Immunovia AB (IMMNOV) AI Stock Analysis

• Market Cap: kr108.84M
• Dividend Yield: N/A
• Average Volume (3M): 5.10M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.03
• Revenue Growth: 24.21%
• EPS Growth: 70.92%
• Country: SE
• Employees: 9
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.03
• Shares Outstanding: 672,666,900
• 10 Day Avg. Volume: 6,199,351
• 30 Day Avg. Volume: 5,096,607
• PEG Ratio: <0.01
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 114.10
• P/FCF Ratio: -1.00
• 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): -0.14
• Revenue Forecast (FY): kr8.00M

• Rating: 45 Neutral
• Price Target: kr0.16 ▼(-31.74% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held down primarily by weak financial performance (tiny and declining revenue, large ongoing losses, and continued cash burn). Technicals are mixed with modest near-term strength but a broader downtrend versus longer-term moving averages. The earnings call adds a moderate positive offset due to reimbursement, regulatory, and commercialization progress, but near-term revenue and funding/coverage uncertainty remain high; valuation is also constrained by negative earnings and no indicated dividend.

Positive Factors

Commercial Launch & Initial Adoption

Having a commercially launched diagnostic with multiple centers regularly using it and >100 tests run establishes real-world operational capability and initial clinician adoption. This durable foundation supports scaling, data accrual, and stronger provider relationships critical for long-term uptake.

Medicare Reimbursement Pricing Established

An established Medicare price and billing code materially reduces per-test payment uncertainty and provides a concrete reference for payer negotiations. Over time this improves revenue predictability per test, supports pricing realization once coverage is obtained, and strengthens commercialization economics.

Robust Clinical Evidence & Visibility

Multiple peer-reviewed publications and podium presentations create a durable scientific moat, underpin clinical utility claims, and aid payer and clinician acceptance. Sustained evidence generation supports reimbursement cases, guideline inclusion, and longer-term competitive differentiation.

Negative Factors

Minimal and Declining Revenue Base

A very small, shrinking revenue base indicates the business has not yet converted early adoption into scalable sales. Persistently low revenue relative to operating costs impedes path to break-even, increases reliance on external funding, and limits the firm's ability to invest in commercial expansion.

Negative Cash Flow & Limited Runway

Sustained negative cash generation forces dependence on external financing to fund commercialization and studies. With runway only to Q3 2026 without more capital, execution risk rises: funding shortfalls could delay market roll-out, registry completion, or hiring needed to reach meaningful revenue.

Payer Coverage & Collections Uncertainty

While a Medicare price exists, lack of formal coverage decisions and uncertain collection timelines mean per-test revenue and cash realization are unproven. This structural dependency on payer decisions extends commercialization timing and raises the risk that realized economics fall short of modeled expectations.

Immunovia AB Business Overview & Revenue Model

Company Description

Immunovia AB (publ), a diagnostic company, develops and commercializes blood tests in Sweden and internationally. The company's product includes IMMray PanCan-d, a blood-based test for the early detection of pancreatic cancer. It also develops research projects for lung cancer. Immunovia AB (publ) was incorporated in 2007 and is headquartered in Lund, Sweden.

How the Company Makes Money

Immunovia’s business model is centered on generating revenue from diagnostic testing and related commercialization activities. Primary revenue is expected to come from selling its blood-based diagnostic test(s) to healthcare providers, clinics, and laboratories (or via arrangements where tests are ordered by clinicians and processed through designated labs), with revenue recognized per test performed or per kit/service delivered depending on the commercialization setup. Additional potential revenue streams can include collaborations with laboratory partners for test processing, distribution arrangements in target markets, and service income tied to clinical studies or evaluation programs (e.g., providing testing services for research/validation efforts). If applicable, the company may also generate non-recurring income from grants or other operating income, but specific amounts, counterparties, or the current significance of these items are null.

Immunovia AB Financial Statement Overview

Summary

Financials are very weak: revenue is very small and declined (~13% in 2025), profitability is deeply negative (2025 net loss ~145.9M), and operating/free cash flow remain materially negative (~-78.4M in 2025). Low debt (<1.0M) reduces leverage risk, and cash burn improved versus prior years, but the shrinking equity/asset base and ongoing funding needs keep the score near the low end.

Income Statement

Revenue remains very small and has recently declined (2025 annual revenue down ~13% vs. 2024). Profitability is deeply negative across the period, with large operating losses and net losses (2025 net loss ~145.9M) that are outsized relative to the revenue base. While losses narrowed materially versus 2023’s exceptionally large loss, the overall trajectory still shows a business that has not yet demonstrated a scalable, profitable operating model.

Balance Sheet

Leverage is low (total debt under 1.0M in 2025), which reduces near-term balance sheet risk. However, the equity base has contracted sharply over time (stockholders’ equity down to ~64.7M in 2025 from much higher levels historically), reflecting sustained losses and likely capital consumption. Assets have also fallen meaningfully versus prior years, indicating reduced financial flexibility despite low debt.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow both materially below zero each year (2025 operating and free cash flow ~-78.4M). Although cash burn improved versus 2024 (less negative) and is far better than 2022–2023 levels, the company still funds operations through external financing rather than internally generated cash, which elevates dilution/financing risk if conditions tighten.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	685.00K	931.00K	1.57M	1.15M	844.00K
Gross Profit	-79.50M	931.00K	-5.11M	-3.07M	15.81M
EBITDA	-77.18M	-61.27M	-166.56M	-141.58M	-135.47M
Net Income	-145.91M	-76.54M	-309.44M	-145.03M	-157.40M
Balance Sheet
Total Assets	88.21M	33.04M	98.68M	300.59M	493.81M
Cash, Cash Equivalents and Short-Term Investments	77.46M	25.32M	76.79M	106.04M	287.41M
Total Debt	857.00K	680.00K	4.29M	37.57M	33.26M
Total Liabilities	23.48M	21.39M	31.69M	56.79M	59.91M
Stockholders Equity	64.73M	11.65M	66.99M	243.80M	433.90M
Cash Flow
Free Cash Flow	-78.40M	-96.75M	-148.12M	-177.21M	-176.83M
Operating Cash Flow	-78.40M	-96.75M	-147.06M	-175.58M	-152.65M
Investing Cash Flow	-5.69M	0.00	3.20M	-1.62M	-23.83M
Financing Cash Flow	136.82M	44.81M	114.74M	-5.11M	-5.27M

Immunovia AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.23
• 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:IMMNOV, the sentiment is Negative. The current price of 0.23 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.19, and below the 200-day MA of 0.33, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.57 is Neutral, neither overbought nor oversold. The STOCH value of 6.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IMMNOV.

Immunovia 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%
IMMNOV	45 Neutral	kr108.84M	-0.54	-853.71%	―	24.21%	70.92%
ACTI	45 Neutral	kr108.87M	-1.66	-1291.15%	―	―	28.54%
MODTX	43 Neutral	kr32.47M	-1.03	-457.91%	―	―	-19.35%
PROGEN	42 Neutral	kr58.01M	-0.23	-181.36%	―	-67.76%	95.76%
KLAR	42 Neutral	kr199.24M	-3.17	-530.21%	―	―	17.42%
ATORX	38 Underperform	kr105.83M	-0.13	―	―	52.38%	74.36%

Immunovia AB Corporate Events

Immunovia Cuts Losses and Raises Capital as PancreaSure Gains U.S. Traction

Immunovia reported full-year 2025 results showing modest net sales of 685 KSEK, a reduced operating loss of 80.4 MSEK, and improved cash burn, helped by lower clinical and commercial costs. The company strengthened its balance sheet through a fully subscribed rights issue raising about 100 MSEK, boosting its equity ratio to 73 percent and ending the year with 77.5 MSEK in cash.

Commercial momentum for the PancreaSure test increased as four additional high-risk surveillance centers, including major U.S. academic institutions, began using the assay in the fourth quarter. Scientific and regulatory validation advanced with publication of key clinical and analytical studies, accreditation of Immunovia’s North Carolina lab by the College of American Pathologists, a finalized Medicare payment rate of $897, and new approval to sell PancreaSure in California, extending access to 47 U.S. states.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.22 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia Sets Webcast for Q4 2025 Results in Pancreatic Cancer Push

Immunovia AB, listed on Nasdaq Stockholm under the ticker IMMNOV, specializes in pancreatic cancer diagnostics and works with healthcare providers, experts and patient advocacy groups to make its early detection tests available to individuals at elevated risk. The company views the United States as its largest market opportunity for annual surveillance testing among high‑risk populations.

The company will publish its fourth‑quarter 2025 results on 24 February 2026 and hold an English‑language webcast teleconference the same day, led by CEO Jeff Borcherding. Analysts, investors and media will be able to hear updates on the company’s fourth‑quarter developments and participate in a Q&A session, offering stakeholders fresh insight into Immunovia’s operational progress and commercial trajectory in pancreatic cancer diagnostics.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.22 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia to Outline PancreaSure Commercial Strategy at Aktiespararna Life Science Event

Immunovia AB will present its commercial strategy and launch plans for its PancreaSure pancreatic cancer blood test at the Aktiespararna Digital Temakväll Life Science investor event on 26 January 2026. During the live-streamed presentation, President and CEO Jeff Borcherding will outline the company’s strategic roadmap, priorities for commercialization, and provide further details on recent developments, including newly obtained regulatory approval in California to offer PancreaSure commercially, underscoring Immunovia’s push to expand its presence in the critical U.S. diagnostics market.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.22 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia Drops Reverse Share Split Plan After Shareholder Pushback

Immunovia AB has withdrawn its proposal for a reverse share split and canceled the Extraordinary General Meeting scheduled for 22 January 2026 after discussions with major shareholders indicated the measure was unlikely to gain the required two‑thirds majority. The board’s decision suggests limited shareholder support for the capital structure change, potentially signaling investor caution over the company’s strategic direction and leaving its current share structure unchanged for the time being.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.20 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia Wins California Approval for PancreaSure, Advancing US Pancreatic Cancer Test Rollout

Immunovia AB, a Nasdaq Stockholm–listed pancreatic cancer diagnostics specialist, has secured California state regulatory approval for its PancreaSure blood-based test, clearing the way for commercial sales in one of the most important US regional markets. By meeting both federal CLIA standards and California’s stricter laboratory regulations, the company can now legally accept, analyze, and report test results for California healthcare providers, enabling leading academic medical centers and high‑risk surveillance programs to integrate PancreaSure into their protocols. The approval marks a key step in Immunovia’s three‑phase commercial rollout strategy, strengthens its foothold in the US early-detection market, and is expected to accelerate adoption of PancreaSure among clinics that manage individuals at elevated risk of pancreatic cancer, potentially supporting earlier diagnosis and improved patient outcomes.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.20 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia Names 2026 Nomination Committee to Support U.S.-Focused Commercial Push

Immunovia AB has appointed its 2026 Nomination Committee, in line with its governance rules, comprising representatives of its largest shareholders and the chairman of the board, together holding 2.88 percent of the company’s shares and votes as of 30 September 2025. The committee will prepare proposals for the 2026 Annual General Meeting on board composition, remuneration and auditor selection, with a stated focus on securing board members whose skills and experience support Immunovia’s transition into a commercial-stage company with a strategic emphasis on the U.S. market, underscoring the importance of governance alignment with its growth and commercialization ambitions.

The most recent analyst rating on (SE:IMMNOV) stock is a Hold with a SEK0.23 price target. To see the full list of analyst forecasts on Immunovia AB stock, see the SE:IMMNOV Stock Forecast page.

Immunovia’s PancreaSure Validation Study Published, Bolstering Early Pancreatic Cancer Test

Immunovia has announced that its analytical validation study of PancreaSure, a blood-based test for early detection of pancreatic cancer, has been published in the peer-reviewed medical journal Diagnostics. The study demonstrated strong precision, sensitivity, stability and robustness across more than 23 performance attributes under Clinical and Laboratory Standards Institute guidelines, reinforcing confidence in PancreaSure’s reliability for early-stage pancreatic cancer detection and strengthening Immunovia’s scientific and commercial positioning in the high-risk screening market. The work has already received industry recognition via a 2025 Distinguished Abstract Award at the ADLM Annual Meeting, which further underpins the test’s credibility with clinicians and laboratories and may support broader adoption as stakeholders seek more effective tools for early pancreatic cancer surveillance.

Immunovia Proposes 1:100 Reverse Share Split Ahead of 2026 Meeting

Immunovia AB has proposed a reverse share split, consolidating 100 existing shares into one, to optimize the number of shares for the company. This initiative, subject to approval during an Extraordinary General Meeting in January 2026, aims to improve operational alignment and shareholder value by simplifying share ownership and adjusting the share’s quota value. Stakeholders won’t need to take action as the process will be executed automatically. The reverse split seeks to bolster Immunovia’s market positioning amidst its focus on early cancer detection.

Immunovia AB Announces EGM for Reverse Share Split and Articles Amendment

Immunovia AB has announced an Extraordinary General Meeting (EGM) scheduled for January 22, 2026, with key resolutions including a proposed reverse share split in a 1:100 ratio and amendments to the Articles of Association to facilitate this change. The reverse share split aims to optimize the number of company shares, which could have significant implications for shareholder value and operational efficiency.