Elicera Therapeutics AB (ELIC) AI Stock Analysis

• Market Cap: kr262.09M
• Dividend Yield: N/A
• Average Volume (3M): 134.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.32
• 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): -0.5
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: kr5.50 ▲(2.80% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by weak financial performance (ongoing losses, cash burn, and declining equity despite zero debt). Technicals provide some offset via improving short-term momentum, while valuation contributes limited support due to negative earnings and no dividend data.

Positive Factors

Conservative leverage (zero debt)

Zero debt provides durable financial flexibility for an R&D biotech, lowering bankruptcy risk and easing short-term cash flow pressure from interest obligations. This structural conservatism lengthens runway before financing and supports strategic R&D choices without leverage-driven constraints.

High gross margins on revenue

When commercial revenue occurred, gross margins were near full pass-through, indicating the company’s products or services can scale with relatively low incremental COGS. If clinical programs translate to recurring sales, strong gross margins improve leverage to profitability once fixed R&D and SG&A are controlled.

Platform in immuno-oncology (CAR T, oncolytic viruses)

A platform focus on CAR T and oncolytic viruses aligns with durable oncology secular growth and high unmet medical need. Platform technologies can create multiple product opportunities, enabling long-term upside from clinical success, partnerships, and potential licensing across tumor indications.

Negative Factors

Persistent operating and net losses

Consistent operating and net losses plus negative operating/free cash flow reflect an inability to self-fund R&D and operations. Over time this necessitates recurring external capital, increases dilution risk, and can limit the company’s ability to advance multiple programs simultaneously without concessionary financing.

Revenue volatility and 2025 revenue lapse

A collapse to zero revenue in 2025 signals weak commercial visibility and unreliable revenue streams. Structurally, this undermines forecasting, reduces confidence in commercialization capability, and increases dependence on financing or partnerships to sustain development and operations over the next 2–6 months and beyond.

Declining equity cushion

Material erosion of equity over multiple years reduces the balance sheet buffer against further losses, limiting solvency resilience. This structural decline increases the probability and potential size of future equity raises, diluting existing stakeholders and potentially constraining strategic options.

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. The main offset is conservative leverage (zero debt), but revenue volatility culminating in zero revenue in 2025 raises near-term visibility and funding risk.

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: Negative
• Last Price: 5.35
• 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:ELIC, the sentiment is Negative. The current price of 5.35 is below the 20-day moving average (MA) of 5.93, below the 50-day MA of 5.60, and below the 200-day MA of 5.87, indicating a bearish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 43.59 is Neutral, neither overbought nor oversold. The STOCH value of 7.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	48 Neutral	kr262.09M	-13.67	-59.78%	―	―	52.96%