Biovicas vd om företrädesemission och ett växande Pharma Services

Det första kvartalet i Biovicas räkenskapsår 2026/2027 var Theis Kiplings första hela kvartal som vd. Nettoomsättningen steg med 56 procent till 4,0 miljoner kronor. Pharma Services, där Biovica säljer analysen DiviTum TKa till läkemedelsutvecklare i kliniska prövningar, växte med 95 procent. Inom den delen ökade testintäkterna med hela 187 procent. Kipling har beskrivit en ökad lojalitet hos befintliga läkemedelskunder, vilket märks genom återkommande och utökade arbetsordrar, och han förväntar sig att få in flera nya ledande läkemedelsbolag under de kommande månaderna. Händelser efter periodens utgång inkluderar redan ett nytt ramavtal, en arbetsorder värd 2,7 miljoner kronor och ett partnerskap med ett ledande amerikanskt cancercenter.

Samtidigt växte de kliniska testvolymerna i USA med 20 procent, men intäkterna låg kvar oförändrade på 1,1 miljoner kronor. Denna klyfta beror på en övergång till kommersiella försäkringar där ersättningsgraden släpar efter. Att förbättra betalningsflödena har därför blivit ett huvudfokus. Parallellt kapar Kipling kostnader och renodlar den kommersiella strategin i USA, vilket bland annat innebär att avtalet med Tempus AI avslutas. Med 2,2 miljoner kronor i avsättningar för omstrukturering kommer personalstyrkan att minska med två personer fram till årsskiftet.

Vad pengarna ska gå till

Kassan uppgick till 51,6 miljoner kronor i slutet av juli, en minskning från 70,4 miljoner kronor tre månader tidigare, och det operativa kassaflödet landade på minus 16,1 miljoner kronor för kvartalet. Med start i dag siktar bolaget på att ta in 29,2 miljoner kronor i en fullt garanterad företrädesemission som pågår fram till den 21 oktober.

Ungefär hälften av likviden är avsedd för den fortsatta kommersialiseringen av DiviTum TKa i USA. Resterande del ska användas för att expandera erbjudandet inom Pharma Services. Tillsammans med de kostnadsåtgärder som redan har vidtagits bedömer styrelsen att bolaget har tillräckliga finansiella resurser för minst tolv månader framåt.

Ett omfattande samarbete med ett amerikanskt sjukvårdsnätverk är också under uppsegling. Syftet är att generera den prospektiva kliniska evidens som krävs för att DiviTum TKa framöver ska kunna inkluderas i riktlinjerna. Bolaget räknar med att avtalet är påskrivet och att patientrekryteringen kan inledas inom tre till sex månader.

Kipling har dessutom uppgett att en uppdaterad strategisk och finansiell plan kommer att presenteras under de närmaste månaderna.

Vd kommenterar

BioStock kontaktade Biovicas vd Theis Kipling för att få veta mer.

The proceeds are split evenly between the US clinical business and Pharma Services, yet the two are performing very differently. What made an even split the right allocation?

– The two businesses are at different stages and need different things. Pharma Services is converting demand into revenue now, so capital there goes into capacity, scientific support and more engagement with drug developers. The US clinical business has proven demand, with volumes up 20 per cent, but needs investment to turn that into revenue and into evidence for guideline inclusion. Pharma is where we are strongest today. The US business is where the larger long-term value sits if we get coverage and guidelines right. Both need funding, and neither is a bet on the other.

Pharma Services grew 95 per cent and test revenue 187 per cent. How much of that is a handful of large work orders, and how much is a broader base of recurring business?

– It is a solid mix, and quarters will stay lumpy. Some of the Q1 growth comes from a few larger work orders, and timing matters: part of the revenue we expected in Q1 phased into Q2. What gives me confidence is the breadth underneath. We have more than twenty active work orders across many partners, and the pattern is customers returning with addendums and new studies, which is why I talk about stickiness.

You have said you expect to bring in several new tier 1 pharmaceutical customers in the months ahead, and that this points towards a potential companion diagnostics collaboration. What has to happen for a CDx partnership to become concrete?

– Three things. First, we show with a partner, using their own retrospective trial data, that TKa dynamics add predictive value for patient stratification. Second, we agree on how the assay should be optimised for their drug, for example improved sensitivity at the low end. Third, the partner commits to using it prospectively in a trial. The regulatory environment has become more workable, but we also have to be ready operationally, with automation and scale. Our pharma strategy is to broaden engagement across many developers and go deep within their programs, so that the right partner moves from services into CDx.

US test volumes grew 20 per cent but revenue was flat. How long does it realistically take to fix payer coverage, and what specifically are you doing about it?

– This is a timing and mix issue. More patients are on commercial insurance, where coverage lags, so we are doing the work before we are paid for it. I won’t give a date, because payer decisions are not in our control. What we control is tighter collections and appeals, targeted payer engagement, and building the evidence payers ask for. I expect improvement to show up over several quarters, not weeks and only once we have guideline support are we realistically in a position to ensure positive coverage across most if not all payers.

The IDN collaboration is described as three to six months from being signed and ready to enroll. What is left to settle, and what would it mean for guideline inclusion?

– What remains is the normal contracting and operational work: final agreement terms, protocol and approvals, and getting sites ready to enroll. We expect that to take three to six months. I want to be careful on guidelines. A study like this generates the prospective evidence that guideline bodies look for, but inclusion is a separate process with its own timeline, and nobody can promise the outcome. It is a necessary step, not a guarantee.

The board considers the proceeds sufficient for twelve months. What do you need to have achieved by then for the next financing conversation to look different from this one?

– We want to be talking from evidence, not promise. That means pharma revenue continuing to compound, at least one tier 1 relationship moving toward a concrete CDx path, the IDN study enrolling, US revenue catching up with volumes, and a lower cost base showing in the numbers. If those are visible, the conversation is about scaling a working business, not funding the gap.

You have said an updated strategic and financial plan will be communicated in the coming months. What should shareholders expect from it?

– Clarity on priorities! Pharma and CDx are the first priority, US clinical oncology is the second, and the plan will set out how each is expected to grow, what it costs, and how the pieces connect. It will also be more explicit about operations and the cost base, and it will lay out the path to profitability. The aim is that shareholders can see what we are building and what milestones to hold us to.

Looking at a longer perspective, what needs to happen for the organization to achieve break-even?

– It is mainly a growth story on a controlled cost base. We have already reduced costs and paused the European IVDR investment, so the base is considerably lower. From there we need pharma to keep scaling, the US clinical business to convert volume into revenue, and a lower per-test cost as manufacturing scales.