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Biotech catalyst, news and analysis PDUFA tracker
AI transparency: articles and reports are produced with the help of artificial intelligence and checked through a process that does not constitute specialist validation. They may contain errors: verify relevant information with independent sources. Read the full disclaimer.
Nov 5, 2026, 2:20 AM ET
Vicore Pharma reported an operating loss of SEK 133.3 million for the quarter ended September 30, 2026, with cash of SEK 772.0 million.
Nasdaq: $VCREIPF / AT2 receptor agonismASPIRE randomized Phase 2bSingle-asset clinical risk
VCRE Stock Hub: Vicore Pharma News, Buloxibutid and ASPIRE
ASPIRE remains the randomized test of buloxibutid in idiopathic pulmonary fibrosis. Its October futility review recommended continuation without modification; Vicore remains blinded. The Q3 interim report of November 5 showed cash, cash equivalents and short-term investments of SEK 772.0M at September 30 and kept the runway guidance into H2 2028. The November 4 regular-session ADS close was $9.44 (+3.06% versus November 3).
Full research report · PDF
Vicore Pharma ($VCRE), research as of November 5, 2026
21 pages covering the Q3 2026 interim report, buloxibutid and AT2 agonism, uncontrolled AIR evidence, the randomized ASPIRE trial, competing IPF benchmarks, SEK resources and ADS mechanics. This is a dated research snapshot; the hub follows later developments. For personal use only: redistribution prohibited.
Next scheduled events
November 9 and 12, 2026 · investor conferences · February 25, 2027 · year-end report
Chief Executive Officer Ahmed Mousa is scheduled for a fireside chat at the Guggenheim Healthcare Innovation Conference in Boston on November 9 (8:00–8:25 a.m. ET) and a presentation at the Stifel 2026 Healthcare Conference in New York on November 12 (10:40–11:10 a.m. ET). The financial calendar in the Q3 interim report sets February 25, 2027 for the 2026 year-end report. Conference announcement · Q3 interim report
The Q3 interim report, published November 5, showed SEK 772.0M of cash, cash equivalents and short-term investments at September 30 (about USD 77.4M) and runway guidance into H2 2028. ASPIRE topline remains company guidance for mid-2027. Passing a futility threshold is not an efficacy result; the company received no quantitative data and remains blinded.
VCRE stock at a glance
Close · November 4, 2026
$9.44
Regular session; +3.06% versus $9.16 on November 3.
Calculated equity value · November 4
$265.87M
November 4 USD ADS close times September 30 ordinary shares divided by ten; excludes potential dilution.
ADS ratio
1 : 10
One U.S.-listed ADS represents ten Stockholm ordinary shares.
Registered ordinary shares · Sept. 30
281.645M
Exact count 281,644,509; not the number of U.S. ADSs.
Cash and investments · Sept. 30
SEK 772.0M
About USD 77.4M at the September 30 rate; SEK 395.9M cash plus SEK 376.1M short-term investments.
9M 2026 operating cash use
SEK 407.6M
Nine months ended September 30; SEK 137.5M in the third quarter.
Q3 2026 loss
SEK 124.3M
Quarter ended September 30, 2026; SEK 0.44 per share; operating loss SEK 133.3M.
ASPIRE enrollment
378 patients
Completed randomized Phase 2b enrollment; efficacy remains blinded.
Where Vicore Pharma stands now
Vicore develops buloxibutid, an oral AT2 receptor agonist, for IPF. ASPIRE enrolled 378 patients into a randomized placebo-controlled Phase 2b study. Earlier AIR observations were uncontrolled and differ materially between observed and imputed analyses. Primary source
A single randomized readout carries substantial clinical and financing risk. The primary compound patent has expired, while protection relies on other patents and possible regulatory exclusivities. Competitor benchmarks, safety, future Phase 3 costs and ADS liquidity affect the business case.
The constructive case
A completed enrollment base, continuation after the planned futility analysis and September 30 resources of SEK 772.0M can support follow-up through the guided data window under management’s plan.
The cautious case
AIR has no placebo comparator and ASPIRE efficacy remains unknown. The funding guidance includes Phase 3 readiness rather than a fully financed registrational program, while patents, costs and potential issuance remain material.
Latest Vicore Pharma news
Nov 5, 2026
Vicore Pharma announces third quarter 2026 financial results and provides business update
Vicore Pharma reported net revenues of SEK 0.6 million and an operating loss of SEK 133.3 million for the three months ended September 30, 2026. Cash, cash equivalents, and short-term investments amounted to SEK 772.0 million, equivalent to USD 77.4 million, as of September 30, 2026. In October, the independent Data Monitoring Committee recommended that the Phase 2b ASPIRE trial continue without modification, with topline results expected in mid-2027.
Nov 3, 2026
Vicore announces the nomination committee for the 2027 Annual General Meeting
Vicore Pharma has announced the composition of its Nomination Committee for the 2027 Annual General Meeting (AGM). The three largest shareholders as of August 31, 2026, each appointed a member: Staffan Lindstrand (HealthCap VII L.P.), Jan Särlvik (Fourth Swedish National Pension Fund) and Ivo Staijen (HBM Healthcare Investments (Cayman) Ltd.). Chairman Hans Schikan is also a member and convenes the committee. The AGM will take place on May 5, 2027, and shareholder comments or proposals may be submitted by January 15, 2027.
Nov 2, 2026
Vicore Pharma to participate in Guggenheim and Stifel healthcare conferences
Vicore Pharma will participate in the Guggenheim 3rd Annual Healthcare Innovation Conference in Boston on Monday, November 9, 2026, in a fireside chat and 1×1 meetings. The company will also give a presentation and hold 1×1 meetings at the Stifel 2026 Healthcare Conference in New York on Thursday, November 12, 2026. Chief Executive Officer Ahmed Mousa will participate in both events.
Oct 22, 2026
ASPIRE passes the pre-planned futility analysis
The independent committee recommended that ASPIRE continue unchanged after its planned futility review, without safety concerns. Vicore remains blinded and received no quantitative results. Topline remains guided for mid-2027 and runway into H2 2028; continuation does not establish efficacy.
Oct 13, 2026
Chardan Healthcare Conference panel on October 20
Vicore announced an October 20 investor panel on IPF and chronic respiratory disease. The conference appearance is a past event, separate from an ASPIRE data release.
Sep 30, 2026
Incentive-plan deliveries take registered shares to 281,644,509
Incentive-plan deliveries increased registered ordinary shares by 118,916 to 281,644,509. The deliveries concern earlier board award plans and are distinct from a financing or ASPIRE result.
VCRE stock catalysts: interim reporting and ASPIRE follow-up
- November 5, 2026 — Third-quarter interim report published: SEK 772.0M of cash, cash equivalents and short-term investments at September 30; runway guidance into H2 2028 maintained. Completed
- November 9, 2026 · 8:00 a.m. ET — Fireside chat at the Guggenheim Healthcare Innovation Conference, Boston. Company-announced event
- November 12, 2026 · 10:40 a.m. ET — Presentation at the Stifel 2026 Healthcare Conference, New York. Company-announced event
- February 25, 2027 — Year-end financial report. Scheduled company calendar
- May 5, 2027 — Q1 2027 interim report and Annual General Meeting. Scheduled company calendar
- Mid-2027 — ASPIRE Phase 2b topline results. Company clinical window
- H2 2028 — Operating runway including ASPIRE and Phase 3 readiness work. Conditional company funding guidance
Q3 interim report and financial calendar · Conference announcement · Primary source · Primary source
ASPIRE continuation and the limits of AIR’s uncontrolled observations
The October 22 futility review used approximately the first 100 randomized patients with 52-week follow-up or discontinuation. The committee recommended continuing unchanged and raised no safety concern. Vicore received no quantitative results and remains blinded. Primary source
In AIR, observed mean FVC change at 36 weeks was +216 mL, median change +63 mL and the mean after imputing missing data as untreated decline +9 mL. The single-arm design has no concurrent placebo comparison. ASPIRE must supply a randomized estimate rather than confirm an assumed effect.
Vicore liquidity in SEK, funding scope and ADS arithmetic
At September 30, 2026, cash, cash equivalents and short-term investments were SEK 772.0M (about USD 77.4M), made up of SEK 395.9M cash and SEK 376.1M short-term investments, down from SEK 1,166.7M at December 31, 2025. Operating cash use was SEK 137.5M in the third quarter and SEK 407.6M in the first nine months; the third-quarter loss was SEK 124.3M. In the Q3 report the CEO says anticipated cash runway continues to extend into H2 2028; the June report described no financial debt and tied that funding to ASPIRE and Phase 3 readiness, rather than a funded full registrational program. Q3 interim report · June report
One Nasdaq ADS represents ten Stockholm ordinary shares. The September 30 registered ordinary-share count was 281,644,509; dividing by ten provides an ADS-equivalent denominator, without assuming every share is held as an ADS. U.S.-dollar market values and Swedish-krona financial statements retain different currencies and dates.
Merlintrader Health Score · $VCRE
3.10out of 5
Assessed November 5, 2026, after the Q3 interim report; scores unchanged from the October 4, 2026 assessment. Weighted calculation: 4.0×30% + 2.5×30% + 3.0×20% + 2.0×10% + 3.5×10% = 3.10. This describes financial and operational robustness over twelve to eighteen months, not an investment recommendation.
Red flags
- The planned futility analysis is not a disclosed efficacy result.
- AIR was uncontrolled and observed-data and imputed results differ.
- The clinical and commercial case remains concentrated in buloxibutid for IPF.
- Runway guidance includes readiness work rather than a fully funded Phase 3 program.
- ADS ratio, market liquidity and currency must be separated when comparing prices and resources.
VCRE Stock FAQ: Vicore Pharma Questions Answered
When is the next VCRE stock catalyst?
Vicore published its Q3 interim report on November 5, 2026; its CEO is scheduled to speak at the Guggenheim (November 9) and Stifel (November 12) healthcare conferences, and the next financial report is the year-end report on February 25, 2027. ASPIRE Phase 2b topline remains guided for mid-2027. The October 22 futility review allowed the trial to continue without modification, while Vicore remained blinded and received no quantitative efficacy results. The registry lists estimated primary completion in May 2027 and study completion in June 2027, which are not promised topline dates. Q3 report and financial calendar. Conference announcement. Latest clinical window and futility review. Estimated registry completion dates.
Is Vicore’s buloxibutid FDA approved?
No: Vicore’s October 22, 2026 announcement describes investigational buloxibutid in the 378-patient randomized ASPIRE Phase 2b trial for idiopathic pulmonary fibrosis. Orphan Drug and Fast Track designations are development designations, not marketing approval. The company remains blinded pending the 52-week efficacy and safety analysis. Regulatory designations and ongoing trial.
How much cash does Vicore have, and how long will it last?
Vicore held SEK 772.0 million of cash, cash equivalents and short-term investments at September 30, 2026, equivalent to about USD 77.4 million at that date’s exchange rate. Operating cash use was SEK 407.6 million in the first nine months. Management guides funding through ASPIRE topline into H2 2028, covering Phase 3 readiness rather than a fully funded Phase 3 program. September resources, currency translation and cash use. Funding guidance beyond the readout. Development funding requirements.
Is VCRE stock at risk of dilution?
Yes: Vicore reported 281,644,509 ordinary shares at September 30, 2026, with equity incentives and future financing creating additional exposure. VCRE ADSs represent ten ordinary shares each; VICO is the Stockholm ordinary share. The U.S. ADS began trading July 2, 2026, with Citibank as depositary. ADS and ordinary-share counts should not be confused. Registered ordinary shares. ADS ratio and depositary. U.S. listing and incentive programs.
When does Vicore Pharma report earnings?
Vicore published its Q3 2026 interim report on November 5, 2026. The financial calendar in that report lists the 2026 year-end report for February 25, 2027, the Q1 2027 report for May 5, 2027 and the Q2 report for August 20, 2027. The separate ASPIRE clinical topline window is mid-2027. Company financial calendar. Clinical reporting window.
What does Vicore Pharma do?
Vicore develops medicines for respiratory and fibrotic diseases using angiotensin II type 2 receptor agonists. Its lead oral small-molecule candidate buloxibutid is being studied for idiopathic pulmonary fibrosis. The company is completing randomized Phase 2b follow-up while preparing for possible later development. Company, mechanism and development stage.
Did Vicore’s AIR trial show improved lung function?
Vicore’s June 9, 2026 registration statement reports Phase 2a AIR mean observed FVC improvement of 216 mL at 36 weeks, median improvement of 63 mL, and 9 mL after imputing missing data as untreated decline. AIR was open-label and single-arm. It cannot establish a placebo-adjusted treatment effect; ASPIRE supplies the randomized test. Observed and imputed AIR analyses.
What benchmark is Vicore’s ASPIRE trial trying to beat?
Vicore’s June 9, 2026 registration statement cites 52-week placebo-adjusted FVC benefits of 68.8 mL for nerandomilast and 95.6–130.1 mL for nebulized treprostinil. These are contextual competitor results, not a formal ASPIRE success threshold or direct comparisons. The company expanded the planned trial to 360 participants to address emerging benchmarks; final enrollment reached 378. Competitive context and trial design. Final randomized enrollment.
Primary sources
- November 5, 2026 — Q3 2026 interim report (PDF)
- November 5, 2026 — Q3 2026 results and business update release
- November 2, 2026 — Guggenheim and Stifel healthcare conferences on November 9 and 12
- October 22, 2026 — ASPIRE passes the pre-planned futility analysis
- October 13, 2026 — Chardan Healthcare Conference panel on October 20
- September 30, 2026 — Incentive-plan deliveries take registered shares to 281,644,509
- September 24, 2026 — Stifel immunology and inflammation forum
- September 7, 2026 — ASPIRE baseline characteristics presented at ERS
- September 2, 2026 — September investor-conference participation
Disclaimer. Published by Merlintrader for educational and informational purposes only. It is independent research, not investment, legal, tax or medical advice, not an offer or solicitation, and not a research report under applicable United States securities regulation. Nothing here is a recommendation to buy, sell or hold $VCRE or any other security.
Figures come from SEC filings, company releases and market data, with their reference dates; they can change without notice and may be outdated or incomplete when read. Verify every figure against the primary source. Clinical-stage biotechnology companies carry clinical, regulatory, financing and single-asset concentration risks. Trial results may not support approval; company milestones may move. ADSs can trade at low volume and wide spreads, and prices must be compared on the correct ADS ratio. Investors can lose part or all of their capital; each reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.
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