Alzinova AB (ALZ) AI Stock Analysis

• Market Cap: kr81.37M
• Dividend Yield: N/A
• Average Volume (3M): 655.64K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.12
• Revenue Growth: -67.00%
• EPS Growth: 13.62%
• Country: SE
• Employees: 5
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.07
• Shares Outstanding: 104,323,586
• 10 Day Avg. Volume: 664,473
• 30 Day Avg. Volume: 655,642
• PEG Ratio: 0.46
• Price to Book (P/B): 1.87
• Price to Sales (P/S): 7703.54
• P/FCF Ratio: -6.24
• 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: 42 Neutral
• Price Target: kr0.75 ▼(-8.66% Downside)

The score is primarily weighed down by weak financial performance (large ongoing losses and heavy cash burn implying continued financing/dilution risk) and bearish technicals (price below major moving averages with negative MACD). Low leverage and sizable equity provide some solvency support, but valuation metrics are not constructive given negative earnings and no dividend data.

Positive Factors

Conservative balance sheet

Very low leverage and a large equity base materially reduce near-term refinancing risk and give management flexibility to pursue clinical programs and partner negotiations over the next several quarters, improving solvency resilience despite operating losses.

Proprietary immunotherapy pipeline

A focused, proprietary candidate platform (ALZ-101) targeting amyloid‑beta aggregates addresses a large unmet market in Alzheimer’s. Clinical-stage, differentiated science can create durable value via partnerships, licensing, or milestone-driven financing if clinical progress continues.

Cash efficiency vs accounting losses

Free cash flow being proportionally less negative than accounting losses suggests parts of R&D spend include non‑cash items or timing differences, which can moderate immediate cash needs and support negotiation of staged funding or milestone deals in the medium term.

Negative Factors

High and persistent cash burn

Large negative operating and free cash flows are structural for an early biotech but imply ongoing dependence on external financing. Persistent burn increases dilution risk, constrains strategic optionality, and pressures timelines for partnerships or capital raises over coming quarters.

Pre-revenue and volatile revenues

Extremely small, volatile revenue underscores a pre‑commercial profile with no sales cushion. This structural absence of recurring revenue elevates dependency on milestone payments, grants, or equity raises, increasing execution risk until clinical validation or partnerships materialize.

Negative return on equity

Sustained negative ROE indicates R&D investment has not yet generated shareholder value. Over time this can erode investor confidence, raise the cost of capital, and make future fundraising more dilutive, constraining long‑term strategic flexibility if outcomes lag.

Alzinova AB Business Overview & Revenue Model

Company Description

Alzinova AB (publ), a biopharma company, engages in the development of an active immunotherapy for the treatment of Alzheimer's disease in Sweden. Its lead candidate is ALZ-101, an oligomer-specific vaccine for the treatment of Alzheimer's disease; and ALZ-201, a monoclonal antibody that is used for the treatment of toxic Aß oligomers. The company was founded in 2011 and is based in Mölndal, Sweden.

How the Company Makes Money

Alzinova AB generates revenue primarily through the advancement of its drug candidates, including potential milestone payments from partnerships and collaborations with larger pharmaceutical companies. The company may also earn revenue from licensing agreements, where it grants rights to its intellectual property or technology in exchange for upfront payments and royalties on future sales. As the company progresses through clinical trials and approaches potential regulatory approvals, it stands to benefit from increased investments and partnerships, which can further enhance its revenue streams.

Alzinova AB Financial Statement Overview

Summary

Financial profile is weak overall: minimal and volatile revenue with deeply negative profitability (TTM net loss ~26.9m) and substantial cash burn (TTM operating cash flow ~-25.7m; free cash flow ~-39.6m). The main offset is a conservatively levered balance sheet (debt ~0.8m vs equity ~127.9m), supporting near-term solvency but not addressing ongoing funding/dilution risk.

Income Statement

Results show a pre-revenue/early-commercial profile with consistently large losses. Revenue is extremely small and volatile (TTM (Trailing-Twelve-Months) revenue of ~0.10m vs 0.03m in 2024 and 0.27m in 2023), while EBIT and net income remain deeply negative (TTM net loss ~26.9m). Profitability is therefore weak and not improving in a stable way; the reported margins are distorted by the very low revenue base, which highlights limited operating leverage and high ongoing R&D/operating spend.

Balance Sheet

The balance sheet looks conservatively levered: total debt is ~0.8m against equity of ~127.9m in TTM (debt-to-equity ~0.006), providing flexibility and lowering refinancing risk. Assets and equity have been broadly stable to rising across the period, but returns are negative (TTM return on equity about -21%), reflecting ongoing losses and indicating that shareholder capital is being consumed rather than compounded.

Cash Flow

Cash generation is weak with persistent cash burn: TTM (Trailing-Twelve-Months) operating cash flow is about -25.7m and free cash flow about -39.6m, worsening versus 2024 free cash flow (~-37.0m). While free cash flow is ‘less negative’ than net income in several periods (TTM free cash flow to net income ~1.54), the business still requires external funding support, and the negative cash flow trajectory increases dilution/financing risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	99.00K	30.00K	270.00K	16.63M	17.32M	14.90M
Gross Profit	26.01M	16.81M	19.87M	33.27M	34.64M	29.80M
EBITDA	-26.64M	-20.32M	42.00K	-13.07M	-7.52M	-6.50M
Net Income	-26.88M	-20.55M	-16.48M	-13.07M	-7.58M	-6.50M
Balance Sheet
Total Assets	136.90M	133.23M	123.19M	111.62M	91.69M	100.82M
Cash, Cash Equivalents and Short-Term Investments	485.00K	15.50M	22.03M	32.04M	28.84M	55.98M
Total Debt	800.00K	800.00K	800.00K	800.00K	800.00K	800.00K
Total Liabilities	9.05M	9.40M	9.33M	6.09M	3.22M	4.79M
Stockholders Equity	127.85M	123.82M	113.86M	105.53M	88.47M	96.02M
Cash Flow
Free Cash Flow	-39.60M	-37.05M	-34.82M	-26.95M	-27.14M	-21.17M
Operating Cash Flow	-25.68M	-20.27M	-15.21M	-10.31M	-9.82M	-6.27M
Investing Cash Flow	-25.91M	-16.78M	-19.60M	-16.63M	-17.32M	-14.90M
Financing Cash Flow	24.40M	30.52M	24.80M	30.15M	0.00	43.41M

Alzinova AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.82
• 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:ALZ, the sentiment is Negative. The current price of 0.82 is above the 20-day moving average (MA) of 0.78, below the 50-day MA of 1.21, and below the 200-day MA of 1.49, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 32.14 is Neutral, neither overbought nor oversold. The STOCH value of 57.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ALZ.

Alzinova AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXTCL	52 Neutral	kr144.81M	-2.95	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NICA	44 Neutral	kr36.14M	-0.72	-294.38%	―	186.74%	73.17%
BIOVIC.B	44 Neutral	kr126.96M	-0.81	-72.82%	―	40.91%	57.92%
MODTX	43 Neutral	kr37.70M	-1.37	-166.94%	―	―	-19.35%
ALZ	42 Neutral	kr81.37M	-2.71	-20.85%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr98.63M	-2.92	-201.21%	―	―	49.09%