Financial overview
Third quarter 2026, 1 April – 30 September
Net sales amounted to SEK 38 thousand (0).
Profit/loss after tax amounted to SEK -8,073 thousand (-9,511).
Earnings per share before and after dilution amounted to SEK -1.53 (-0.04).
Cash flow from operating activities after changes in working capital amounted to SEK -252 thousand (-2,967).
First nine months 2026, 1 January – 30 September
Net sales amounted to SEK 116 thousand (0).
Profit/loss after tax amounted to SEK -28,627 thousand (-32,589).
Earnings per share before and after dilution amounted to SEK -5.41 (-0.18).
Cash flow from operating activities after changes in working capital amounted to SEK -11,143 thousand (-17,124).
Cash and cash equivalents amounted to SEK 6,284 thousand (4,094) at the balance sheet date.
Financial development
Third quarter 2026
Revenue and results
Net sales for the third quarter of 2026 amounted to SEK 38 thousand (0), marking the first order outside the Nordic region. This represents another important milestone in the continued commercialisation of the technology. The order was received from a European university hospital and included both the SCIZYS® Erbium Kit and Scan-as-a-Service. Other operating income primarily relates to rental income.
Operating expenses and depreciation for the second quarter amounted to SEK 8,147 thousand (8,909).
Amortisation of capitalised development costs and patents commenced during the third quarter, amounting to SEK 4,866 thousand. The amortisation period is five years.
The operating loss for the third quarter amounted to SEK 7,921 thousand (8,873), while the loss after tax amounted to SEK 8,073 thousand (9,511).
Cash flow
Cash flow from operating activities during the third quarter amounted to SEK -252 thousand (-2,967). Total cash flow for the period amounted to SEK 3,505 thousand (-3,084).
Investments, liquidity and financial position
Investments in capitalised research and development expenditure amounted to SEK 51,211 thousand (69,833), while amortisation amounted to SEK 4,656 thousand (4,656).
Investments in the patent portfolio amounted to SEK 0 thousand (65), while amortisation amounted to SEK 175 thousand (166).
During the quarter, the Company carried out a rights issue, raising approximately SEK 15 million before issue costs and the repayment of SEK 4 million in loans to Fenja Capital. The remaining loans to Fenja Capital amount to SEK 2 million. The Board of Directors considers that the Company's working capital requirements for continuing operations have been secured into the latter part of the first quarter of 2027.
In addition to shares, the aforementioned rights issue also included warrants of series TO10. The warrants, which may be exercised in January 2027, could provide the Company with a maximum of approximately SEK 15 million before deduction of issue-related costs.
The Company's working capital requirements for continuing operations are partly dependent on the outcome of the exercise of the series TO10 warrants. If the series TO10 warrants are not exercised to a sufficient extent, the Company will need to secure additional financing to cover its working capital requirements for the subsequent period. The Board of Directors and management continuously evaluate various capital-raising and financing alternatives to strengthen the Company's financial position and support its continuing operations.
Cash and cash equivalents at the balance sheet date amounted to SEK 6,284 thousand (4,094).
Equity amounted to SEK 58,406 thousand (58,222). The equity ratio was 91 percent (73).
First nine months 2026
Revenue and results
Net sales for the first nine months of 2026 amounted to SEK 116 thousand (0). The revenue represents the Company's first sales of services and consumables to CROs and researchers.
Other operating income primarily relates to rental income and grants from Vinnova and Region Skåne.
Operating expenses for the first nine months amounted to SEK 28,887 thousand (31,300). External expenses and personnel costs decreased by a total of SEK 2,534 thousand compared with the same period in 2025, primarily as a result of cost-efficiency measures implemented.
Amortisation of capitalised development costs and patents amounted to SEK 14,606 thousand (14,449) for the first nine months. The amortisation period is five years.
The operating loss for the period January–September 2026 amounted to SEK 27,906 thousand (31,074), while the loss after tax amounted to SEK 28,627 thousand (32,589).
Cash flow
Cash flow from operating activities for the first nine months amounted to SEK -11,143 thousand (-17,124). Total cash flow for the period amounted to SEK -8,954 thousand (-17,498).
Personnel
The average number of employees during the third quarter was 6 (7), of whom 2 (3) were women.
Accounting and valuation principles
This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board's general guidelines BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3).
Further information on the Company's accounting principles can be found on page 29 of the 2025 Annual Report. Amounts are stated in SEK thousand (SEK thousand) and SEK million (SEK million), where applicable, and refer to thousands and millions of Swedish kronor, respectively. Amounts in parentheses refer to comparative figures for the corresponding period of the previous year.
Auditor’s review
This report has not been reviewed by the Company's auditors.
Material risks and uncertainties
A description of Lumito's material risks and uncertainties is provided on pages 22-23 of the Company's 2025 Annual Report. No material changes have arisen since then.
Significant events during the third quarter 2026
1 July: Lumito appointed Pascal Bamford as the new Chair of the Company's Advisory Board, while Paul Waring remains as an adviser. The change reflects the Company's increased focus on market development and strengthens its strategic expertise through Bamford's extensive experience in commercialisation within the pharmaceutical and diagnostics industries.
6 July: Lumito announced the terms of the forthcoming rights issue, which had been decided upon to finance the continued commercialisation of SCIZYS®.
7 July: At an Extraordinary General Meeting, the resolutions required to carry out the rights issue were approved, including amendments to the Articles of Association, a reduction in share capital, and the issue of shares and warrants with preferential rights for existing shareholders.
8 July: Lumito published the information memorandum ahead of the rights issue.
9 July: Lumito and Navinci Diagnostics announced the launch of a pilot project to evaluate a combination of the companies' technologies in advanced tissue analysis. The initial results were considered highly promising and demonstrated that the technologies work well together, creating a powerful tool for research and drug development.
13 July: Lumito announced the commencement of the subscription period for the Company's rights issue.
14 July: Lumito and Offspring Biosciences presented highly positive initial results from a pilot study combining Lumito's SCIZYS® platform with a Roche Ventana automated immunohistochemistry platform. The results demonstrated good compatibility and represent an important step towards a more automated and standardised workflow, significantly strengthening the commercial potential.
16 July: Lumito's founder and Board member Stefan Andersson-Engels participated as an invited speaker at the 2026 Gordon Research Conference, one of the world's most prestigious scientific conferences. His presentation of the research underpinning the SCIZYS® platform strengthens Lumito's scientific standing and international visibility in advanced medical imaging technology.
20 July: Lumito presented positive results from two ongoing research collaborations, strengthening the scientific evidence supporting SCIZYS® and its commercial potential. The results included the identification of the PSA biomarker in prostate cancer tissue, as well as a wider dynamic detection range and virtually eliminated interfering background signal compared with conventional fluorescence microscopy. These findings strengthen Lumito's ability to expand the use of SCIZYS® in research and drug development.
29 July: Lumito announced the outcome of the rights issue, which was subscribed to approximately 50 per cent following the utilisation of underwriting commitments. The issue provided the Company with approximately SEK 15 million before issue costs. If the warrants are exercised in full, Lumito may receive an additional approximately SEK 15 million in January 2027.
17 August: Lumito announced that the final part of the rights issue and the compensation issue to the underwriters had been registered with the Swedish Companies Registration Office. Following the registrations, the share capital amounted to SEK 17,543,781, divided into 11,695,854 shares.
18 August: Lumito invited shareholders, investors and other stakeholders to a webinar in connection with the publication of the Company's second-quarter report for 2026.
20 August: Lumito published its second-quarter report for 2026. The report showed continued cost efficiencies and the first revenues from sales of services and consumables to CROs and researchers.
1 September: Lumito announced that it had terminated its mentor agreement with Mangold Fondkommission AB. The mentorship will end on 26 November 2026 and is not considered to have any material impact on the business or the Company's ability to comply with NGM Nordic SME's regulations.
1 September: Lumito received its first commercial order outside the Nordic region since the commercial launch. The order, worth approximately EUR 4,000, was placed by a European university hospital and includes the SCIZYS® Erbium Kit and scans through Scan-as-a-Service.
15 September: Lumito was featured in a new peer-reviewed scientific study in which SCIZYS® was used to analyse biomarkers in individual immune cells. The study broadens the scientific evidence base and the potential applications of SCIZYS®, including in cell-based research, drug development and precision medicine.
21 September: Lumito announced that the SCIZYS® Erbium Kit had been successfully integrated with CliniSciences' automated laboratory platform for tissue sample staining. The tests produced high-quality images without prior protocol optimisation, strengthening the potential to integrate SCIZYS® into existing automated laboratory workflows and thereby reach a broader user base.
Significant events after the end of the period
5 October: Lumito published an investor letter providing an update on the objectives communicated in connection with the rights issue during the summer, as well as an update on the Company's continued commercialisation of SCIZYS®.
21 October: Lumito announced the completion of the pilot study with Navinci Diagnostics AB, with promising results confirming that SCIZYS® works well in combination with Navinci's technology. Although the collaboration is not continuing at present, the results strengthen the scientific evidence supporting SCIZYS®, help build customer confidence and create the conditions for increased sales.
22 October: Lumito announced that it had entered into a partnership with CRO company Aurevia AB to broaden the commercial reach of SCIZYS®. Through Aurevia's established customer relationships in drug development and clinical research, new opportunities are created to reach potential customers, identify applications and develop commercial business.
27 October: Lumito announced today that the first phase of the pilot project conducted in collaboration with Anders Bjartell, Professor of Urology at Lund University and a leading researcher in prostate cancer, had been completed with very positive results. The study, conducted on lymph node samples from patients with prostate cancer, shows that Lumito's SCIZYS® technology offers an approximately tenfold wider measurement range for the PSA (prostate-specific antigen) biomarker compared with the established reference method used in the study (chromogenic HRP/DAB).
CEO statement
From technical validation to commercial growth
During the third quarter of 2026, we took several important steps towards establishing SCIZYS in a broader international market. Our first commercial order outside the Nordic region, deeper collaborations with established industry players and continued scientific evidence supporting the technology's performance represent important progress for Lumito and strengthen our commercial position.
SCIZYS is already being used by customers and can be integrated into existing laboratory workflows without extensive modifications. Our focus is now on converting growing market interest into more customer contracts, a stronger market presence and recurring revenue.
A growing need – and a clear opportunity for Lumito
Developments in precision medicine and drug development are increasing the need for detailed information about biological processes in tissue. For researchers and pharmaceutical companies, the ability to identify and measure biomarkers with high sensitivity is essential to understanding disease mechanisms, evaluating drug candidates and developing more targeted treatments.
SCIZYS combines high sensitivity with a wide measurement range and an exceptionally low background signal. This provides better conditions for detecting and analysing relevant biomarkers in complex tissue samples. Market opportunities include academic research, CROs, drug development and digital pathology. By offering instruments, consumables and analytical services, we are creating opportunities for broad commercial reach.
Our ambition is to make advanced tissue analysis more accessible to those developing tomorrow's medicines and diagnostic methods. This is the foundation of our positioning: Seeing more. Enabling precision medicine. Shaping the future of patient care.
First order outside the Nordic region – an important step in market expansion
In September, we received our first order outside the Nordic region. The customer is a European university hospital conducting cancer research. The order included both the SCIZYS Erbium Kit and Scan-as-a-Service.
The order confirms SCIZYS's potential beyond the Nordic region and demonstrates that market interest can be converted into paying customer projects. Although the initial order value is relatively modest, the transaction provides an important reference in a new market and creates opportunities for deeper customer relationships, additional projects and increased sales over time.
Integrations that facilitate sales and scalability
To reach more customers, SCIZYS needs to work within existing processes without requiring extensive changes or adaptations. Straightforward implementation can lower the barrier for customers to evaluate the technology and facilitate its path towards commercial use.
We have previously demonstrated good compatibility with Leica's automated platform for tissue staining. During the quarter, we built on this progress through integration with CliniSciences' automated platform, where high-quality images were obtained without prior optimisation. The pilot project with Offspring Biosciences has also produced promising results, demonstrating that SCIZYS can be used in established automated immunohistochemistry workflows based on Roche Ventana's tissue staining platform. Taken together, these results demonstrate SCIZYS's potential for integration into existing laboratory workflows.
Scientific results that strengthen customer value
Scientific results provide prospective customers with a stronger basis for assessing SCIZYS's performance and relevance to their own applications. During the quarter, the first phase of the pilot project with Professor Anders Bjartell at Lund University showed that SCIZYS offers an approximately tenfold wider measurement range for the PSA biomarker (prostate-specific antigen, a biomarker associated with prostate cancer) in lymph node tissue from prostate cancer patients compared with the reference method used in the study. The result demonstrates the technology's potential to capture differences in the presence and levels of biomarkers.
A separate peer-reviewed scientific publication from Malmö University, co-authored by Lumito, also demonstrated the technology's wide measurement range. Compared with conventional fluorescence microscopy, the measurement range was significantly wider, while background signal was virtually eliminated.
These scientific results, together with the ability to integrate SCIZYS into established workflows, strengthen the platform's relevance to customers in research and drug development and create opportunities for broader adoption and further commercial collaborations.
International interest to be converted into business
At the European Congress of Pathology, we initiated approximately 20 qualified discussions with prospective customers and partners. Our focus is now on following up these discussions with the aim of developing the most promising opportunities into pilot projects, partnerships and commercial agreements. This provides a concrete basis for continued commercial engagement and market expansion.
A business model with multiple routes to recurring revenue
Lumito's business model is designed to combine instrument sales with long-term, recurring revenue streams from consumables and analytical services such as Scan-as-a-Service. As SCIZYS becomes established with new customers, the opportunities for repeat business and progressively higher customer value over time increase.
CROs represent an important sales channel. When a CRO offers analyses using SCIZYS, the technology can reach multiple pharmaceutical and biotechnology companies through a single partner. This can increase market penetration and provide a more cost-effective route to new customers.
At the same time, we are developing direct relationships with the pharmaceutical industry. Closer dialogue with pharmaceutical companies can create opportunities for new applications, larger projects and strategic collaborations. Together, instrument sales, CRO channels and partnerships give Lumito several routes to market and provide the foundations for a scalable business with long-term revenue potential.
The next phase: increased conversion and accelerated market expansion
Lumito is entering the next phase with external customer projects, a growing number of CRO collaborations, its first order outside the Nordic region and positive results from both integration projects and scientific collaborations.
Our focus is now on translating these achievements into measurable business results by:
- Increasing conversion from customer discussions and evaluations into paid projects and commercial agreements.
- Scaling sales channels through CROs, research collaborations and strategic partnerships.
- Developing recurring revenue from consumables and analytical services as the customer base grows.
- Strengthening our market position through deeper relationships with the pharmaceutical industry and a clear focus on customer value.
We have taken important steps towards broader market adoption. The next step is to convert growing interest into business, develop existing customer relationships and scale sales. By executing this strategy, we aim to deliver long-term growth and increase shareholder value.
Seeing more. Enabling precision medicine. Shaping the future of patient care.
Lund in October 2026
Sanna Wallenborg, CEO of Lumito
For more information, please contact:
CEO Sanna Wallenborg
E-mail: sw@lumito.se
Telephone: +46 70 870 01 68
About Lumito
Lumito develops and markets innovative technology that opens new possibilities for advanced analysis of tissue samples in research, drug development and digital pathology. The Company's patented SCIZYS® platform is based on up-converting nanoparticles (UCNPs) and combines very high detection sensitivity with minimal interfering background. The technology enables the identification and quantitative analysis of specific proteins in tissue, including at low levels that may be difficult to detect using conventional methods. The high signal stability and low background create conditions for more detailed and reproducible tissue analysis.
SCIZYS® has the potential to support the development from predominantly visual and semiquantitative assessment of biomarkers towards more sensitive, objective and quantitative analysis. This can provide researchers with new tools to understand disease mechanisms, identify biomarkers and develop more personalised treatment strategies.
Lumito's vision extends beyond today's research applications. By enabling more detailed information about biological processes, the Company aims to contribute to the development of precision medicine, where better medicines, diagnostics and more informed treatment decisions may, over time, lead to improved patient outcomes and more efficient use of healthcare resources.
Lumito
Seeing more. Enabling precision medicine. Shaping the future of patient care.
The share is traded at NGM Growth Market under the name LUMITO.