contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


carlsquare-first-impression-q4-2025-modest-q4-sales-targeting-medicare-submission-by-mid-2026

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Immunovia operates in the biotechnology industry and focuses on the development of diagnostic tools for the early detection of cancer. The company's research and development is focused on molecular diagnostics and its products are aimed at healthcare institutions and physicians. The business is global with a strong presence in Europe and North America. Immunovia was founded in 2007 and is headquartered in Lund.

Immunovia is seeing a sharp rise today for the first time in a while, following good news from the Q4 report. Here is an AI summary: 1. 2025 Financial Statements and Reduced Losses The company published its 2025 financial statements on February 24–25, which were positively received by the market. Immunovia succeeded in significantly reducing its operating loss and demonstrated tighter cost control while preparing for commercialization in the United States. 2. Commercial Progress of the PancreaSure™ Test In its report, the company confirmed that progress with the PancreaSure test (a next-generation pancreatic cancer test) is proceeding as planned. Specifically:   Medicare Reimbursement: The company aims to submit its Medicare application by mid-2026, which is a critical step for a broad commercial breakthrough.   California Sales Permit: The sales permit for the state of California, obtained in January, has begun to reflect in investor confidence regarding the company’s ability to operate in the US market.   3. Analyst Recommendations and Technical Analysis   Carlsquare: The research firm published a fresh “Research Update,” highlighting that the company’s goals are on track, even though Q4 revenue remained modest.   Technical Signals: The stock has received “buy” signals from technical analysis as the price broke through short-term moving averages, attracting momentum investors as well.

Clark Kent got there first. Why wouldn’t I, as someone in a risk group, rather take CA19-9, which is even more sensitive? Not to mention the burden caused by false positives (well, that doesn’t bother the test seller, of course). For that $750 price, I would rather get a pancreatic MRI. I’m just wondering who the target audience for the product is. How to motivate those in risk groups/just curious to pay $750 for the test? Considering the specificity, a hospital/public healthcare might be more interested for screening purposes, but as stated, there’s a long way to go for that.

In familial cases, the sensitivity is the same 78%, the specificity is a bit better 94%, so the math is still quite unforgiving. If we consider that the prior probability of finding pancreatic cancer at a single point in time around age 50 is 10/100,000, and for someone with a family risk, it’s about 5 times higher, i.e., 50/100,000 = 0.0005 = 0.05%. By using that test and getting a negative result, the probability is still 0.0012%. Relatively, the risk decreased a lot, but absolutely, it was low and remains low. The entire lifetime risk is, of course, higher than at a single point in time. So the test should be repeated annually. In doing so, one very likely exposes oneself to a false positive result

A couple of comments and thoughts. Unfortunately, I don’t have sources for everything here, but please bear with me  PanCreasure enables the detection of pancreatic cancer significantly earlier with a blood test; otherwise, this would make no sense, and the company could file for bankruptcy. Regarding the market and investment target. I don’t recall the study or statistics, but a significant portion of health technology and medical startups end up in bankruptcy without commercializing any product. In Immunovia’s case, a critical point has been passed in that the product has been approved for the US market and has a clear market. This is not intended for mass testing, of course; much less goes much further. Here are some thoughts on the market, which I wrote about earlier: Without a payment plan, the test costs the consumer customer 750 USD. Annually, 150,000 - 170,000 cancers are diagnosed in the USA and Europe. From a doctor treating a risk group, I found the following screenprint from a Swedish forum: Placera Forum So this is what customer demand in risk groups looks like. A blood test for early diagnosis - people are willing to pay for that. Let’s continue the thought; the sales margin for the blood test must be extremely high to cover product development costs. If 750 USD sells even 100,000 units per year - which shouldn’t be an impossible feat considering the severity of the disease and the consequences of delayed diagnosis. 100,000 sold tests must already represent a sales margin many times the company’s current market value. And if tests are performed many times more than diagnoses, and when this is multiplied over several years, an optimist can say that the best returns for investors are found by digging for pearls among the trash, cigarette butts, and banana peels in the stock market’s dumpster. What about the risk? A superior, competing product or something else that makes Pancreasure unnecessary, in which case the whole thing ends in bankruptcy. In a nutshell: if the company achieves anything at all in the commercialization that has now begun, a multi-bagger scenario is likely. Failure leads to bankruptcy. I will not follow empty promises and wavering from one offering to another.

Approximately 1,000 new pancreatic cancer cases are diagnosed daily worldwide. Most of them too late.

The test is initially targeted at risk groups. Pancreatic cancer took my father, so I would gladly go for that test even once a year. There are enough people in risk groups in the world, and the company is only worth about 20 million euros so far.

Yes, I completely agree with you! The company would therefore have to survive for several more years for that evidence regarding life expectancy to be demonstrated. I don’t think that will happen just by selling the test at cost when the significantly cheaper CA19-9 is already on the market (how many people even buy this at cost, I wonder). Of course, it would help if some hospitals quickly adopted that test for their own use instead of CA19-9, but isn’t even that used only for monitoring at-risk groups?

Immunovia

Carlsquare Equity Research has published a first comment to the Q4 report released today. Read the comment here. About CarlsquareCarlsquare is a global research firm and financial advisor, focusing...

<div class="mfn-body"><p>Carlsquare Equity Research has published a first comment to the Q4 report released today. </p><p><a rel="noopener" href="https://carlsquare.com/equity-research-immunovia-q4-2025-first-impression-modest-q4-sales-targeting-medicare-submission-by-mid-2026/">Read the comment here.</a> </p></div><div class="mfn-footer mfn-about mfn-ff317aff455d"><p><strong class="mfn-heading-1">About Carlsquare</strong></p><hr><p>Carlsquare is a global research firm and financial advisor, focusing on M&amp;A, Equity<br>Research and Growth Equity. Carlsquare has 150 employees with deep sector knowledge in all 11<br>GICS sectors. The senior equity research team has extensive experience about the stock<br>environment and several business sectors. The team produces company research reports,<br>independent valuations and trading notes. The group have offices in Canada, Denmark, France, Germany, Poland, Sweden, United Kingdom and United States. <a rel="noopener" href="https://www.carlsquare.com/">Read more</a></p></div><div class="mfn-footer mfn-contacts mfn-6ca94a02479e"><p><strong class="mfn-heading-1">Contacts</strong></p><hr><p><strong>MARKUS AUGUSTSSON</strong><br>Head of Equity Research<br><a rel="noopener" href="mailto:markus.augustsson@carlsquare.com">markus.augustsson@carlsquare.com</a><br>+46 (0)76 235 03 20<br>&nbsp;<br><strong>NIKLAS ELMHAMMER</strong><br>Senior Equity Analyst<br>niklas.elmhammer@carlsquare.com<br>+46 (0)70 898 39 59</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/071e2875-9fcf-49fc-9a98-860b51fe8a0f/first-impression-q4-2025-modest-q4-sales-targeting-medicare-submission-by-mid-2026.pdf" class="mfn-generated mfn-primary">First impression Q4 2025: Modest Q4 sales, targeting Medicare submission by mid-2026</a></p></div>