverage
Robust clinical studies should generate compelling evidence to support additional payer coverage decisions and reimbursement over time Target Study Objectives Methodology Collaborators Completion Assess PancreaSure sensitivity and Prospective NIH Cyst Study specificity in detecting cancer in cyst 20
Slide 18: Expanding our market through the use of artificial intelligence (AI)
EXPANDING OUR MARKET THROUGH THE USE OF ARTIFICIAL INTELLIGENCE (AI)
Slide 19: Current high-risk surveillance programs do not address early detection of sporadic pancreatic cancer
Current high-risk surveillance programs do not address the need for early detection of sporadic pancreatic cancer • The U.S. Preventive Screening Task Force recommends against screening for pancreatic cancer in the general population • Most patients diagnosed with pancreatic cancer have not been scr
Slide 20: Artificial intelligence models can identify those at pancreatic cancer risk
Artificial intelligence models can identify those at pancreatic cancer risk who do not fall into existing categories of “high risk” “Red flags” indicating increased risk in the NYU PRIME model Pancreatitis History Chronic pancreatitis, Acute pancreatitis Prior Malignancies Kidney cancer, Colon cance
Slide 21: AI can identify individuals at even higher risk than those with family history or genetic mutations
AI can identify individuals at even higher risk than those with family history or genetic mutations 7.6x Higher risk of pancreatic cancer for those in the top 1% risk group vs. average risk Figure 3: Cumulative Incidence This AI-identified group has risk similar to the by Risk Percentile risk associ
Slide 22: AI models can create an addressable market for PancreaSure nearly 3x the size of the current market
AI models can create an addressable market for PancreaSure nearly 3x the size of the current market AI-identified High-Risk Individuals Family History & Genetic High-Risk Individuals 1,664,000 HRIs2 600,000 HRIs $1,500 million SEK 13.8 billion $540 million1 SEK 4.9 billion 1. Assumes a value per tes
Slide 23: Blood-based biomarkers like PancreaSure will play a critical role in the diagnostic process
Blood-based biomarkers like PancreaSure will play a critical role in the diagnostic process for AI-identified high-risk individuals In a health system of a million people 10,000 DEFINE individuals identified as high risk by the PRIME model Test identified high-risk individuals with ENRICH & Biomarke
Slide 24: Immunovia is at the forefront of AI-based early detection
Immunovia is at the forefront of AI-based early detection We are sponsoring research with multiple top institutions and leaders in the field Health system to be announced + Health system to be announced Initiating a study of 1,560 AI- Supporting a feasibility pilot Finalizing a contract to include i
Slide 25: Q1 2026 Financial Results & Cash Position
Q1 2026 FINANCIAL RESULTS & CASH POSITION
Slide 26: Q1 Financial Results
Q1 Financial Results • Net sales increased by 169% to 374 KSEK (139) • Operating loss was 18.4 MSEK (18,9), lower operating expenses during first quarter than previously estimated • Losses for the period amounted to 18.4 MSEK (57.8) which represent earning per share before dilution of -0,03 SEK (-0,
Slide 27: Aligning incentive programs for management & board with company's goals
ALIGNING INCENTIVE PROGRAMS FOR MANAGEMENT & BOARD WITH COMPANY’S GOALS
Slide 28: Management incentives align with Immunovia's 2026 goals
Management incentives align with Immunovia’s 2026 goals Performance Criteria Weight Demonstrate strong commercial demand for the PancreaSure test 25% Begin generating revenue and lay the foundation for 25% meaningful reimbursement in 2027 Partner for success 25% Secure 12 months of funding 25% 28
Slide 29: Incentives for the board also align with Immunovia's 2026 goals
Incentives for the board also align with Immunovia’s 2026 goals Board Compensation 2026 — Nomination Committee Proposal • Cash compensation: unchanged from 2025 • New stock option program for the Board, aligned with Company goals Option program — key terms • Vesting: at AGM 2027, conditional on cont
Slide 30: Questions
#simmunovia Questions