What Vicore Pharma does

Vicore Pharma Holding AB (PUBL) is a clinical-stage biopharmaceutical company founded in 2009 and headquartered in Mölndal/Stockholm, Sweden, listed on Nasdaq Stockholm under the ticker VICO. The company is developing a proprietary class of small-molecule drugs called angiotensin II type 2 receptor agonists (ATRAGs), with lead asset buloxibutid currently in a global Phase 2b ASPIRE trial for idiopathic pulmonary fibrosis (IPF). Buloxibutid has received FDA Orphan Drug and Fast Track designations and Orphan Drug designation in Japan, positioning it as a first-in-class disease-modifying candidate in a therapeutic area where existing therapies primarily manage symptoms rather than alter disease progression.

The underlying technology is centered on the AT2 receptor pathway, a mechanism distinct from currently approved IPF drugs, and Vicore has expanded the ASPIRE trial from 270 to 360 patients. The company has 11–50 employees, is led by founder-CEO Ahmed Mousa, and in 2026 internally promoted new CMO, CTO, and CBO roles to support late-stage development and partnership activity.

Vicore is pre-revenue from product commercialization. Reported revenue (SEK 3.8 million in 2025 versus SEK 109.4 million in 2024) reflects non-recurring milestone or collaboration income rather than product sales, and operating loss expanded to SEK 452.4 million in 2025 from SEK 194.2 million in 2024 as Phase 2b trial activity scaled. The company has financed operations through multiple capital raises, including a USD 46 million round in June 2023, a Sanofi investment in September 2024, and an approximately USD 48 million directed share issue in November 2025 with participation from Sanofi, HBM, HealthCap, AP4, and Invus. Upon regulatory approval, distribution is expected to follow standard pharmaceutical wholesale and pharmacy channels globally.

Name

Vicore Pharma

Legal name

Vicore Pharma Holding AB (PUBL)

Website

https://vicorepharma.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Vicore Pharma is a clinical-stage Swedish biopharmaceutical company developing buloxibutid, a first-in-class angiotensin II type 2 receptor agonist for idiopathic pulmonary fibrosis. The company is listed on Nasdaq Stockholm and holds FDA Orphan Drug and Fast Track designations.

Ownership category

akta.pro rank

Product category

Respiratory Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Respiratory & Allergy Pharmaceuticals (HLAIAAAH)

akta.pro secondary industries

Pulmonary Hypertension & Rare Pulmonary Disease Therapies (HLAIAIAG), Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)

Keywords

• Idiopathic pulmonary fibrosis
• Respiratory disease therapeutics
• Clinical-stage biopharmaceutical
• Fibrotic disease treatment
• Pharmaceutical drug development

Headquarters

HQ city

Mölndal

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Revenue: Pre-revenue clinical-stage biopharmaceutical company. Revenue will be generated from commercialization of drug candidates upon regulatory approval. Currently in Phase 2b clinical trials for lead program buloxibutid.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vicore Pharma is a clinical-stage biopharmaceutical company developing buloxibutid, a first-in-class angiotensin II type 2 receptor (AT2) agonist (ATRAG), currently in a global Phase 2b ASPIRE trial for the treatment of idiopathic pulmonary fibrosis (IPF). The company is also developing additional ATRAG drug candidates targeting respiratory and fibrotic diseases, and has received FDA Orphan Drug and Fast Track designation for its lead program.

Product overview

Vicore Pharma is a clinical-stage biopharmaceutical company developing buloxibutid, a first-in-class angiotensin II type 2 receptor agonist (ATRAG), currently in a global Phase 2b ASPIRE trial for idiopathic pulmonary fibrosis (IPF). The company is listed on Nasdaq Stockholm (ticker: VICO) and has received Orphan Drug and Fast Track designation from the FDA for buloxibutid. Vicore Pharma operates in the respiratory and fibrotic disease therapeutic area with this novel drug as its lead program.

Differentiator

Problem solved

Functional benefit

Products and services

• Buloxibutid

Quantifiable outcome

• Phase 2b ASPIRE trial enrollment expanded from 270 to 360 patients indicating positive early signals

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Boehringer Ingelheim: Markets nintedanib (Ofev), the leading approved IPF therapy, and is investing in next-generation respiratory and fibrosis programs. Comparable as the dominant incumbent whose standard-of-care product buloxibutid must displace.
• Bristol Myers Squibb: Acquired Promedior and its IPF/prm-151 program, with broader respiratory and fibrosis ambitions. Comparable as a large incumbent that has invested in IPF pipeline assets.
• Roche (Genentech): Historically commercialized Esbriet (pirfenidone) for IPF outside the US through its Genentech unit. Comparable as a global respiratory incumbent whose IPF franchise defines the current treatment landscape.

Direct peers

• Galapagos NV: European biopharma with historical IPF programs (e.g., ziritaxestat) and a broader fibrosis and inflammation pipeline. Comparable as a European-listed mid-cap pursuing novel mechanisms in IPF.
• Pliant Therapeutics: Clinical-stage biopharma developing therapies for idiopathic pulmonary fibrosis and other fibrotic diseases, with Bexotegrast in Phase 2b/3 development. Closely comparable to Vicore in indication, stage, and mechanism innovation within IPF.
• FibroGen: Markets pirfenidone (Esbriet), one of two FDA-approved IPF therapies. Directly comparable as a commercial-stage player in the same indication that Vicore targets with buloxibutid.
• United Therapeutics: Develops and commercializes therapies for pulmonary hypertension and pulmonary fibrosis, including Tyvaso DPI for PH-ILD. Comparable in late-stage pulmonary fibrosis and rare respiratory disease focus.

Emerging players

• Blade Therapeutics: Clinical-stage company developing antifibrotic therapies for IPF and other fibrotic diseases. Comparable as a smaller, indication-aligned fibrosis biotech competitor.
• Endeavor BioMedicines: Clinical-stage biotech developing envonalkib and other therapies for IPF and fibrotic diseases. Comparable as an emerging IPF-focused player with overlapping target indication.
• Avalyn Pharma: Clinical-stage company developing inhaled formulations of pirfenidone for IPF. Comparable as a smaller IPF-focused biotech pursuing improved respiratory delivery of fibrosis therapeutics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vicore-pharma-ab

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds4 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vicore Pharma