Active Biotech AB (ACTI) AI Stock Analysis

• Market Cap: kr109.66M
• Dividend Yield: N/A
• Average Volume (3M): 4.56M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.74
• Revenue Growth: N/A
• EPS Growth: 28.54%
• Country: SE
• Employees: 6
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): >-0.01
• Shares Outstanding: 2,636,067,100
• 10 Day Avg. Volume: 2,218,804
• 30 Day Avg. Volume: 4,558,826
• PEG Ratio: 0.03
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.13
• 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: 41 Neutral
• Price Target: kr0.04 ▼(-2.50% Downside)

The score is driven primarily by very weak financial performance (no revenue, ongoing large losses, and heavy cash burn with shrinking equity), which increases funding risk. Technical indicators also point to a sustained bearish trend (below major moving averages with negative MACD). Valuation provides limited support because a negative P/E reflects unprofitable operations and no dividend yield data is available.

Positive Factors

Low leverage

Very low reported debt relative to equity reduces financing costs and insolvency risk, giving structural flexibility to continue R&D and negotiate partnering terms. For a cash‑burning biotech, low leverage preserves optionality across funding cycles and strategic choices.

Partnership-focused model

A business model focused on out‑licensing and partnerships transfers commercialization cost and market risk to larger pharma partners. This lowers capital intensity and enables milestone/royalty upside, providing a durable path to value creation without building a commercial infrastructure.

Narrowing losses trend

Multi‑year reduction in net losses signals sustained cost control or program prioritization. A durable trend toward smaller operating deficits lengthens runway, reduces frequency/size of financing needs, and improves odds of reaching partnership or milestone events that can shift long‑term prospects.

Negative Factors

Zero revenue

No recurring product revenue means the company depends entirely on sporadic licensing deals, milestone timing, or external financing. Structurally this creates high cash‑flow variability and execution risk, leaving operations exposed until sustainable revenue streams emerge.

High cash burn

Consistent large negative operating cash flow indicates structural cash consumption that outpaces internal resources. Persistent negative free cash flow will require recurring capital raises, increasing dilution risk and pressuring strategic choices such as program cuts or unfavorable licensing terms.

Eroded equity base

A steep decline in equity materially weakens the balance sheet buffer and heightens financing risk. Reduced capital reserves limit flexibility to fund clinical programs or absorb setbacks, raising the probability of dilutive financings, asset sales, or constrained partnering leverage over the medium term.

Active Biotech AB Business Overview & Revenue Model

Company Description

Active Biotech AB (publ), a biotechnology company, develops pharmaceutical products the treatment of oncology and immunology diseases in Sweden. It is developing Tasquinimod, a small molecule immuno-modulator, which is in Phase Ib/IIa clinical trial to treat multiple myeloma; Laquinimod, an immunomodulator that is in phase I clinical trial for the treatment of inflammatory eye disorders, including uveitis; and Naptumomab, an anti-cancer immunotherapy, which is in phase Ib/II clinical trial to treat patients with advanced solid tumors. The company has a licensing agreement with NeoTX Therapeutics Ltd. for the development and commercialization of Naptumomab for cancer immunotherapy. Active Biotech AB (publ) was incorporated in 1983 and is headquartered in Lund, Sweden.

How the Company Makes Money

Active Biotech AB generates revenue primarily through partnerships and collaborations with larger pharmaceutical companies. These partnerships often involve licensing agreements, where Active Biotech licenses its drug candidates to partners for further development and commercialization. In return, Active Biotech receives upfront payments, milestone payments based on the achievement of specific developmental or regulatory milestones, and royalties on future sales of the licensed products. The company's revenue model is heavily reliant on the successful progression of its drug candidates through clinical trials, as well as the ability to secure and maintain strategic partnerships with industry leaders.

Active Biotech AB Financial Statement Overview

Summary

Financials remain very weak: revenue is zero (latest annual periods and TTM) with persistent large losses (TTM net loss ~38.4M) and substantial negative operating cash flow (TTM ~-36.9M). Low leverage is a positive (TTM debt ~0.4M), but equity has eroded sharply over time (to ~4.5M TTM), increasing financing/dilution risk.

Income Statement

Results remain very weak. Revenue is zero in both the latest annual periods and TTM (Trailing-Twelve-Months), while losses are persistent (TTM net loss of ~38.4M; 2024 net loss of ~39.4M). There is some improvement versus prior years (losses narrowed from ~58.7M in 2022 to ~39.4M in 2024), but the company is still far from break-even and profitability remains structurally challenged.

Balance Sheet

Leverage is low, which is a key positive for a biotech: TTM debt is ~0.4M versus ~4.5M equity (debt-to-equity ~0.09). However, the balance sheet has weakened meaningfully over time as losses eroded capital (equity down from ~46.7M in 2021 to ~32.1M in 2024 and ~4.5M in TTM), increasing financial risk if cash burn continues.

Cash Flow

Cash generation is consistently negative and reflects ongoing cash burn: operating cash flow is ~-36.9M in TTM (Trailing-Twelve-Months) and ~-40.4M in 2024, with negative free cash flow in each period shown. While cash burn has improved versus 2022–2023, the business still consumes substantial cash relative to its reported earnings, implying continued funding needs unless costs are reduced or revenue returns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	6.72M
Gross Profit	-1.20M	-1.64M	-1.68M	-1.49M	-1.28M	6.72M
EBITDA	-38.50M	-38.30M	-43.89M	-56.67M	-48.52M	-30.84M
Net Income	-38.40M	-39.40M	-45.80M	-58.69M	-49.88M	-32.12M
Balance Sheet
Total Assets	17.00M	43.20M	44.05M	51.01M	56.80M	32.16M
Cash, Cash Equivalents and Short-Term Investments	9.10M	27.40M	36.22M	41.80M	53.13M	26.21M
Total Debt	400.00K	3.18M	4.54M	6.04M	986.00K	2.00M
Total Liabilities	12.50M	11.13M	13.38M	16.49M	10.13M	10.04M
Stockholders Equity	4.50M	32.07M	30.67M	34.51M	46.67M	22.11M
Cash Flow
Free Cash Flow	-36.90M	-40.40M	-45.74M	-55.09M	-46.17M	-32.22M
Operating Cash Flow	-36.90M	-40.40M	-45.74M	-54.85M	-46.17M	-32.22M
Investing Cash Flow	0.00	0.00	0.00	-245.00K	0.00	0.00
Financing Cash Flow	39.80M	31.60M	40.16M	43.76M	73.09M	-1.25M

Active Biotech AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.04
• 50DMA: Negative
• 100DMA: Negative
• 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:ACTI, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.05, and below the 200-day MA of 0.11, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 33.94 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ACTI.

Active Biotech AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XINT	49 Neutral	kr253.21M	-4.59	―	―	-7.68%	17.93%
ELIC	47 Neutral	kr259.67M	-15.57	-48.30%	―	―	52.96%
IRLAB.A	46 Neutral	kr153.91M	-1.15	-199.86%	―	69.03%	23.10%
ISOFOL	44 Neutral	kr187.92M	-2.33	-51.35%	―	―	-34.02%
ACTI	41 Neutral	kr109.66M	-1.29	-1291.15%	―	―	28.54%

Active Biotech AB Corporate Events

Active Biotech Updates Share Count After Completed Rights Issue

Active Biotech AB has updated its share capital structure following the completion of a rights issue, resulting in a total of 2,636,067,170 shares and votes outstanding as of the last trading day of the month. The expanded share base reflects the company’s ongoing financing efforts to support clinical development across its portfolio of immunomodulatory therapies for cancer and inflammatory eye diseases, and may influence ownership dynamics and liquidity for existing and new shareholders.

The most recent analyst rating on (SE:ACTI) stock is a Hold with a SEK0.04 price target. To see the full list of analyst forecasts on Active Biotech AB stock, see the SE:ACTI Stock Forecast page.

Active Biotech Names Shareholder-Backed Nomination Committee Ahead of 2026 AGM

Active Biotech AB has appointed its Nomination Committee in line with the mandate from the 2025 Annual General Meeting, based on the company’s three largest shareholders by votes as of 30 September 2025 together with the Chairman of the Board. The committee, chaired by Michael Shalmi and including representatives from MGA Holding, Sjuenda Holding and T-bolaget, will prepare proposals ahead of the 2026 AGM on board composition, chairman selection, director and committee remuneration, auditor appointments and the future Nomination Committee, underscoring ongoing shareholder influence over the company’s governance and strategic oversight as it advances its clinical-stage oncology and immunology pipeline.

The most recent analyst rating on (SE:ACTI) stock is a Sell with a SEK0.04 price target. To see the full list of analyst forecasts on Active Biotech AB stock, see the SE:ACTI Stock Forecast page.

Active Biotech Secures Funding Through Successful Rights Issue

Active Biotech AB announced the successful outcome of its rights issue, which was subscribed to approximately 82.8 percent, raising approximately SEK 70.3 million before issuing costs. This funding will support the company’s strategic focus on developing tasquinimod for myelofibrosis and advancing laquinimod for inflammatory eye diseases, ensuring the programs are fully funded until the end of 2027.

Active Biotech Secures US Patent for Tasquinimod Formulation

Active Biotech announced that its patent for a pharmaceutical formulation of tasquinimod will be granted in the US, providing protection and market exclusivity until 2042. This development is a significant step in the company’s strategy to enhance global protection for tasquinimod, which is being developed for hematological malignancies and has shown therapeutic potential in multiple myeloma and myelofibrosis. The patent grant is expected to strengthen Active Biotech’s position in the biotechnology industry, particularly in oncology and immunology, and may have positive implications for stakeholders by potentially increasing the company’s market share and competitive edge.

Active Biotech Launches Rights Issue to Fund Key Projects

Active Biotech AB has initiated a rights issue to raise approximately SEK 70.3 million, with an additional SEK 10.0 million possible through an over-allotment option. The funds will support ongoing studies and business development activities, potentially impacting the company’s operations and market positioning by advancing their clinical projects.

Active Biotech’s Tasquinimod Shows Promise in Myelofibrosis Treatment

Active Biotech announced positive preclinical data for tasquinimod, a small molecule immunomodulator, in treating myelofibrosis, published in the journal Blood Advances. The study, conducted in collaboration with MD Anderson Cancer Center, showed that tasquinimod reduces disease cell expression and improves survival in advanced myelofibrosis models. These findings support ongoing clinical trials of tasquinimod as both monotherapy and in combination with other drugs, potentially enhancing Active Biotech’s position in the treatment of rare blood cancers.

Active Biotech Announces SEK 70 Million Rights Issue

Active Biotech AB has announced a rights issue of shares amounting to approximately SEK 70 million, approved by the extraordinary general meeting. The company has published an information document regarding this rights issue, which has been registered with the Swedish Financial Supervisory Authority. This move is expected to support the company’s ongoing clinical development projects and strengthen its financial position, potentially impacting its market presence in the biotechnology sector.

Active Biotech AB Approves Share Capital Amendments and Rights Issue

Active Biotech AB held an Extraordinary General Meeting on November 19, 2025, where key resolutions were passed to amend the company’s Articles of Association and approve a rights issue of shares. The rights issue aims to issue over 1.4 billion new shares at a subscription price of SEK 0.05 per share, with a record date of November 21, 2025, and a subscription period from November 25 to December 9, 2025. The company also authorized the Board to issue new shares without pre-emptive rights for shareholders, potentially impacting the company’s capital structure and attracting new investors.

Active Biotech to Present Promising Tasquinimod Data at ASH 2025

Active Biotech announced that preclinical data on tasquinimod combined with T cell activation will be presented at the ASH 2025 conference. The data demonstrates enhanced anti-tumor effects in multiple myeloma models, suggesting potential improvements in immunotherapy efficacy. This development could strengthen Active Biotech’s position in the hematological cancer treatment market and offer promising implications for stakeholders.