Active Biotech AB (ACTI) AI Stock Analysis

• Market Cap: kr115.46M
• Dividend Yield: N/A
• Average Volume (3M): 4.56M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.36
• 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: 45 Neutral
• Price Target: kr0.04 ▲(5.00% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is primarily held down by very weak financial performance (no revenue, ongoing losses, and negative operating cash flow), despite some improvement in loss/cash-burn trends and a low-debt balance sheet. Technicals are mildly supportive in the short term (positive MACD and price above 20D/50D), but the longer-term trend remains negative (below 100D/200D). Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.

Positive Factors

Low leverage / stronger balance sheet

The company shows very low leverage with debt at zero in 2025 and a material rise in total assets. Low debt reduces refinancing and interest risk, preserving financial optionality to fund R&D or negotiate partnerships over the next several quarters without immediate debt pressure.

Improving cash burn and operating losses

Operating cash flow and operating losses have meaningfully narrowed versus earlier years, indicating better cost control and efficiency. A sustained improvement in cash burn extends runway and increases chances management can advance programs or secure non-dilutive partnerships over the next 2–6 months.

Partnership / out-licensing business model

A strategy focused on out-licensing and partnering avoids the capital intensity of commercialization and leverages larger partners for late-stage development and sales. Structurally this reduces capital needs and can produce milestone-driven inflection points if programs progress.

Negative Factors

No product revenue

The company generates no product sales and has sustained sizable net losses. Without revenue, profitability depends entirely on licensing milestones or external financing, leaving the firm exposed to funding dilution and limiting its ability to self-fund development across multiple programs.

Consistent negative operating cash flow

Persistent negative operating cash flow implies ongoing cash burn despite improvement. Continued negative OCF typically forces reliance on equity or partner financing, which can dilute shareholders or constrain operational choices and is a material risk to stability over the coming months.

Revenue dependent on milestone timing

Revenue is lumpy and contingent on partners advancing programs and triggering milestone payments. This creates binary, timing-sensitive outcomes and planning uncertainty; absence of marketed products means cash inflows are unpredictable and can materially alter the company's trajectory.

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

Financial performance is very weak: revenue is 0 across 2021–2025, with persistent net losses (about -37.3M in 2025). Cash flow remains materially negative (operating cash flow about -32.4M in 2025), implying ongoing funding dependence, though losses and cash burn have improved versus 2022–2023. The balance sheet is a relative positive with very low debt (0 in 2025) and higher total assets in 2025 (70.2M vs. 43.2M in 2024).

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: 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 0.04, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 46.23 is Neutral, neither overbought nor oversold. The STOCH value of 23.65 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%
ISOFOL	49 Neutral	kr194.67M	-2.92	-51.35%	―	―	-34.02%
XINT	49 Neutral	kr223.93M	-4.03	―	―	-7.68%	17.93%
ELIC	49 Neutral	kr315.48M	-13.67	-48.30%	―	―	52.96%
ACTI	45 Neutral	kr115.46M	-1.66	-1291.15%	―	―	28.54%
IRLAB.A	43 Neutral	kr135.90M	-1.72	-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.