Icosagen AS

Active Registry code 10565884 AS Õssu küla Registered 27 Aug 1999

Icosagen AS is a AS based in Õssu küla, registry code 10565884, status: active. Main activity: Research and experimental development on natural sciences and engineering. According to EMTA, turnover for Q3 2026 was €470 355 with 38 employees.

Turnover

470 355 €

↓ 29.6% vs Q2 2026

State taxes

179 265 €

↓ 22.9% vs Q2 2026

Labour taxes

138 435 €

↓ 14.5% vs Q2 2026

Employees

±0 vs Q2 2026

Q3 2026 · data from the Tax and Customs Board (EMTA)

Position in the industry Scientific research and development · EMTAK 72

Turnover · Q3 2026 470 355 €

above 95% of companies

industry median 14 442 € · companies in the industry: 318
Labour taxes per employee 3 643 €

above 67% of companies

industry median 2 218 € · companies in the industry: 234
Revenue · 2025 2.1 mn €

above 98% of companies

industry median 0 € · companies in the industry: 1 073
Net profit margin · 2025 6.2 %

above 42% of companies

industry median 13.5 % · companies in the industry: 597

Taxes and turnover

Q4 2023 – Q3 2026

Turnover, € thousand Q3 2026: 470 355 € · −29.6% vs Q2 2026 · industry median 14 442 € · above 95% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Labour taxes per employee, € Q3 2026: 3 643 € · −14.5% vs Q2 2026 · industry median 2 218 € · above 67% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Employees Q3 2026: 38 · +0.0% vs Q2 2026

State taxes, € thousand Q3 2026: 179 265 € · −22.9% vs Q2 2026

Figures by quarter
Quarter	Turnover, €	State taxes, €	Labour taxes, €	Employees
Q3 2026	470 355	179 265	138 435	38
Q2 2026	668 536	232 441	161 818	38
Q1 2026	757 108	218 308	143 064	40
Q4 2025	540 638	196 183	139 975	36
Q3 2025	483 794	192 320	147 792	37
Q2 2025	644 818	219 996	141 419	39
Q1 2025	892 341	283 649	170 307	39
Q4 2024	354 903	144 347	120 548	38
Q3 2024	487 817	172 698	124 809	36
Q2 2024	503 046	140 899	108 634	38
Q1 2024	758 156	213 876	158 927	32
Q4 2023	493 171	146 801	106 943	31
Q3 2023	644 958	167 490	108 940	31
Q2 2023	312 230	113 820	106 726	31
Q1 2023	1 253 222	136 474	138 950	32
Q4 2022	321 851	89 606	90 366	29
Q3 2022	376 835	91 642	93 200	30
Q2 2022	316 313	86 232	84 149	30
Q1 2022	1 066 152	115 928	122 482	30

Labour taxes per employee per month

1 214 €

Turnover per employee in the quarter

12 378 €

Q3 2026 · calculated from EMTA data

Financials by year

2016 – 2025

Revenue, € thousand 2025: 2 124 539 € · +4.4% vs 2024 · industry median 0 € · above 98% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit, € thousand 2025: 132 737 € · +11.4% vs 2024 · industry median 0 € · above 98% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit margin, % 2025: 6.2 % · +0.4 pp vs the year before · industry median 13.5 % · above 42% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Assets, € thousand 2025: 24 635 592 € · +89.0% vs 2024

Equity, € thousand 2025: 5 291 587 € · +2.6% vs 2024

Employees 2025: 37 · +5.7% vs 2024 · industry median 1 · above 98% of the industry

Company
Industry median

Industry: Scientific research and development (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Financials by year
Year	Revenue, €	Net profit, €	Labour costs, €	Assets, €	Equity, €	Employees
2025	2 124 539	132 737	1 372 221	24 635 592	5 291 587	37
2024	2 035 311	119 181	1 305 093	13 033 570	5 158 850	35
2023	1 936 027	58 350	1 177 528	5 515 643	5 039 669	30
2022	2 412 163	226 859	1 015 235	5 787 595	4 981 319	27
2021	3 583 416	1 318 758	802 912	5 916 237	4 754 460	24
2020	2 547 350	1 042 976	612 294	4 252 420	3 435 702	20
2019	1 096 550	139 232	498 529	2 711 782	2 392 726	17
2018	—	—	—	—	—	16
2017	—	—	—	—	—	18
2016	—	—	—	—	—	0
2015	—	—	—	—	—	17
2014	—	—	—	—	—	15
2013	—	—	—	—	—	13
2012	—	—	—	—	—	11
2011	—	—	—	—	—	24
2010	—	—	—	—	—	10
2007	—	—	—	—	—	14
2006	—	—	—	—	—	14
2004	—	—	—	—	—	31
2003	—	—	—	—	—	22
2002	—	—	—	—	—	17
2001	—	—	—	—	—	16
2000	—	—	—	—	—	7
1999	—	—	—	—	—	4

Figures from the company’s own (non-consolidated) balance sheet and income statement. A loss is shown with a minus sign.

Financial ratios for 2025

Net profit margin

6.2 %

Net profit / revenue

Return on equity (ROE)

2.5 %

Net profit / equity

Return on assets (ROA)

0.5 %

Net profit / assets

Equity ratio

21.5 %

Equity / assets

Debt ratio

78.5 %

Liabilities / assets

Current ratio

3.68

Current assets / current liabilities

Revenue per employee

57 420 €

Revenue / average full-time employees

Labour cost per employee per month

3 091 €

Labour costs / employees / 12 months (incl. employer taxes)

Annual reports

PDFs from e-Äriregister

Annual reports
Year	Period	Filed	Report	Documents
2025	1 Jan 2025 – 31 Dec 2025	29 Jun 2026	Consolidated · audited	e-Äriregister
2024	1 Jan 2024 – 31 Dec 2024	30 Jun 2025	Consolidated · audited	e-Äriregister
2023	1 Jan 2023 – 31 Dec 2023	11 Jun 2024	Consolidated · audited	e-Äriregister
2022	1 Jan 2022 – 31 Dec 2022	19 Jun 2023	Consolidated · audited	e-Äriregister
2021	1 Jan 2021 – 31 Dec 2021	30 Jun 2022	Consolidated · audited	e-Äriregister
2020	1 Jan 2020 – 31 Dec 2020	29 Oct 2021	Consolidated · audited	e-Äriregister
2019	1 Jan 2019 – 31 Dec 2019	30 Jun 2020	Consolidated · audited	e-Äriregister

Commercial pledges

No.	Amount	Pledgee	Period
2	2 000 000 EEK	aktsiaselts Hansapank	20 Jun 2006 – in force

Board

Nasdaq CSD SE
Keeper of the share ledger · since 28 Sep 2017
Mart Ustav
Board member · since 24 Nov 2008
Mart Ustav
Board member · since 20 Jan 2023

Right of representation

Any member of the management board may represent the public limited company in all transactions.

Owners

No owner information.

Owner in

ICO Park OÜ
100%
Icosagen Cell Factory OÜ
100%

Beneficial owners

Ene Talpsep
Direct ownership · since 30 Jun 2020
Mart Ustav
Indirect ownership · since 18 Oct 2018

Founders and other persons

Ain Laving
Founder · 10 000 € · 27 Aug 1999
Elve Raukas
Founder · 10 000 € · 27 Aug 1999
Marika Mikelsaar
Founder · 10 000 € · 27 Aug 1999
Mart Ustav
Founder · 10 000 € · 27 Aug 1999
Grant Thornton Baltic OÜ
Audit firm · 15 Feb 2023
Kalevi Reijonen
Chairman of the supervisory board · 1 Jul 2024
Ene Talpsep
Supervisory board member · 1 Jul 2024
Richard Villems
Supervisory board member · 1 Jul 2024
Omanikukonto: AMPLIKON OÜ
Shareholder · 184 838 € · 5 Dec 2025

shared board members, owners or beneficial owners

Activities (EMTAK)

72101Research and experimental development on natural sciences and engineering Main
96999Other personal service activities n.e.c.

Rulings 39

All rulings (PDF)

Rulings
Number, date	Title	Deadline	State	Document
Ä 20015696 / M17 2 Jul 2024	Ruling to correct data outside an entry	16 Jul 2024	Deficiencies eliminated 4 Jul 2024	PDF
Ä 20015696 / 27 19 Jun 2023	Amendment entry		In force 19 Jun 2023	PDF
Ä 20015696 / 26 20 Jan 2023	Amendment entry		In force 20 Jan 2023	PDF
Ä 20015696 / 25 20 Jan 2023	Amendment entry		In force 20 Jan 2023	PDF
Ä 20015696 / 24 30 Jun 2022	Amendment entry		In force 30 Jun 2022	PDF
Ä 20015696 / 23 6 Oct 2020	Amendment entry		In force 6 Oct 2020	PDF
Ä 20015696 / M16 26 Aug 2020	Ruling to eliminate deficiencies	25 Sep 2020	In force 26 Aug 2020	PDF
Ä 20015696 / M15 23 Jul 2020	Ruling to correct data outside an entry	2 Aug 2020	Deficiencies eliminated 30 Jul 2020	PDF
Ä 20015696 / M14 25 Apr 2018	Ruling to correct data outside an entry	25 May 2018	Deficiencies eliminated 25 Apr 2018	PDF
Ä 20015696 / 22 17 Jan 2018	Amendment entry		In force 17 Jan 2018	PDF
Ä 20015696 / 21 23 Dec 2017	Amendment entry		In force 23 Dec 2017	PDF
Ä 20015696 / 20 3 Dec 2017	Amendment entry		In force 3 Dec 2017	PDF
Ä 20015696 / 19 28 Sep 2017	Amendment entry		In force 28 Sep 2017	PDF
Ä 20015696 / 18 6 Feb 2014	Amendment entry		In force 6 Feb 2014	PDF
Ä 20015696 / 17 9 Aug 2011	Amendment entry		In force 9 Aug 2011	PDF
Ä 20015696 / M13 18 Jul 2011	Ruling to eliminate deficiencies	18 Aug 2011	In force 18 Jul 2011	PDF
Ä 20015696 / M12 29 Jun 2011	Ruling to eliminate deficiencies		In force 29 Jun 2011	PDF
Ä 15696 / 16 2 Mar 2009	Amendment entry		In force 2 Mar 2009	PDF
Ä 15696 / M11 23 Feb 2009	Ruling to eliminate deficiencies (to be served)	1 Apr 2009	In force 2 Mar 2009	PDF
Ä 15696 / 15 3 Dec 2008	Deletion of activities from the registry card		In force 19 Dec 2008	PDF
Ä 15696 / M10 24 Nov 2008	Ruling to eliminate deficiencies (to be served)		Deficiencies eliminated 24 Nov 2008	PDF
Ä 15696 / 14 24 Nov 2008	Amendment entry		In force 24 Nov 2008	PDF
Ä 15696 / 13 29 Sep 2008	Division entry (second, constitutive)		In force 29 Sep 2008	PDF
Ä 15696 / M9 26 Sep 2008	Ruling to eliminate deficiencies (to be served)		Deficiencies eliminated 26 Sep 2008	PDF
Ä 15696 / 12 31 Mar 2008	Amendment entry		In force 31 Mar 2008	PDF
K 17047 / 5 20 Jun 2006	Commercial pledge entered		In force 20 Jun 2006	PDF
K 17047 / 4 15 Jun 2006	Commercial pledge deleted		In force 16 Jun 2006	PDF
Ä 15696 / 11 11 Apr 2006	Amendment entry		In force 11 Apr 2006	PDF
Ä 15696 / M8 29 Mar 2006	Ruling to eliminate deficiencies (to be served)	28 May 2006	In force 29 Mar 2006	PDF
K 17047 / 3 28 Nov 2005	Compliance with Commercial Code § 33 (7.1)		In force	PDF
Ä 15696 / 10 14 Jul 2005	Amendment entry		In force	PDF
Ä 15696 / M7 14 Jun 2005	Ruling to eliminate deficiencies (to be served)	15 Jul 2005	In force	PDF
Ä 15696 / M6 24 May 2005	Ruling to eliminate deficiencies (to be served)	25 Jul 2005	In force	PDF
Ä 15696 / M5 14 Jul 2004	Ruling to be served		In force	PDF
Ä 15696 / 9 5 May 2003	Entry decision on the register’s own initiative		In force	PDF
K 17047 / 2 15 Apr 2003	Compliance with Commercial Code § 33 (7.1)		In force	PDF
Ä 15696 / 8 4 Apr 2003	Transformation entry without a new registry card		In force	PDF
Ä 15696 / M4 17 Mar 2003	Ruling to eliminate deficiencies (to be served)		In force	PDF
Ä 15696 / 7 14 May 2002	Unpublished amendment entry		In force	PDF

Sources: e-Äriregister and EMTA. Data updated 2 Nov 2026. Open at the source ↗ · Report an error in the data

Icosagen AS

Position in the industry Scientific research and development · EMTAK 72

Taxes and turnover

Financials by year

Financial ratios for 2025

Annual reports

Commercial pledges

Board

Right of representation

Owners

Owner in

Beneficial owners

Founders and other persons

Related companies

Activities (EMTAK)

Rulings 39