Hansa Biopharma AB (SE:HNSA)
:HNSA
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Hansa Biopharma AB
(HNSA)
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Rating:56Neutral
Price Target:
kr32.00
▼(-2.08% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by weak financial fundamentals (heavy losses, cash burn, and negative equity/high leverage). Offsetting this are constructive technical momentum and a relatively positive earnings-call outlook driven by 2026 regulatory/commercial catalysts and improved funding runway, while valuation remains difficult to assess due to negative earnings.
Positive Factors
Scaling product revenue with solid gross margins
Consistent double‑digit top‑line growth with a ~62% gross margin indicates the core product has scalable unit economics and growing clinical adoption. Persisting product revenue growth helps support future operating leverage as marketing and fixed costs are amortized across higher volumes.
Negative Factors
High leverage and negative equity
Negative shareholder equity and material outstanding debt erode financial flexibility: lenders and partners may impose tighter covenants, and the company remains vulnerable to adverse outcomes. This structural capital weakness raises the probability of future refinancing risk or dilutive raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaling product revenue with solid gross margins
Consistent double‑digit top‑line growth with a ~62% gross margin indicates the core product has scalable unit economics and growing clinical adoption. Persisting product revenue growth helps support future operating leverage as marketing and fixed costs are amortized across higher volumes.
Read all positive factors
Hansa Biopharma AB (HNSA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.33B
Dividend YieldN/A
Average Volume (3M)792.96K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth-5.69%
EPS Growth21.58%
CountrySE
Employees138
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.62
Shares Outstanding101,763,220
10 Day Avg. Volume714,369
30 Day Avg. Volume792,961
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)-31.35
Price to Sales (P/S)12.55
P/FCF Ratio-5.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr103.00Price Target Upside215.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-6.05
Revenue Forecast (FY)kr280.21M
Hansa Biopharma AB Business Overview & Revenue Model
Company Description
Hansa Biopharma AB (publ), a biopharmaceutical company, develops immunomodulatory treatments for enabling transplants and rare immunoglobulin G (IgG)-mediated autoimmune conditions, gene therapy, and cancer using its proprietary enzyme technology ...
How the Company Makes Money
Hansa Biopharma makes money primarily through sales of its marketed product and through collaboration-related payments. Its key commercial revenue stream is product revenue from imlifidase (Idefirix), which is sold for use in desensitization of hi...
Hansa Biopharma AB Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presented multiple strong positives: substantial quarter and full-year revenue growth, a successful SEK 671.5M equity raise providing runway into 2027, a BLA submission to the FDA and active U.S. launch preparations, reduced R&D spend and improvement in operating loss, plus upcoming data readouts and European access wins. Offsetting these are material negatives including a failed Phase III in anti‑GBM (no further trials planned), notable commercial headwinds and near-term variability in Europe (notably Germany), ongoing operating losses and cash burn, and reimbursement/pricing uncertainties in the U.S. Overall, management conveyed confidence and a clear plan to execute in 2026, but execution and regulatory outcomes remain key dependencies.Positive Updates
Strong Q4 and Full-Year Revenue Growth
Q4 total revenue SEK 76.0M (up 135% YoY) with Idefirix product sales SEK 61.1M in Q4 (up 139% YoY). Full-year total revenues SEK 222.3M (~USD 25M), reported as a 46% increase versus 2024; full-year product sales reported at SEK 204.7M (company-stated ~46% increase vs prior year).
Negative Updates
Anti‑GBM (Goodpasture) Phase III Trial Did Not Meet Primary or Key Secondary Endpoints
Phase III anti‑GBM study (50 randomized; 49 in full analysis set) failed to reach the primary endpoint (eGFR at 6 months) and key secondary (proportion with functioning kidney at 6 months). No difference in end-stage kidney disease or death within 6 months. Company does not plan further trials in anti‑GBM and is analyzing subgroups.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 and Full-Year Revenue Growth
Q4 total revenue SEK 76.0M (up 135% YoY) with Idefirix product sales SEK 61.1M in Q4 (up 139% YoY). Full-year total revenues SEK 222.3M (~USD 25M), reported as a 46% increase versus 2024; full-year product sales reported at SEK 204.7M (company-stated ~46% increase vs prior year).
Read all positive updates
Company Guidance
Management guided that they expect several 2026 inflection points — FDA acceptance/PDUFA date expected shortly for the Dec 2025 BLA and the company aims to be launch‑ready at PDUFA, plans a late‑stage GBS trial for HNSA‑5487 before year‑end, and expects a relatively weak Q1 2026 followed by a strong H2 2026 as European commercial reorganizations take effect. Key metrics: FY2025 total revenue SEK 222.3m (~$25m, +46% vs 2024) with product sales SEK 204.7m (+46% vs SEK 104.1m); Q4 2025 total revenue SEK 76m (+135% YoY) including Idefirix product sales SEK 61.1m (+139%) and contract sales SEK 14.9m; completed equity raise SEK 671.5m (~USD 71m) funding operations into 2027 and ending cash SEK 701m; cash used in operations SEK 149m; R&D FY SEK 304.7m (‑19% YoY) and Q4 R&D SEK 74.4m (‑26%); SG&A Q4 SEK 101.6m (+15%), FY SEK 357m (+4%, excluding SEK 21m restructuring); operating loss FY SEK 521m (‑18% YoY) and Q4 ~SEK 125m (‑28%). U.S. launch planning targets 200 transplant centers (100 drive 80% of volume; 25 ConfIdeS centers = 25% volume), an addressable U.S. pool of ~15,000 patients with cPRA>80% (7,000 >98%; 3,500 most sensitized), ~27,000 annual transplants, NTAP pursued for Medicare, and a European list‑price reference of ~USD 350,000 per treatment.Hansa Biopharma AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 222.26M | 171.32M | 134.09M | 154.53M | 33.88M |
| Gross Profit | 138.71M | 87.76M | 70.95M | 116.05M | 18.45M |
| EBITDA | -409.35M | -642.07M | -714.55M | -554.26M | -538.83M |
| Net Income | -529.25M | -807.24M | -831.72M | -611.13M | -548.28M |
Balance Sheet | |||||
| Total Assets | 1.17B | 800.64M | 1.02B | 1.69B | 1.01B |
| Cash, Cash Equivalents and Short-Term Investments | 701.08M | 405.28M | 732.06M | 1.50B | 888.96M |
| Total Debt | 933.82M | 1.08B | 866.77M | 791.09M | 35.38M |
| Total Liabilities | 1.25B | 1.39B | 1.19B | 1.08B | 255.24M |
| Stockholders Equity | -88.99M | -589.83M | -167.88M | 602.91M | 757.57M |
Cash Flow | |||||
| Free Cash Flow | -549.17M | -675.00M | -755.94M | -506.06M | -483.57M |
| Operating Cash Flow | -549.17M | -674.88M | -755.65M | -502.73M | -481.17M |
| Investing Cash Flow | 0.00 | -116.00K | -284.00K | 229.31M | -2.40M |
| Financing Cash Flow | 847.96M | 346.81M | -7.54M | 1.12B | -4.86M |
Hansa Biopharma AB Technical Analysis
Positive
32.68
Price Trends
33.47
Negative
32.43
Positive
31.68
Positive
Market Momentum
-0.21
Negative
56.22
Neutral
94.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HNSA, the sentiment is Positive. The current price of 32.68 is above the 20-day moving average (MA) of 30.26, below the 50-day MA of 33.47, and above the 200-day MA of 31.68, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 56.22 is Neutral, neither overbought nor oversold. The STOCH value of 94.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:HNSA.
Hansa Biopharma AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | kr2.26B | 9.60 | 167.77% | ― | 2687.51% | ― | |
56 Neutral | kr3.33B | -5.27 | ― | ― | -5.69% | 21.58% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr1.00B | 7.07 | 81.19% | ― | ― | ― | |
50 Neutral | kr2.87B | -5.68 | -49.96% | ― | -91.85% | -6.65% | |
47 Neutral | kr1.51B | -5.81 | -47.20% | ― | 533.73% | 20.92% | |
45 Neutral | kr1.29B | -7.05 | -35.03% | ― | ― | 25.14% |
* General Sector Average
SE:HNSA
Hansa Biopharma AB
32.68
10.78
49.22%
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Hansa Biopharma AB Corporate Events
Hansa Biopharma Raises USD 30 Million via Convertible Notes to Back U.S. Imlifidase Launch
Mar 20, 2026
Hansa Biopharma has secured a USD 30 million unsecured convertible senior notes financing from funds managed by Athyrium Capital Management, extending its cash runway into mid-2027. The funding is intended to support a robust planned U.S. launch o...
Hansa Biopharma to Present Commercial Strategy at Redeye Life Science Event
Mar 13, 2026
Hansa Biopharma AB, a commercial-stage Swedish biopharmaceutical group specializing in IgG-cleaving enzyme-based immunomodulatory therapies for severe immune-mediated conditions, operates across Europe and the U.S. and is listed on Nasdaq Stockhol...
Hansa Biopharma to Spotlight Immunomodulatory Platform at DNB Carnegie Healthcare Conference
Mar 10, 2026
Hansa Biopharma AB, a Swedish commercial-stage biopharmaceutical company specializing in IgG-cleaving immunomodulatory therapies for transplantation, gene therapy and autoimmune diseases, is expanding its reach with products such as imlifidase and...
Hansa Biopharma leadership to spotlight growth strategy at LSX Investival USA
Mar 9, 2026
Hansa Biopharma AB will showcase its leadership in immunomodulatory therapies at the LSX Investival Showcase USA in Miami, where CEO Renée Aguiar-Lucander is set to join a panel titled “The Path to Public: Mastering Your Exit Strategy&#...
Hansa Biopharma to Spotlight Immunomodulatory Platform at Leerink Global Healthcare Conference
Mar 6, 2026
Hansa Biopharma AB, a commercial-stage biopharmaceutical company specializing in novel immunomodulatory therapies for acute and complex immune disorders, is advancing a pipeline built around its proprietary IgG-cleaving enzyme platform. Its lead a...
Hansa Biopharma Secures FDA PDUFA Date for Imlifidase in High-Risk Kidney Transplant Patients
Mar 4, 2026
Hansa Biopharma has received a Prescription Drug User Fee Act (PDUFA) action date of December 19, 2026, from the U.S. Food and Drug Administration for the Biologics License Application of its drug imlifidase. If approved, imlifidase would become t...
Hansa Biopharma to Present Corporate Strategy at TD Cowen Health Care Conference
Feb 23, 2026
Hansa Biopharma will showcase its corporate strategy and pipeline at TD Cowen’s 46th Annual Health Care Conference in Boston on 2 March 2026, with CEO Renée Aguiar-Lucander delivering a presentation and senior executives including the C...
Hansa Biopharma Wins FDA Review Acceptance for Imlifidase Kidney Transplant Therapy
Feb 18, 2026
Hansa Biopharma has had its Biologics License Application for imlifidase accepted for review by the U.S. Food and Drug Administration, a key regulatory milestone for its first-in-class IgG-cleaving enzyme therapy. The filing is backed by pivotal P...
Hansa Biopharma Delivers Strong Q4 Growth and Files FDA Application for Imlifidase
Feb 11, 2026
Hansa Biopharma reported a strong fourth quarter, with revenue rising 135% year-on-year to 76.0 MSEK and full-year revenue reaching 222.3 MSEK, driven by 46% growth in IDEFIRIX product sales and broader uptake across key European markets, includin...
Hansa Biopharma Sets February Date for 2025 Year-End Results Call
Jan 26, 2026
Hansa Biopharma will publish its year-end report for January–December 2025 on 11 February 2026 and hold a conference call the same day, during which senior management will review financial results and provide an update on the company’s...
Hansa Biopharma Wins 2025 SwedenBIO Award as Late-Stage Pipeline Advances
Jan 22, 2026
Hansa Biopharma has been awarded the 2025 SwedenBIO Award, recognizing the company’s role in converting Swedish scientific excellence into global medical impact through its pioneering enzyme technology that enables life-saving transplantatio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.