Corline Biomedical AB (CLBIO) AI Stock Analysis

• Market Cap: kr405.97M
• Dividend Yield: N/A
• Average Volume (3M): 90.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.05
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 25,613,550
• 10 Day Avg. Volume: 161,073
• 30 Day Avg. Volume: 90,008
• PEG Ratio: 0.62
• Price to Book (P/B): 4.33
• Price to Sales (P/S): 53.02
• P/FCF Ratio: -22.87
• 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): 0.7
• Revenue Forecast (FY): kr54.90M

• Rating: 46 Neutral
• Price Target: kr16.00 ▼(-2.44% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weakening operating performance and persistent negative free cash flow, with additional pressure from bearish technical momentum. A debt-free balance sheet with stable equity provides a meaningful cushion, preventing a lower score, while valuation is constrained by ongoing losses and no dividend support.

Positive Factors

Debt-free balance sheet

A zero-debt capital structure materially reduces refinancing risk and interest-cost pressure, giving management flexibility to fund operations or strategic initiatives from equity or cash. Over a 2–6 month horizon this lowers bankruptcy risk and preserves optionality for partnerships or M&A.

Stable equity cushion

A stable equity base provides a durable buffer against operating losses, allowing the company to absorb near-term cash burn without immediate refinancing. This supports continuity of R&D and commercialization efforts and reduces likelihood of urgent dilutive financing within months.

Proprietary product niche

Owning specialized heparin-based coating technology and a focused blood-compatibility product set creates a structural competitive advantage in a high-barriers market (cardiac, extracorporeal, implants). This IP-driven niche supports durable customer relationships and licensing or device integration opportunities.

Negative Factors

Sharp revenue contraction

Significant and sustained top-line deterioration undermines economies of scale and suggests weak commercial traction or customer concentration. Over months this reduces bargaining power with partners, limits ability to absorb fixed costs, and makes margin recovery harder absent clear commercial turnaround.

Persistent negative free cash flow

Consistent negative free cash flow indicates ongoing cash burn from operations and investments. This erodes liquidity over time, forces reliance on external funding or equity raises, and constrains the company's ability to invest in sales, regulatory processes, or scale manufacturing without diluting shareholders.

Deteriorating profitability / negative ROE

Transition from prior profitability to growing losses and negative returns on equity signals weak operating leverage and cost pressures. If losses persist, the equity cushion will erode, reducing strategic flexibility and increasing likelihood of financing events that could alter ownership or strategy.

Corline Biomedical AB Business Overview & Revenue Model

Company Description

Corline Biomedical AB develops, manufactures, and markets heparin based solutions to enhance kidney transplantation, cell therapies, and regenerative medicine applications. Its products are based on Corline Heparin Conjugate (CHC) technology, a heparin conjugate that is used as stand-alone pharmaceutical compound. The company's products include Renaparin for use in the treatment of end stage renal failure; Cytoparin, a cell therapy that is used for the treatment of patients with type 1 diabetes; CHC, which is used for the treatment of soft tissue injuries; medical devices; and CHS, a coronary stent. The company was founded in 1991 and is based in Uppsala, Sweden.

How the Company Makes Money

Corline Biomedical AB Financial Statement Overview

Summary

Financials are mixed but skew weak: income statement performance has deteriorated with sharp revenue contraction and much larger losses in 2024–2025, and cash flow shows persistent negative free cash flow with increasing burn. The main offset is a strong, debt-free balance sheet with a stable equity base that reduces near-term financial risk.

Income Statement

Revenue has been volatile: strong growth in 2022 but sharp contraction in 2024 and further decline in 2025, indicating an uneven commercial trajectory. Profitability has deteriorated materially, moving from a profit in 2022 to small losses in 2023 and much larger losses in 2024–2025, with deeply negative operating results in the last two years. A key positive is that the company has demonstrated it can reach profitability (2022), but the recent trend shows weak operating leverage and rising cost pressure versus revenue.

Balance Sheet

The balance sheet is a clear strength: the company reports zero debt across all periods provided, which reduces financial risk and refinancing pressure. Equity remains sizeable and generally stable (roughly SEK 87–95m in 2021–2025), providing a cushion to fund operations. The main weakness is that returns on equity have turned negative in most years (especially 2024–2025), implying the equity base is currently being used unprofitably and could erode if losses persist.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow is negative in most years (including 2024 and 2025) and free cash flow is negative every year shown, with a particularly large outflow in 2025 versus 2024. While there was a brief improvement in operating cash flow in 2023, it did not translate into positive free cash flow, suggesting ongoing cash burn from investment needs and/or working-capital demands. The key risk is sustainability of funding if negative free cash flow continues alongside widening losses.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.65M	9.78M	25.03M	23.55M	7.06M
Gross Profit	-14.21M	13.44M	28.38M	22.73M	9.10M
EBITDA	-14.12M	-23.07M	-1.69M	2.38M	-6.88M
Net Income	-14.71M	-23.19M	-1.81M	2.33M	-6.92M
Balance Sheet
Total Assets	98.58M	94.76M	100.11M	101.78M	101.66M
Cash, Cash Equivalents and Short-Term Investments	20.56M	17.67M	17.01M	26.21M	41.63M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.82M	7.85M	6.79M	7.19M	9.43M
Stockholders Equity	93.76M	86.91M	93.32M	94.59M	92.23M
Cash Flow
Free Cash Flow	-17.74M	-16.14M	-9.73M	-15.45M	-14.45M
Operating Cash Flow	-17.69M	-8.64M	886.00K	-6.45M	-4.83M
Investing Cash Flow	-982.00K	-7.50M	-10.62M	-9.00M	-9.56M
Financing Cash Flow	21.56M	16.79M	537.00K	26.00K	47.13M

Corline Biomedical 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%
CLBIO	46 Neutral	kr405.97M	-26.73	―	―	―	―