Active Biotech AB (ACTI) AI Stock Analysis

• Market Cap: kr144.72M
• Dividend Yield: N/A
• Average Volume (3M): 4.56M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.68
• 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: 0.02
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: 48 Neutral
• Price Target: kr0.05 ▲(32.50% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily constrained by very weak financial performance (no revenue, persistent losses, and ongoing cash burn despite improvement). Technicals add some support due to near-term upward momentum, but overbought indicators and a weak longer-term trend temper that. Valuation remains challenged due to negative earnings and no dividend yield data.

Positive Factors

Low leverage / minimal debt

The company's near-zero debt position and falling leverage materially reduce interest obligations and refinancing pressure. This provides durable financial flexibility to fund R&D, tolerate clinical timelines, and negotiate partnerships without immediate debt servicing constraints, improving strategic optionality.

Improving cash burn and operating losses

A multi-year trend of narrower operating losses and reduced cash burn indicates stronger cost discipline and operational efficiency. If sustained, this extends runway, lowers near-term financing reliance, and increases the probability that programs reach milestone events that can generate licensing revenue.

Out‑licensing / partnering business model

A partnership-and-licensing model reduces capital intensity and commercialization risk versus owning product launches. It aligns incentives with larger partners for late‑stage development, allows milestone-driven cash inflows, and is a durable model for small biotechs to monetize science without large commercial infrastructure.

Negative Factors

No revenue across 2021–2025

The absence of product or recurring revenue over multiple years leaves the company dependent on unpredictable milestone payments or financing. This structurally increases funding risk, makes long-term planning more uncertain, and reduces resilience to trial setbacks or partnership delays.

Persistent negative operating cash flow

Sustained negative operating cash flow erodes cash reserves and necessitates periodic external funding. Even with improvements, ongoing cash burn increases dilution and financing execution risk, and constrains the company’s ability to independently advance multiple programs or respond to development setbacks.

Deep negative profitability and volatile equity

Persistent net losses and deeply negative returns on equity undermine shareholder value and make long-term investor support harder to secure. Volatile equity levels signal frequent financing or write-downs, which can dilute incumbents and limit the firm's strategic freedom to invest in or partner programs.

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

Very weak fundamentals: revenue is 0 from 2021–2025 with persistent net losses (about -37.3M in 2025). Losses and cash burn have improved since 2022–2023, and leverage is low with debt at 0 in 2025, but ongoing negative operating cash flow (about -32.4M in 2025) keeps sustainability and funding risk elevated.

Income Statement

Profitability remains very weak. The company has generated little to no revenue in recent years (revenue is 0 from 2021–2025), while losses are persistent: net income is negative every year and is still sizable in 2025 (about -37.3M vs. -39.4M in 2024). Operating losses have narrowed versus 2022–2023 (EBIT improved from roughly -57.9M in 2022 to -37.6M in 2025), but there is no clear top-line base to absorb costs, keeping the overall earnings profile high-risk.

Balance Sheet

Balance sheet leverage looks modest, with debt very low and moving to 0 in 2025 (debt-to-equity also 0.0 in 2025). However, ongoing losses continue to pressure shareholder value (return on equity is deeply negative in the years provided) and equity levels have been volatile over time. Total assets increased in 2025 (70.2M vs. 43.2M in 2024), which helps near-term capacity, but the primary weakness is the lack of profitability to sustain the balance sheet without future funding.

Cash Flow

Cash generation is consistently negative, with operating cash flow remaining materially below zero each year (about -32.4M in 2025 and -40.4M in 2024). Cash burn has improved versus 2022–2023 (operating cash flow was roughly -54.9M in 2022 and -45.7M in 2023), but free cash flow is still negative in most years (2020–2024) and 2025 free cash flow is shown as 0, which is a notable positive if sustainable but not yet supported by a revenue rebound. Overall, cash burn remains a key risk and likely implies continued dependence on financing.

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	-1.60M	-1.64M	-1.68M	-1.49M	-1.28M
EBITDA	-36.00M	-38.30M	-43.89M	-56.67M	-48.52M
Net Income	-37.30M	-39.40M	-45.80M	-58.69M	-49.88M
Balance Sheet
Total Assets	70.20M	43.20M	44.05M	51.01M	56.80M
Cash, Cash Equivalents and Short-Term Investments	65.10M	27.40M	36.22M	41.80M	53.13M
Total Debt	0.00	3.18M	4.54M	6.04M	986.00K
Total Liabilities	14.60M	11.13M	13.38M	16.49M	10.13M
Stockholders Equity	55.60M	32.07M	30.67M	34.51M	46.67M
Cash Flow
Free Cash Flow	0.00	-40.40M	-45.74M	-55.09M	-46.17M
Operating Cash Flow	-32.40M	-40.40M	-45.74M	-54.85M	-46.17M
Investing Cash Flow	0.00	0.00	0.00	-245.00K	0.00
Financing Cash Flow	70.10M	31.60M	40.16M	43.76M	73.09M

Active Biotech AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.04
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACTI, the sentiment is Neutral. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.04, and below the 200-day MA of 0.11, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 78.96 is Negative, neither overbought nor oversold. The STOCH value of 93.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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%
ISOFOL	49 Neutral	kr199.59M	-2.68	-51.35%	―	―	-34.02%
XINT	49 Neutral	kr238.57M	-4.19	―	―	-7.68%	17.93%
ELIC	49 Neutral	kr299.46M	-14.95	-48.30%	―	―	52.96%
ACTI	48 Neutral	kr144.72M	-2.17	-1291.15%	―	―	28.54%
IRLAB.A	44 Neutral	kr145.92M	-0.97	-199.86%	―	69.03%	23.10%

Active Biotech AB Corporate Events

Active Biotech Wins Approval to Resume Expanded Tasquinimod Myelofibrosis Trial

Active Biotech has received regulatory approval for protocol amendments to its clinical proof-of-concept study of tasquinimod in myelofibrosis, allowing the trial to resume patient recruitment. The study, led by MD Anderson Cancer Center, now features a dosing schedule aligned with prior prostate cancer trials and accommodates use with either ruxolitinib or momelotinib in combination cohorts.

The trial includes a monotherapy arm for patients who are refractory or intolerant to JAK2 inhibitors and a combination arm for those with suboptimal responses to existing JAK inhibitor therapy. By broadening the eligible patient population and increasing dosing flexibility, the updated design is intended to better assess tasquinimod’s potential role in treating this rare blood cancer, where there remains no approved therapy to reverse bone marrow fibrosis.

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 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.