2cureX AB (2CUREX) AI Stock Analysis

• Market Cap: kr53.47M
• Dividend Yield: 11.26%
• Average Volume (3M): 53.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 14
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 25,102,917
• 10 Day Avg. Volume: 69,592
• 30 Day Avg. Volume: 53,143
• PEG Ratio: 0.02
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: kr2.00 ▲(270.37% Upside)

The score is held back primarily by weak financial performance (ongoing losses, minimal revenue, and negative free cash flow despite improvement in 2024). Technical indicators are comparatively stronger (positive momentum and price above key short/mid-term averages), while valuation is mixed due to a high dividend yield offset by a negative P/E.

Positive Factors

Debt-free balance sheet

Having no debt materially reduces fixed obligations and financial distress risk, giving management flexibility to fund operations via equity, partnerships, or grant funding. This durable balance-sheet strength supports continued R&D and commercialization efforts over the next several months.

Platform-focused business model

A clear platform offering—functional drug response testing for precision oncology—creates multiple durable revenue vectors: per-test clinical fees, pharma collaborations, and licensing. Structural demand for personalized oncology diagnostics supports recurring, contractable revenue potential over time.

Improving cash burn trend

Material narrowing of losses and reduced cash burn in 2024 indicates improving operating discipline or commercialization traction. A sustained improvement trend lowers near-term refinancing pressure and increases the chance of reaching breakeven within a multi-quarter horizon if continued.

Negative Factors

Near-zero revenue

Volatile and effectively negligible revenue (declines to near-zero) signals weak commercial traction and makes scaling the test platform uncertain. Without sustainable test volumes or contracted revenue, the business struggles to convert R&D into durable, predictable income.

Negative cash generation

Persistent negative operating and free cash flow necessitate external funding to sustain R&D and commercialization. Over the medium term this creates dilution or financing risk, constrains reinvestment in sales/clinical adoption, and limits strategic flexibility if markets tighten.

Shrinking equity and assets

Erosion of the capital base reduces the company’s financial cushion and ability to absorb setbacks. Even with no debt, a shrinking equity/asset base heightens solvency risk and increases the likelihood of needing dilutive funding or strategic partnerships to preserve operations.

2cureX AB Business Overview & Revenue Model

Company Description

2cureX AB (publ) operates as a medtech company in Europe. Its principal product is IndiTreat, an IVD test, which helps to predict cancer patient's response and resistance to different drugs and select the appropriate treatment. The company is also conducting various clinical programs for IndiTreat for breast colorectal, ovarian, and pancreatic cancers. 2cureX AB (publ) was incorporated in 2006 and is based in Copenhagen, Denmark.

How the Company Makes Money

2cureX AB Financial Statement Overview

Summary

Overall fundamentals remain weak: persistent losses, near-zero/effectively zero revenue in recent years, and meaningfully negative operating/free cash flow. Positives include no debt and a material improvement in losses and cash burn in 2024, but the shrinking asset/equity base and continued reliance on external funding keep the score low.

Income Statement

Profitability remains very weak with persistent losses across the period and deeply negative profit levels in most years. Revenue has been volatile—declining sharply from 2020–2021 levels, near-zero in 2022–2023, and effectively zero in 2024—making it difficult to demonstrate a stable commercial trajectory. A positive sign is that losses narrowed materially in 2024 versus 2023, but the business is still far from breakeven and margin profile is not yet sustainable.

Balance Sheet

The balance sheet shows no debt, which meaningfully reduces financial risk and provides flexibility. However, equity and total assets have declined substantially from 2020–2022 to 2024, consistent with ongoing losses and cash burn, and returns to shareholders are strongly negative. Overall, low leverage is a clear strength, but the shrinking capital base highlights the need for improved operating performance or additional funding over time.

Cash Flow

Cash generation is consistently negative, with operating and free cash flow deeply cash-consuming each year. While cash burn improved significantly in 2024 versus 2023, free cash flow remains meaningfully negative, indicating continued reliance on external financing to fund operations. The trend is directionally better, but the company has not yet demonstrated a path to self-funding through operating cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.18M	0.00	155.00K	90.00K	7.39M	15.39M
Gross Profit	-12.53M	0.00	-9.27M	-9.02M	7.04M	15.01M
EBITDA	-28.18M	-4.13M	-35.14M	-29.46M	-22.13M	-8.21M
Net Income	-24.65M	-4.13M	-32.52M	-29.77M	-18.94M	-7.32M
Balance Sheet
Total Assets	7.05M	7.75M	16.28M	47.66M	79.16M	63.04M
Cash, Cash Equivalents and Short-Term Investments	3.13M	5.14M	13.40M	44.89M	72.94M	58.58M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.26M	2.65M	4.20M	4.62M	4.82M	4.18M
Stockholders Equity	2.79M	5.10M	12.08M	43.03M	74.34M	58.86M
Cash Flow
Free Cash Flow	-22.61M	-4.63M	-31.24M	-28.52M	-18.46M	-12.10M
Operating Cash Flow	-22.59M	-4.63M	-31.22M	-27.98M	-18.43M	-11.69M
Investing Cash Flow	-6.00K	5.62M	-17.00K	-541.00K	-32.00K	-403.00K
Financing Cash Flow	0.00	2.69M	0.00	0.00	32.55M	37.61M

2cureX AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2CUREX	54 Neutral	kr53.47M	-9.34	-304.59%	11.26%	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%