SPECNasdaq StockholmMedical DevicesIFRS · SEK

SpectraCure

SpectraCure is a Swedish medical technology company based in Lund that develops a proprietary photodynamic therapy system for treating localized prostate cancer. Its platform combines a laser-based treatment device, a photosensitive drug, and patented dose-control software under the Q-PRO and IDOSE® names, with the same core technology designed to be adaptable to other solid tumors.

Operating profit (EBIT)-55.0m SEK
−138.7 %y/y
Net income-56.1m SEK
−143.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-60-40-200m SEK20212022: EBIT -26 m SEK20222023: EBIT -21 m SEK20232024: EBIT -23 m SEK20242025: EBIT -55 m SEK2025-55
RevenueOperating profit (EBIT)

Business

Share of revenue
Treatment system hardware40 %

Laser-based medical device components used to deliver interstitial PDT treatment.

Control software20 %

Patented IDOSE® software that manages light dose and treatment precision.

Clinical development services25 %

Clinical studies and evidence generation for prostate cancer indications.

Industrialization and manufacturing preparation15 %

Work to enable future series production and product launch.

Customers

SpectraCure’s direct customers are not end patients but healthcare providers, clinical investigators, and ultimately hospitals and specialist cancer centers that would adopt the Q-PRO® system after regulatory approval. In the current development phase, the company also works with research partners, reference clinics, and technology collaborators that support clinical validation and industrialization.

Clinical investigators and reference clinics

They run the prostate cancer studies and generate the clinical evidence needed for approval and adoption.

Hospitals and cancer centers

Future buyers of the Q-PRO® system for focal treatment of localized prostate cancer.

Medical technology partners

They support product development, industrialization, and future manufacturing readiness.

Licensing and commercialization partners

Potential partners for broader market access and technology monetization.

Strategy

SpectraCure’s strategy is to build clinical evidence for Q-PRO® in recurrent and primary localized prostate cancer, then use that evidence to support regulatory approval and commercialization. The company is also preparing the product for series production and working with external technology partners to make the system manufacturable at scale.

Clinical validation in prostate cancerShort term

Approval and adoption depend on demonstrating safety and efficacy in well-run studies.

Regulatory pathway in target marketsMedium term

Commercial launch requires market authorization in North America and Europe.

Industrialization and manufacturabilityMedium term

The system must be ready for series production before commercialization.

Platform expansion beyond prostate cancerLong term

The same PDT approach may be adapted to other solid tumors over time.

Geography

SpectraCure is headquartered in Lund, Sweden, and its development work is anchored there. Its clinical and commercialization strategy is focused on North America and Europe, while industrialization work involves partners in the Netherlands and Switzerland.

Risks

SpectraCure’s main risks are tied to clinical development, regulatory approval, and the ability to secure commercialization or licensing agreements. As a development-stage medtech company, it also faces competition from alternative prostate cancer treatments and depends on external partners for parts of product development and future market access.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development risk1Licensing and commercialization risk2Regulatory approval risk3Competition from alternative treatments4Partner dependency risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development riskImpact: CriticalLikelihood: High

    The business depends on proving that Q-PRO® is safe and effective in patient studies.

    Exposure: Recurrent and primary localized prostate cancer trials

  2. Licensing and commercialization riskImpact: HighLikelihood: High

    Future monetization may rely on licensing or partner agreements on acceptable terms.

  3. Regulatory approval riskImpact: HighLikelihood: Medium

    Commercial launch cannot occur without market authorization in target regions.

    Exposure: North America and Europe

  4. Competition from alternative treatmentsImpact: MediumLikelihood: Medium

    Other prostate cancer therapies may be more established, better funded, or easier to adopt.

  5. Partner dependency riskImpact: MediumLikelihood: Medium

    Industrialization and development rely on external collaborators and reference clinics.

Accounting

Judgemental items
IFRS 15 service revenue

Administrative services are the main customer revenue item and must be recognized correctly.

Impact: Affects reported other operating income

Grant income recognition

Research and innovation grants are recognized over the period they compensate.

Impact: Affects timing of other operating income

Related-party transactions

Administrative service sales to related parties require market-based pricing and disclosure.

Impact: Affects comparability of revenue and margins

IFRS 16 lease accounting

Lease accounting shifts cash flow classification without changing total cash flow.

Impact: Affects operating vs financing cash flow presentation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026