AlzeCure Pharma AB (ALZCUR) AI Stock Analysis

• Market Cap: kr197.65M
• Dividend Yield: N/A
• Average Volume (3M): 52.87K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.06
• Revenue Growth: N/A
• EPS Growth: 15.74%
• Country: SE
• Employees: 11
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.15
• Shares Outstanding: 114,914,450
• 10 Day Avg. Volume: 28,042
• 30 Day Avg. Volume: 52,872
• PEG Ratio: -1.94
• Price to Book (P/B): 6.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.81
• 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): -0.5
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: kr2.00 ▼(-18.03% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is primarily constrained by weak financial performance: no revenue, ongoing sizable losses, and continued cash burn that can pressure future funding needs despite low leverage. Technicals also remain soft with the price below major moving averages and muted momentum indicators. Valuation signals are limited due to negative earnings and no dividend support.

Positive Factors

Low leverage / balance sheet flexibility

Modest debt and a low debt-to-equity ratio reduce refinancing pressure and preserve financial flexibility for a pre-commercial biotech. This structural strength helps the company manage R&D spending and pursue partner deals or targeted financing over the next several months without immediate solvency risk.

Asset-centric partnership strategy

A go-to-market approach focused on advancing proprietary candidates to partnering de-risks late-stage capital requirements. Structurally, licensing and collaboration models can provide milestone and development funding, allowing sustained R&D progress while limiting the need for immediate commercial infrastructure or large upfront capital.

CNS specialization and targeted pipeline

Concentrated expertise in CNS and Alzheimer’s therapies builds domain knowledge and a clear clinical focus, which supports efficient trial design and partner interest. Over the medium term, specialization increases the likelihood of strategic collaborations in a high unmet-need area, preserving long-term commercialization optionality.

Negative Factors

No revenue and widening net losses

An ongoing pre-revenue profile with materially widening losses indicates the company remains far from commercial cash generation. Persistent negative earnings erode equity and increase reliance on external funding, creating execution and dilution risk that could constrain R&D programs over the next several months.

Negative operating and free cash flow

Sustained negative operating and free cash flow show the company is burning cash to fund development. This structural cash consumption increases the probability of near-term financing needs, limits strategic optionality, and may force dilutive equity raises or slowed development pacing if external funding is constrained.

Equity erosion and funding risk

Material erosion of shareholders' equity reduces the balance sheet buffer against future losses and makes non-dilutive financing harder to secure. Continued capital erosion heightens the likelihood of dilution or asset monetization, which can impair long-term program continuity and shareholder value retention.

AlzeCure Pharma AB Business Overview & Revenue Model

Company Description

AlzeCure Pharma AB (ALZCUR) is a Swedish pharmaceutical company that focuses on developing innovative therapies for neurodegenerative diseases, with a particular emphasis on Alzheimer's disease and pain management. The company operates in the biotechnology sector, leveraging its expertise in neuroscience to advance its pipeline of drug candidates. AlzeCure's core products include a range of proprietary small molecule drugs that target key pathways involved in neurodegeneration.

How the Company Makes Money

AlzeCure Pharma AB generates revenue primarily through the development and potential commercialization of its pharmaceutical candidates. The company invests in research and development to advance its drug pipeline towards clinical trials, seeking partnerships and collaborations with larger pharmaceutical firms to co-develop or license its technologies. Licensing agreements and milestone payments from such partnerships contribute significantly to the company's revenue. Additionally, AlzeCure may receive funding from grants and public or private investments to support its ongoing research efforts. The strategic focus on addressing unmet medical needs in neurodegenerative diseases positions AlzeCure to potentially capture market share upon successful drug approval and commercialization.

AlzeCure Pharma AB Financial Statement Overview

Summary

Pre-commercial profile with no revenue and persistent losses (net loss ~SEK 47.7m in 2025 vs ~SEK 35.2m in 2024) and negative operating/free cash flow in the last two years, indicating ongoing cash burn. Balance sheet leverage is low (debt ~SEK 5.1m; debt-to-equity ~0.16), but equity has eroded materially over time, raising funding risk if losses persist.

Income Statement

The company reports no revenue across the period, while losses remain substantial each year (net loss of ~SEK 47.7m in 2025 vs ~SEK 35.2m in 2024). Profitability is consistently negative, with gross profit also negative, indicating ongoing R&D/operating spend without commercial scale. While losses improved versus the 2020–2022 period, the 2025 widening loss suggests the path to breakeven is still uncertain.

Balance Sheet

Leverage is low, with debt modest in 2025 (~SEK 5.1m) and a low debt level relative to equity (debt-to-equity ~0.16), which supports balance sheet flexibility. However, equity has been volatile and generally pressured over time (e.g., ~SEK 110.8m in 2020 down to ~SEK 32.9m in 2025), and returns on equity are deeply negative due to recurring losses, highlighting ongoing capital erosion risk if losses persist.

Cash Flow

Cash generation is inconsistent and mostly negative: operating cash flow was meaningfully negative in 2024 (~SEK -35.1m) and 2025 (~SEK -34.6m), after a brief positive year in 2023 (~SEK +3.1m). Free cash flow is also negative in the latest two years, implying continued cash burn and likely reliance on financing to fund operations. The year-to-year swing in free cash flow (improving in 2025 vs 2024) is a positive sign, but the overall trend remains weak.

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	-1.27M	-293.00K	-476.00K	-570.00K	-576.00K
EBITDA	-48.10M	-35.70M	-37.87M	-55.67M	-77.20M
Net Income	-47.65M	-35.23M	-37.17M	-56.04M	-77.78M
Balance Sheet
Total Assets	59.04M	34.44M	32.00M	70.84M	45.65M
Cash, Cash Equivalents and Short-Term Investments	50.34M	31.50M	29.10M	25.58M	41.74M
Total Debt	5.12M	0.00	0.00	0.00	0.00
Total Liabilities	26.12M	8.25M	8.23M	10.35M	12.67M
Stockholders Equity	32.92M	26.18M	23.77M	60.48M	32.97M
Cash Flow
Free Cash Flow	-34.59M	-35.25M	3.06M	-99.91M	-70.69M
Operating Cash Flow	-34.59M	-35.12M	3.06M	-99.91M	-70.64M
Investing Cash Flow	0.00	-124.00K	7.00K	0.00	-54.00K
Financing Cash Flow	53.43M	37.65M	459.00K	83.75M	0.00

AlzeCure Pharma AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.44
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ALZCUR, the sentiment is Negative. The current price of 2.44 is above the 20-day moving average (MA) of 1.90, above the 50-day MA of 1.92, and below the 200-day MA of 2.55, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 34.68 is Neutral, neither overbought nor oversold. The STOCH value of 12.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ALZCUR.

AlzeCure Pharma 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%
ENZY	45 Neutral	kr551.01M	-8.89	―	―	19.17%	24.53%
ALZCUR	44 Neutral	kr197.65M	-4.22	-90.66%	―	―	15.74%
ERMA	44 Neutral	kr27.60M	-1.77	―	―	―	―