Elicera Therapeutics AB (ELIC) AI Stock Analysis

• Market Cap: kr256.27M
• Dividend Yield: N/A
• Average Volume (3M): 134.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.19
• 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: kr5.00 ▼(-6.54% Downside)
• 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

Next-generation immuno-oncology R&D

Elicera’s focus on CAR‑T and oncolytic virus approaches aligns with structural growth in immuno‑oncology. These modalities carry high technical barriers and can create platform value and durable differentiation if clinical progress advances toward regulatory validation and commercialization.

Conservative capital structure (zero debt)

Zero debt materially reduces insolvency risk and preserves strategic flexibility for an R&D‑stage biotech. A debt‑free balance sheet improves options for milestone financing, licensing deals or orderly equity raises, supporting longer runway and lower fixed financial burden.

Strong gross profit when revenue existed

When revenues were recorded, gross margins were high, indicating product/service economics that can scale efficiently. If the company translates R&D into commercial offerings, the underlying margin structure supports durable profitability once fixed R&D and SG&A are absorbed.

Negative Factors

Persistent operating losses and negative cash flow

Consistent operating losses and negative operating/free cash flow indicate ongoing cash burn without self‑funding. Over 2–6 months this structural cash gap implies reliance on external financing, elevating dilution risk and potentially constraining development timelines if capital access tightens.

Revenue volatility and zero revenue in 2025

The collapse to zero reported revenue in 2025 highlights weak commercial visibility and inconsistent revenue generation. Structurally, this undermines forecasting, reduces predictability of cash inflows, and raises the stakes on successful clinical milestones to restore sustainable revenue streams.

Declining equity and value dilution risk

Material equity erosion over several years shrinks the balance sheet buffer against shocks and limits internal financing capacity. This structural weakening increases dependence on external capital raises, heightening dilution risk for shareholders and reducing financial flexibility over the medium term.

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

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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 5.91, below the 50-day MA of 5.60, and below the 200-day MA of 5.85, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 42.86 is Neutral, neither overbought nor oversold. The STOCH value of 8.97 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	kr256.27M	-13.67	-59.78%	―	―	52.96%