Ascelia Pharma AB (ACE) AI Stock Analysis

• Market Cap: kr381.24M
• Dividend Yield: N/A
• Average Volume (3M): 1.75M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: N/A
• EPS Growth: 31.62%
• Country: SE
• Employees: 11
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.13
• Shares Outstanding: 126,868,800
• 10 Day Avg. Volume: 1,883,755
• 30 Day Avg. Volume: 1,753,338
• PEG Ratio: 0.09
• Price to Book (P/B): 3.67
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.05
• 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: 44 Neutral
• Price Target: kr3.00 ▼(-5.36% Downside)
• Action: Reiterated Date: 02/09/26
• Date: Action: Reiterated 02/09/26

The score is primarily held down by weak financial performance (pre-revenue, persistent losses and cash burn, and declining equity), despite improvements in losses/burn and low leverage. Technicals also lean bearish with the stock trading below major moving averages. Valuation remains challenged due to negative earnings and no dividend support.

Positive Factors

Orphan-drug niche focus

Ascelia's focus on orphan oncology indications and a lead program addressing imaging for patients with impaired kidney function positions it in a high-unmet-need niche. Orphan programs often benefit from regulatory incentives, concentrated patient populations and clearer commercial pathways versus broad indications.

Low leverage

Very low reported leverage reduces near-term fixed-cost pressure from interest and refinancing, giving the company financial flexibility. This structural balance-sheet strength supports R&D continuity and negotiating power when arranging future financing or partnerships.

Improving cash-burn trend

Material reduction in annual cash burn versus prior years indicates better cost control or streamlined development spending. A sustained downward burn trend lengthens runway and reduces probability of imminent dilutive financings, improving the odds of advancing clinical milestones.

Negative Factors

Pre-revenue profile

The company has no reported revenue, meaning commercial validation and recurring cash inflows are absent. Long dependence on clinical and regulatory milestones makes sustained operations contingent on successful trials or external funding rather than organic cash generation.

Persistent negative cash flow

Consistent negative operating and free cash flow requires repeated access to capital markets or partners. Over a multi-quarter horizon this raises dilution risk and execution uncertainty if financing terms deteriorate or fundraising windows narrow.

Equity erosion

Substantial decline in shareholders' equity over several years reflects accumulated losses and capital consumption. This weakens the balance-sheet buffer, reduces resilience to clinical setbacks, and increases pressure to secure financing under potentially adverse terms.

Ascelia Pharma AB Business Overview & Revenue Model

Company Description

Ascelia Pharma AB (publ), a biotech company, operates as an oncology-focused orphan drug development company in Sweden. It is developing Mangoral, a novel non-gadolinium contrast agent, which is in Phase 3 for use in MRI-scans of the liver; and Oncoral, a novel oral chemotherapy tablet, which is in Phase 2 for the treatment of gastric cancer. It has a clinical collaboration agreement with Taiho Oncology, Inc. for the development of Oncoral in combination with LONSURF. Ascelia Pharma AB (publ) was founded in 2000 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Ascelia Pharma AB generates revenue primarily through the research and development of its proprietary drug candidates. The company aims to monetize its products by progressing them through clinical trials and eventually bringing them to the market upon regulatory approval. Key revenue streams include potential licensing agreements, partnerships with larger pharmaceutical companies, and eventual sales of approved products. Additionally, Ascelia may receive milestone payments and royalties from collaborations with other entities in the pharmaceutical industry. The company's success in securing partnerships and advancing its drug candidates through the development pipeline is crucial to its financial performance.

Ascelia Pharma AB Financial Statement Overview

Summary

Development-stage profile with no revenue and ongoing sizable losses. Losses and cash burn have improved versus 2022–2023 and leverage is very low, but persistent negative earnings/free cash flow and meaningful equity erosion keep financial strength weak overall.

Income Statement

The company remains pre-revenue (revenue is 0 across all reported years), with persistent and sizable operating losses. Losses have narrowed versus 2022–2023 (EBIT improved from -147.0M in 2022 to -74.1M in 2025), but profitability is still deeply negative and there is no visible top-line traction yet. Overall, earnings quality is weak due to the ongoing net losses and lack of revenue base.

Balance Sheet

Leverage is very low in the latest year (debt-to-equity ~0.01 in 2025), a notable improvement from 2024 when debt was materially higher. However, equity has declined meaningfully over time (from 307.8M in 2021 to 99.5M in 2025), reflecting sustained losses and ongoing capital consumption. Returns on equity are strongly negative, underscoring that the balance sheet strength is being eroded by unprofitable operations despite modest debt levels.

Cash Flow

Cash burn remains heavy with negative operating cash flow and negative free cash flow every year (2025 operating cash flow -72.3M; free cash flow -72.3M). Burn has improved substantially from 2023 (-126.8M) and 2022 (-125.3M), but the business is still not generating cash from operations. Free cash flow roughly tracks net losses (free cash flow to net income ~1.0), suggesting losses are largely translating into cash outflows rather than being cushioned by non-cash items.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	-938.00K	-1.05M	-3.89M	-8.72M
EBITDA	-71.21M	-67.69M	-108.56M	-132.06M	-128.42M
Net Income	-76.25M	-80.03M	-109.29M	-131.22M	-125.90M
Balance Sheet
Total Assets	111.94M	140.92M	87.07M	218.57M	333.49M
Cash, Cash Equivalents and Short-Term Investments	49.86M	75.26M	21.86M	149.56M	261.60M
Total Debt	1.04M	25.40M	1.06M	484.00K	1.66M
Total Liabilities	12.47M	61.98M	12.74M	37.71M	25.66M
Stockholders Equity	99.47M	78.94M	74.33M	180.86M	307.83M
Cash Flow
Free Cash Flow	-72.31M	-62.84M	-126.79M	-125.33M	-116.60M
Operating Cash Flow	-72.25M	-62.84M	-126.79M	-125.26M	-116.56M
Investing Cash Flow	-57.00K	0.00	46.00K	-65.00K	-38.00K
Financing Cash Flow	48.21M	115.19M	-936.00K	-1.10K	184.87M

Ascelia Pharma AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACE, the sentiment is Neutral. The current price of 3.17 is above the 20-day moving average (MA) of 2.92, above the 50-day MA of 3.02, and below the 200-day MA of 3.69, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 51.32 is Neutral, neither overbought nor oversold. The STOCH value of 63.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ACE.

Ascelia Pharma AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CANTA	55 Neutral	kr1.13B	7.71	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XBRANE	47 Neutral	kr133.91M	0.49	-16.90%	―	4.64%	―
ACE	44 Neutral	kr381.24M	-4.37	-79.60%	―	―	31.62%
ISOFOL	43 Neutral	kr227.13M	-3.05	-51.35%	―	―	-34.02%
IMMU	43 Neutral	kr293.00M	-2.20	-16.51%	―	―	31.37%
GUARD	42 Neutral	kr34.99M	-0.26	-199.25%	―	―	0.30%

Ascelia Pharma AB Corporate Events

Ascelia Pharma’s Orviglance NDA Accepted by FDA as Cash Runway Extends Beyond 2026 Decision

Ascelia Pharma reported that the US Food and Drug Administration has formally accepted its New Drug Application for Orviglance, setting a PDUFA decision date of 3 July 2026 and confirming the completeness of a development package that includes nine clinical studies and a pivotal Phase 3 trial demonstrating significant improvements in liver lesion visualization and a favorable safety profile in patients with severe kidney impairment. Despite continued operating losses and declining cash balances, the company strengthened its finances with a directed share issue in September 2025, maintains a cash runway into the fourth quarter of 2026, and is advancing partnering discussions that have gained momentum now that the regulatory review timeline is clear, potentially improving its commercialization prospects and strategic position ahead of a possible US launch.

The most recent analyst rating on (SE:ACE) stock is a Hold with a SEK2.50 price target. To see the full list of analyst forecasts on Ascelia Pharma AB stock, see the SE:ACE Stock Forecast page.

Ascelia Pharma Deputy CEO and CFO Julie Waras Brogren to Depart for New CEO Role

Ascelia Pharma has announced that Deputy CEO and CFO Julie Waras Brogren will leave the company to assume a CEO role elsewhere, after playing a key role in advancing the commercial strategy, partnering efforts and financial function, particularly around the late‑stage development and regulatory progression of its lead drug candidate Orviglance. She will remain with the company to ensure a smooth transition of responsibilities and to support the onboarding of incoming CFO Anton Hansson, limiting operational disruption during an important phase for Ascelia Pharma’s pipeline and its positioning in the orphan oncology market.

The most recent analyst rating on (SE:ACE) stock is a Hold with a SEK3.00 price target. To see the full list of analyst forecasts on Ascelia Pharma AB stock, see the SE:ACE Stock Forecast page.

Ascelia Pharma Appoints Nomination Committee Ahead of 2026 AGM

Ascelia Pharma has appointed its Nomination Committee for the Annual General Meeting to be held in Malmö on 4 May 2026, in line with its governance rules that require representatives from the three largest shareholders together with the chairman of the board. The committee, chaired by Oscar Ahlgren of Salenia and including representatives from major shareholders as well as board chairman Peter Benson, will prepare proposals on board composition, remuneration, auditor selection and principles for future nomination processes, and has invited shareholders to submit proposals by 15 March 2026, underscoring ongoing shareholder engagement and adherence to Swedish corporate governance standards.

Ascelia Pharma Adjusts Share Structure Following Share Saving Program

Ascelia Pharma AB announced a change in its share structure due to the conversion of 53,335 series C shares into ordinary shares as part of a performance-based share saving program. This adjustment results in a total of 127,902,580 shares, impacting the company’s voting structure and reflecting its ongoing commitment to aligning stakeholder interests.