BioInvent International AB (BINV) AI Stock Analysis

• Market Cap: kr1.53B
• Dividend Yield: N/A
• Average Volume (3M): 91.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• Revenue Growth: 533.73%
• EPS Growth: 20.92%
• Country: SE
• Employees: 118
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.91
• Shares Outstanding: 65,804,360
• 10 Day Avg. Volume: 84,851
• 30 Day Avg. Volume: 91,723
• PEG Ratio: 0.26
• Price to Book (P/B): 3.47
• Price to Sales (P/S): 8.54
• P/FCF Ratio: -7.58
• 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): -0.14
• Revenue Forecast (FY): kr424.35M

• Rating: 47 Neutral
• Price Target: kr23.00 ▼(-24.09% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is weighed down primarily by weak financial performance (large losses and ongoing cash burn) and bearish technicals (price below key moving averages with negative MACD). The main support comes from constructive earnings-call clinical momentum and partnerships with clear upcoming catalysts, partially offset by the near-term funding runway risk.

Positive Factors

Low Financial Leverage

Very low debt-to-equity provides durable financial flexibility for a development-stage biotech, reducing bankruptcy risk and enabling continued R&D spend or opportunistic partnerships without immediate refinancing pressure over the next 2-6 months.

Very High Gross Margin

Extremely high gross margin indicates the company captures strong economics on recognized revenue (collaborations, milestone receipts), supporting scalable profitability if operating leverage improves and clinical programs translate into commercial or recurring partner revenues.

Secured Near-Term Funding Runway

A confirmed cash buffer through Q1 2027 materially reduces near-term dilution risk and supports continued Phase II development and planned readouts, allowing management to advance prioritized assets without immediate capital raises.

Negative Factors

Persistent Operating Losses

Deep, persistent operating losses reflect ongoing heavy investment in clinical programs and limit internal funding ability. If losses persist, the company may need to raise capital, diluting shareholders and shifting focus from long-term value creation to financing.

Negative Free Cash Flow / Cash Burn

Sustained negative operating and free cash flow indicate structural cash burn tied to R&D and trials. Even with runway, continued negative FCF implies dependence on external capital or milestone receipts, creating execution and dilution risk over the medium term.

Quarterly Revenue Instability

Volatile quarter-to-quarter sales driven by fluctuating production revenue and one-off payments undermines predictable cash generation. Reliance on irregular partner payments or milestones complicates planning and increases funding uncertainty beyond the next few quarters.

BioInvent International AB Business Overview & Revenue Model

Company Description

BioInvent International AB (publ), a clinical-stage company, discovers, researches, and develops immuno-modulatory antibodies for the treatment of cancer in Sweden, Europe, the United States, Japan, and internationally. Its lead drug candidate is BI-1206 for the treatment of non-Hodgkin lymphoma and solid tumors. The company also develops tumor associated myeloid cells; cancer-associated regulatory T cells, which modulate the immune system; BT-001 in solid tumors; and BI-1808 and BI-1910, which are anti-TNFR2 antibodies for the treatment of solid tumors and cutaneous T-cell lymphoma. It has a strategic collaboration with Pfizer Inc. for the development of antibodies against tumor-associated myeloid cells; partnership and collaboration with Transgene to co-develskylinop multi-functional oncolytic viruses for treatment of solid tumors; and collaboration and supply agreement with Merck for the clinical development of BI-1808. The Company was incorporated in 1996 and is based in Lund, Sweden.

How the Company Makes Money

BioInvent International AB generates revenue through a combination of product development partnerships, licensing agreements, and potential milestone payments from collaborations with larger pharmaceutical companies. The company often enters into strategic alliances with other biotech and pharmaceutical firms to co-develop its drug candidates, which can provide upfront payments and funding for research and development. Additionally, BioInvent may receive royalties on future sales of products developed from these collaborations. Their revenue model is heavily reliant on the successful advancement of their therapeutic candidates through clinical trials and subsequent commercialization, which can significantly increase earnings based on the success of their research endeavors and market acceptance of their therapies.

BioInvent International AB Financial Statement Overview

Summary

Operating fundamentals are weak with volatile revenue, deeply negative profitability, and persistent negative operating/free cash flow. The main offset is a low-leverage balance sheet, but equity erosion and large losses keep financial strength constrained.

Income Statement

Revenue has been volatile and recently weaker (2025 revenue down ~7.5% vs. 2024), and profitability remains deeply negative. 2025 shows a very large net loss (net margin roughly -147%) and negative operating results, after an already weak 2023–2024 period. While 2022 was comparatively better (smaller loss on much higher revenue), the overall trajectory points to inconsistent top-line performance and sustained losses.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (debt-to-equity ~1.7% in 2025), providing financial flexibility. However, equity has declined materially from 2022–2023 levels, and returns on equity are sharply negative (about -60% in 2025), reflecting ongoing value erosion from losses despite modest debt.

Cash Flow

Cash generation is weak with persistent cash burn: operating cash flow and free cash flow are negative across all years shown, including 2025 (operating cash flow about -248M; free cash flow about -255M). Cash burn improved versus 2024, but free cash flow still deteriorated slightly year over year (2025 free cash flow growth ~-2.8%). Free cash flow roughly tracks the net loss (free cash flow to net income ~1.03 in 2025), indicating losses are translating into real cash outflows rather than being primarily non-cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	226.50M	44.69M	71.46M	326.13M	19.38M
Gross Profit	0.00	44.69M	71.46M	326.13M	19.38M
EBITDA	-331.52M	-409.38M	-312.71M	-27.13M	-263.32M
Net Income	-332.86M	-429.38M	-330.30M	-34.09M	-278.96M
Balance Sheet
Total Assets	671.20M	989.24M	1.40B	1.71B	1.45B
Cash, Cash Equivalents and Short-Term Investments	592.75M	867.16M	1.07B	1.02B	1.08B
Total Debt	9.68M	17.41M	23.24M	26.96M	28.37M
Total Liabilities	113.59M	103.42M	90.45M	106.09M	80.32M
Stockholders Equity	557.62M	885.82M	1.31B	1.61B	1.37B
Cash Flow
Free Cash Flow	-255.01M	-390.50M	-355.00M	-53.60M	-259.10M
Operating Cash Flow	-247.75M	-380.47M	-341.69M	-41.23M	-245.84M
Investing Cash Flow	180.13M	564.35M	59.68M	-628.85M	-467.54M
Financing Cash Flow	-8.98M	-8.46M	23.14M	273.49M	894.87M

BioInvent International AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 30.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BINV, the sentiment is Negative. The current price of 30.3 is above the 20-day moving average (MA) of 26.57, above the 50-day MA of 28.40, and below the 200-day MA of 31.72, indicating a bearish trend. The MACD of -1.16 indicates Positive momentum. The RSI at 29.41 is Positive, neither overbought nor oversold. The STOCH value of 26.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BINV.

BioInvent International AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SANION	62 Neutral	kr2.57B	8.92	167.77%	―	2687.51%	―
VICO	58 Neutral	kr2.83B	-5.06	-71.87%	―	-91.85%	-6.65%
HNSA	56 Neutral	kr3.44B	-5.25	―	―	-5.69%	21.58%
CANTA	55 Neutral	kr1.18B	8.01	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BINV	47 Neutral	kr1.53B	-4.60	-36.52%	―	533.73%	20.92%
XSPRAY	44 Neutral	kr1.09B	-5.90	-35.03%	―	―	25.14%

BioInvent International AB Corporate Events

BioInvent doubles down on lead cancer antibodies as 2026 data catalysts loom

BioInvent has sharpened its clinical focus and resource allocation in 2025 to advance its lead oncology assets BI-1808 and BI-1206, pausing earlier-stage programs to maximize the probability of success and near-term value. The company reported improved full-year net sales, reduced losses versus 2024 and a solid cash position, while securing key regulatory designations, new patents and ESG verification, which collectively strengthen its competitive and financial footing.

The year saw promising Phase 2a data for BI-1808 in T-cell lymphoma and in combination with pembrolizumab in ovarian cancer, as well as impressive results for a BI-1206 triplet regimen in relapsed or refractory non-Hodgkin’s lymphoma presented at major medical meetings. Looking ahead, BioInvent is guiding to a series of 2026 data catalysts across CTCL, NHL, solid tumors, NSCLC and uveal melanoma, milestones that could significantly influence its clinical trajectory, partnership potential and value perception among investors and other stakeholders.

Additional developments included orphan drug and fast track designations for BI-1808 in T-cell lymphomas from U.S. and European regulators, validation of the TNFR2 target via Phase 1 data on the paused antibody BI-1910, and updated data on other pipeline assets such as BT-001 and BI-1607. The company also realized non-dilutive value through a royalty sale to XOMA, and proposed two new board members to support its next stage of growth.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK31.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent to Present 2025 Year-End Results in Investor Webcast

BioInvent International AB is a clinical-stage biotechnology company specializing in immuno-oncology, developing novel immuno-modulatory antibody therapies for hematological cancers and solid tumors. Leveraging its proprietary F.I.R.S.T. discovery platform, the company advances its own clinical pipeline while securing revenues from research collaborations, licensing deals, and third-party antibody manufacturing.

The company has invited investors, analysts, and media to a webcast and conference call on 26 February 2026 for the presentation of its 2025 year-end report, to be held in English by CEO Martin Welschof and CFO Stefan Ericsson. The event is designed to provide detailed financial and operational updates and will later be accessible via the company’s website, underscoring ongoing engagement with the capital markets and other stakeholders ahead of a potentially pivotal phase in its clinical and partnering activities.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK31.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent Taps Industry Heavyweights for Board as Cancer Pipeline Advances

BioInvent has nominated global life sciences executive Kate Hermans and veteran healthcare investor Scott Zinober to join its Board of Directors, with their elections to be put to shareholders at the April 29, 2026 AGM. The move comes as the company advances key clinical candidates BI-1808 and BI-1206 and prepares for the transition toward late-stage development and potential commercialization.

Hermans brings more than 25 years of leadership in biopharma and high-tech, including steering Ambrx Biopharma through a transformation that led to its $2 billion sale to Johnson & Johnson, along with senior roles at major pharma and biotech firms. Zinober adds deep capital markets and healthcare investment expertise from over two decades at Viking Global Investors, positioning BioInvent to strengthen its financing strategies and global immuno-oncology profile as several existing board members step down.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK31.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent Posts Strong Interim Data for BI‑1808 and KEYTRUDA Combo in Recurrent Ovarian Cancer

BioInvent International has reported encouraging interim Phase 2a data for its first‑in‑class anti‑TNFR2 antibody BI‑1808 in combination with Merck’s anti‑PD‑1 therapy KEYTRUDA (pembrolizumab) in patients with recurrent ovarian cancer who have progressed after platinum‑based treatment. Among 17 evaluable patients, the combination achieved a 24% overall response rate and 65% disease control rate, a marked improvement over the 8% response rate previously seen with pembrolizumab monotherapy in this setting, with responses including durable stable disease beyond eight months and a generally favorable safety and tolerability profile. Exploratory analyses suggest strong activity in high‑grade serous and clear cell ovarian cancer subtypes, prompting BioInvent to expand the ovarian cancer cohort by enrolling an additional 20 patients, with results expected in the second half of 2026, potentially strengthening the company’s position in immuno‑oncology and offering a new treatment avenue for a patient population with few effective options.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK28.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent Steps Up Investor Outreach with Series of 2026 Healthcare Conferences

BioInvent International AB will seek to deepen engagement with global investors and industry partners in January 2026 through participation in several high-profile investor and healthcare conferences in San Francisco and Stockholm. The company’s management will hold one-on-one meetings at the J.P. Morgan 2026 Healthcare Conference and the LifeSci Partners Corporate Access Event, join a Swedish-focused panel at the J.P. Morgan networking breakfast, and present with a Q&A session at the Redeye Fight Cancer event, moves that underscore its efforts to raise visibility around its cancer immunotherapy pipeline and to support potential partnering and financing opportunities.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK28.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent Reports Promising Phase 2a Trial Results for NHL Treatment

BioInvent International AB announced promising early data from its Phase 2a trial of BI-1206 in combination with rituximab and Calquence for the treatment of relapsed/refractory non-Hodgkin’s lymphoma (NHL). The trial showed an 80% overall response rate, with 47% of patients achieving complete responses and a favorable safety profile, suggesting the potential of this combination to overcome resistance to rituximab and provide a new therapeutic option for patients with limited alternatives.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK28.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.

BioInvent’s BI-1808 Shows Promise in Early Phase 2a CTCL Trial

BioInvent International AB has presented promising early Phase 2a data for its BI-1808 monotherapy in treating cutaneous T-cell lymphoma (CTCL) at the ASH 2025 meeting. The trial showed a 46% objective response rate and a 92% disease control rate among evaluable patients, with evidence of immune activation. The company is also exploring BI-1808 in combination with pembrolizumab for solid tumors, positioning itself for significant market opportunities with Fast Track and Orphan Drug designations.

The most recent analyst rating on (SE:BINV) stock is a Hold with a SEK28.00 price target. To see the full list of analyst forecasts on BioInvent International AB stock, see the SE:BINV Stock Forecast page.