Cantargia AB (CANTA) AI Stock Analysis

• Market Cap: kr1.18B
• Dividend Yield: N/A
• Average Volume (3M): 1.42M
• Price to Earnings (P/E): 8.0
• Beta (1Y): 0.58
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 22
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.13
• Shares Outstanding: 248,611,650
• 10 Day Avg. Volume: 1,074,033
• 30 Day Avg. Volume: 1,417,172
• PEG Ratio: -0.04
• Price to Book (P/B): 3.91
• Price to Sales (P/S): 3.28
• P/FCF Ratio: 6.94
• 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: kr13.98
• Price Target Upside: 194.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.64
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: kr4.50 ▼(-5.06% Downside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is driven by improved 2025 financial performance (profitability and strong cash generation) but tempered by limited multi-year consistency and historically heavy losses typical of biotech. Technicals are a notable drag with the stock trading below key short-term moving averages and weak momentum, while valuation (P/E ~10) provides partial support.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces financial risk and preserves strategic optionality. Over a 2–6 month horizon this improves the company’s ability to fund R&D, pursue partnerships or weather development setbacks without immediate refinancing, strengthening long-term resilience.

Strong cash generation in 2025

A large positive operating and free cash flow outcome provides durable runway to advance clinical programs and limit dilutive financings. If these cash flows reflect recurring revenue or sustainable partner receipts, they materially improve the company’s funding profile and strategic flexibility.

Revenue and profit inflection in 2025

A substantial step-up to positive revenue and net income indicates a structural business change—commercialization, partner milestones or recurring agreements—that can transform cash generation and financing needs. Sustained, it would shift Cantargia toward self-funding growth and lower capital risk.

Negative Factors

Low multi-year consistency

Several years of losses and cash outflows before 2025 highlight a track record of inconsistent operating performance. This raises the risk that the 2025 improvement may not persist, leaving the business exposed to R&D setbacks, volatile revenues, and renewed financing needs over the medium term.

Declining equity base

A materially reduced equity base versus prior years weakens the balance sheet buffer against future losses or write-downs. Over months, this lowers capital durability, increases vulnerability to adverse development outcomes, and may force reliance on external financing under unfavorable terms.

Possible one-off drivers of 2025 results

Management notes the 2025 cash and profit step-change could reflect timing or non-recurring items. If true, core operating cash generation may revert, eroding funding for the pipeline and forcing dilutive raises or partner deals, creating sustained execution and financing risk.

Cantargia AB Business Overview & Revenue Model

Company Description

Cantargia AB (publ), a biotechnology company, engages in the research and development of antibody-based treatments for life threatening diseases. The company is developing CAN04, an antibody against Interleukin-1 Receptor Accessory Protein (IL1RAP) to recognize cancer cells and stimulate natural immune system to destroy such cells, as well as block the tumor inflammation that is driven by the Interleukin-1 system and is under phase IIa clinical trial; and CAN10, an antibody against IL1RAP for treatment of autoimmune and inflammatory diseases, including systemic sclerosis and myocarditis, and is under preclinical trial. It is also developing CANxx antibodies against IL1RAP. The company has collaboration agreements with Patheon Biologics BV and BioWa Inc. for the manufacture and production of CAN04; and Specialized Medical Services-oncology BV for the clinical study of CAN04. Cantargia AB (publ) was founded in 2010 and is based in Lund, Sweden.

How the Company Makes Money

Cantargia AB generates revenue primarily through the development and commercialization of its proprietary antibody therapies. The company seeks to advance its product candidates through clinical trials and obtain regulatory approvals, which can lead to licensing agreements, partnerships, or collaborations with larger pharmaceutical companies. These partnerships often involve upfront payments, milestone payments based on clinical and commercial achievements, and royalties on future sales. Additionally, Cantargia may receive funding from grants, research collaborations, or government programs to support its research and development efforts.

Cantargia AB Financial Statement Overview

Summary

2025 shows a major inflection with strong revenue (316.7m), a swing to profitability (147.0m net income), and positive operating/free cash flow (~150m). Offsetting this is low multi-year consistency (2020–2024 losses and cash burn) and a reduced equity base versus 2020, making durability of the 2025 step-up the key risk despite a debt-free profile.

Income Statement

Results show a sharp swing to profitability in 2025 (annual): revenue of 316.7m and net income of 147.0m versus multi-year losses from 2020–2024. Revenue growth is strong in 2025 (up ~260%), indicating a step-change year. However, prior years had essentially no revenue and deeply negative earnings, suggesting profits may be volatile and potentially driven by non-recurring items rather than a stable operating base.

Balance Sheet

The balance sheet is conservatively levered with zero reported debt across all periods, which reduces financial risk. Equity remains positive (265.9m in 2025), but it has fallen materially from 2020 levels, reflecting several years of losses and cash burn. Overall, low leverage is a clear strength, while the declining equity base and historically negative returns point to weaker underlying capital durability.

Cash Flow

Cash generation improved dramatically in 2025 (annual) with operating cash flow of 150.1m and free cash flow of 149.7m after multiple years of large outflows (roughly -156m to -359m operating cash flow during 2020–2024). That said, free cash flow declined about 15% in 2025 versus the prior period’s level, and the long history of cash burn suggests cash flow could revert if 2025 was driven by timing or one-off drivers.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	316.70M	0.00	0.00	0.00	0.00
Gross Profit	0.00	-3.44M	-3.45M	-3.69M	-3.45M
EBITDA	157.66M	-165.05M	-284.31M	-368.12M	-363.06M
Net Income	146.97M	-161.65M	-280.03M	-371.81M	-366.50M
Balance Sheet
Total Assets	296.66M	170.43M	223.71M	474.80M	600.24M
Cash, Cash Equivalents and Short-Term Investments	281.82M	33.04M	194.75M	426.67M	559.39M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	30.78M	54.12M	54.97M	85.11M	67.50M
Stockholders Equity	265.88M	116.30M	168.74M	389.68M	532.75M
Cash Flow
Free Cash Flow	149.66M	-162.75M	-286.66M	-366.00M	-346.83M
Operating Cash Flow	150.13M	-162.75M	-286.66M	-358.92M	-346.44M
Investing Cash Flow	-472.00K	55.00M	182.09M	67.88M	-102.43M
Financing Cash Flow	103.86M	-1.07M	54.68M	223.93M	3.00K

Cantargia AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.74
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CANTA, the sentiment is Neutral. The current price of 4.74 is below the 20-day moving average (MA) of 5.04, below the 50-day MA of 4.99, and above the 200-day MA of 3.17, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 44.58 is Neutral, neither overbought nor oversold. The STOCH value of 42.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:CANTA.

Cantargia AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CANTA	55 Neutral	kr1.18B	8.01	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCO	49 Neutral	kr659.35M	-1.74	―	―	131.20%	32.28%

Cantargia AB Corporate Events

Cantargia Highlights Pipeline Progress in 2025 Year-End Report

Cantargia’s year-end report for January to December 2025 outlines progress across its pipeline of antibody-based drug candidates targeting cancer and severe immunological diseases. The report highlights the company’s continued development efforts and strategic partnerships around assets like nadunolimab, CAN14, CANxx and CAN10, underscoring its ambition to strengthen its position in innovative biologic therapies despite the absence of detailed financial figures or trial outcomes in the translated summary.

The most recent analyst rating on (SE:CANTA) stock is a Buy with a SEK7.00 price target. To see the full list of analyst forecasts on Cantargia AB stock, see the SE:CANTA Stock Forecast page.

Cantargia Sets Date for 2025 Annual Results and Investor Presentation

Cantargia will publish its annual results for 2025 on 20 February 2026 and will host an English-language audiocast and teleconference later that day, where CEO Hilde Steineger and CFO Patrik Renblad will present the results and take questions from investors, analysts and media, with the presentation subsequently made available on demand via the company’s website. The results presentation offers stakeholders a key opportunity to gauge the progress of Cantargia’s IL1RAP-based antibody pipeline, including flagship oncology candidate nadunolimab, and to assess how the completed sale of CAN10 to Otsuka may influence the company’s financial profile and strategic focus going forward.

The most recent analyst rating on (SE:CANTA) stock is a Buy with a SEK7.00 price target. To see the full list of analyst forecasts on Cantargia AB stock, see the SE:CANTA Stock Forecast page.

Cantargia to Engage Investors at Leerink Global Healthcare Conference

Cantargia announced that its management team will hold one-on-one meetings with investors and stakeholders at the Leerink Partners Global Healthcare Conference in Miami on March 11, 2026. Participation in this high-profile sector event underscores the company’s efforts to increase its visibility in the global healthcare investment community and could support strategic partnering and financing opportunities as it advances its antibody-based therapies in oncology and inflammatory disease.

The most recent analyst rating on (SE:CANTA) stock is a Buy with a SEK7.00 price target. To see the full list of analyst forecasts on Cantargia AB stock, see the SE:CANTA Stock Forecast page.

Cantargia Begins US Trial of Nadunolimab Combo in Hard-to-Treat Colorectal Cancer

Cantargia AB has announced that the first patient has been dosed in a Phase 1b/2 investigator-initiated trial at the Tisch Cancer Institute, Mount Sinai, testing its IL1RAP-targeting antibody nadunolimab in combination with an anti-PD-1 checkpoint inhibitor in up to 24 patients with chemotherapy-refractory, microsatellite stable metastatic colorectal cancer, a particularly hard-to-treat tumor type. The study, led by Dr. Dan Fang, aims not only to evaluate anticancer activity but also to generate extensive biomarker and translational data on IL-1 signaling and immune suppression in colorectal cancer, potentially broadening nadunolimab’s clinical footprint beyond pancreatic and lung cancers and reinforcing Cantargia’s position in immuno-oncology through collaboration with a leading U.S. cancer center.

The most recent analyst rating on (SE:CANTA) stock is a Buy with a SEK6.50 price target. To see the full list of analyst forecasts on Cantargia AB stock, see the SE:CANTA Stock Forecast page.

Cantargia Reports TRIFOUR Study Results on Nadunolimab

Cantargia AB announced that the TRIFOUR study, evaluating nadunolimab in triple-negative breast cancer, showed no difference in median overall survival between the treatment and control groups, both achieving a survival duration of 26 months. Despite the study not meeting its objectives, Cantargia sees potential in nadunolimab for pancreatic cancer, emphasizing the trial’s insights and the drug’s promising efficacy in other cancer types.

The most recent analyst rating on (SE:CANTA) stock is a Buy with a SEK14.00 price target. To see the full list of analyst forecasts on Cantargia AB stock, see the SE:CANTA Stock Forecast page.