Elicera Therapeutics AB (ELIC) AI Stock Analysis

• Market Cap: kr289.76M
• Dividend Yield: N/A
• Average Volume (3M): 134.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: 52.96%
• Country: SE
• Employees: 2
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.14
• Shares Outstanding: 48,535,545
• 10 Day Avg. Volume: 92,396
• 30 Day Avg. Volume: 134,243
• PEG Ratio: 0.54
• Price to Book (P/B): 10.19
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -11.04
• 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): 0.1
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: kr6.00 ▲(12.15% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is primarily held down by weak financial performance (persistent losses, cash burn, declining equity, and highly volatile revenue including zero revenue in 2025), partially offset by strong current technical momentum (price above major moving averages with positive MACD). Valuation remains unattractive/unclear due to negative earnings and no dividend support.

Positive Factors

Conservative balance sheet: zero debt

Zero debt materially lowers solvency and interest-cost risk for an R&D-stage biotech, preserving flexibility to fund programs via equity or partnerships rather than servicing loans. This structural conservatism reduces short- to medium-term bankruptcy risk and supports long-term investment optionality.

Focused immuno‑oncology R&D platform

A clear strategic focus on CAR T and oncolytic virus modalities targets high unmet oncology needs and aligns with durable secular demand for next‑gen immunotherapies. Specialization increases potential for meaningful clinical/partnering outcomes and long-term value capture if trials progress.

High gross profit when revenue exists

Historical near‑full pass‑through gross margins indicate revenue, when realized, can be highly scalable and not heavily consumed by COGS. That structural margin profile supports attractive operating leverage potential as development programs commercialize or are licensed.

Negative Factors

Persistent operating and net losses

Ongoing operating and net losses erode equity and signal the company lacks self-sustaining profitability. Over a multi-month horizon this necessitates external financing or dilution, constrains reinvestment, and increases execution risk if clinical or commercial milestones slip.

Weak cash generation and continued cash burn

Consistent negative operating and free cash flow create dependency on equity raises or partnerships for runway. This structural cash shortfall limits strategic flexibility, risks dilution at unfavorable terms, and pressures program timelines if additional financing is delayed.

Revenue volatility and zero revenue in 2025

Large swings and a drop to zero revenue undermine predictable funding from operations and complicate partner negotiations and forecasting. Structural revenue unreliability increases reliance on milestones/grants and magnifies execution risk for sustained program development.

Elicera Therapeutics AB Business Overview & Revenue Model

Company Description

Elicera Therapeutics AB (publ), a clinical stage immuno-oncology company, develops cell and gene therapies for immune-based cancer treatments in Sweden. The company's portfolio of products in pipeline includes ELC-100, a Phase I/II drug candidate for neuroendocrine tumors indications; ELC-201, a preclinical drug candidate; ELC-301, a CAR T-cell therapy for the treatment of Non-Hodgkin's B-cell lymphoma; and ELC-401, a preclinical drug candidate glioblastoma multiforme (brain tumor) indications. It also develops iTANK, a technology platform used to optimize the effect of all CAR T-cell therapies under the development and activate killer T-cells against cancer. The company was founded in 2014 and is based in Göteborg, Sweden.

How the Company Makes Money

Elicera Therapeutics AB generates revenue primarily through research and development collaborations, licensing agreements, and potential milestone payments related to its proprietary technologies and therapeutic candidates. The company may also seek grants and funding from governmental or non-governmental entities to support its research initiatives. Elicera's revenue model is likely driven by strategic partnerships with larger pharmaceutical companies, which can provide upfront payments, research funding, and royalties on future sales if the therapies reach commercialization. Additionally, successful clinical trials and regulatory approvals could open avenues for direct sales or additional licensing deals.

Elicera Therapeutics AB Financial Statement Overview

Summary

Overall financial quality is weak: persistent operating and net losses, ongoing negative operating/free cash flow, and declining equity. A key positive is zero debt, which reduces solvency risk, but revenue volatility (including zero revenue in 2025) and continued cash burn indicate reliance on external funding.

Income Statement

The company remains in a heavy-loss phase with consistently negative operating profit and net income across all reported years. Revenue ramped meaningfully from 2021–2023, but declined in 2024 and fell to zero in 2025, indicating high volatility and weak commercial visibility. Gross profit was strong when revenue existed (near full pass-through in 2022–2024), but losses are driven by a cost base that remains far above revenue, keeping profitability deeply negative.

Balance Sheet

Balance sheet leverage is conservative with zero debt across all periods, which reduces financial risk. However, equity has declined materially from 2021 to 2025 (reflecting ongoing losses), and returns on equity are persistently negative, signaling continued value dilution risk if losses persist. Assets have been relatively stable, but the shrinking equity cushion is a key weakness.

Cash Flow

Cash generation is weak with consistently negative operating cash flow and free cash flow each year, consistent with an R&D-stage biotech funding profile. Cash burn fluctuated (improved in 2023 vs. 2022, worsened in 2024, and modestly improved again in 2025), but remains substantial in absolute terms. Free cash flow tracks net losses closely, suggesting limited non-cash offsets and no clear self-funding trajectory yet.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	7.13M	11.23M	1.28M	587.00
Gross Profit	0.00	7.13M	11.22M	1.28M	-11.19K
EBITDA	-17.40M	-16.82M	-17.09M	-19.43M	-13.11M
Net Income	-17.41M	-16.11M	-16.40M	-19.52M	-13.12M
Balance Sheet
Total Assets	27.42M	27.56M	30.18M	46.31M	54.74M
Cash, Cash Equivalents and Short-Term Investments	24.85M	26.40M	29.38M	43.82M	52.39M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.06M	6.79M	13.78M	13.51M	2.50M
Stockholders Equity	23.36M	20.77M	16.40M	32.80M	52.24M
Cash Flow
Free Cash Flow	-21.55M	-23.46M	-14.92M	-8.57M	-14.29M
Operating Cash Flow	-21.55M	-23.46M	-14.92M	-8.57M	-14.29M
Investing Cash Flow	1.00K	0.00	483.17K	0.00	-1.00K
Financing Cash Flow	20.00M	20.48M	0.00	0.00	55.12M

Elicera Therapeutics AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ELIC, the sentiment is Positive. The current price of 5.35 is below the 20-day moving average (MA) of 5.50, below the 50-day MA of 5.51, and below the 200-day MA of 5.87, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 55.76 is Neutral, neither overbought nor oversold. The STOCH value of 71.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ELIC.

Elicera Therapeutics 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%
ELIC	49 Neutral	kr289.76M	-14.46	-48.30%	―	―	52.96%