Immunovia AB (SE:IMMNOV)
:IMMNOV
Top Page
Immunovia AB
(IMMNOV)
Select Model
Select Model
Rating:45Neutral
Price Target:
kr0.18
▼(-20.00% Downside)
Action:ReiteratedDate:03/25/26
The score is held down primarily by weak financial performance (tiny and declining revenue, large ongoing losses, and negative free cash flow). Earnings-call progress on launch, reimbursement setup, and cost discipline provides some offset, while technicals remain mildly bearish and valuation offers limited support given negative earnings and no dividend yield.
Positive Factors
Scientific validation and visibility
Multiple peer‑reviewed publications, repeated podium presentations and an award (CLARITI best of DDW) provide durable clinical credibility. This reduces adoption friction with clinicians, supports payer engagement and underpins long‑term uptake and guideline consideration across surveillance centers.
Negative Factors
Very small and declining revenue base
A tiny, shrinking revenue base hampers the company's ability to scale fixed costs and demonstrate a sustainable business model. Without a steady and growing test volume, operating leverage remains negative and profitability will be difficult to achieve over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scientific validation and visibility
Multiple peer‑reviewed publications, repeated podium presentations and an award (CLARITI best of DDW) provide durable clinical credibility. This reduces adoption friction with clinicians, supports payer engagement and underpins long‑term uptake and guideline consideration across surveillance centers.
Read all positive factors
Immunovia AB (IMMNOV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr132.78M
Dividend YieldN/A
Average Volume (3M)5.10M
Price to Earnings (P/E)―
Beta (1Y)0.07
Revenue Growth24.21%
EPS Growth70.92%
CountrySE
Employees9
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.03
Shares Outstanding672,666,900
10 Day Avg. Volume6,199,351
30 Day Avg. Volume5,096,607
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.14
Revenue Forecast (FY)kr8.00M
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 res...
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, an...
Immunovia AB Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful commercial, scientific and reimbursement progress: a successful product launch, strong clinical publications and podium presence, an awarded Medicare pricing of USD 897, state approvals in 48 states, targeted hiring of account managers, and a completed rights issue that improved cash position. However, near-term revenue remains limited, full payer coverage is not yet granted, cash runway extends only to Q3 2026 without additional capital, and realized per-test pricing and collections are still uncertain. The company emphasized disciplined spending, planned clinical utility data collection (including a 400-patient registry) and a mid-2026 Medicare submission with rolling data updates to mitigate coverage risk.Positive Updates
Commercial Launch of PancreaSure
PancreaSure commercially launched in September 2025 with initial adoption at high-risk surveillance centers; 6 centers regularly using the test at year-end and 4 new centers added in Q4. UC Health >100 tests performed; strong order activity reported at Northwestern Medicine and HonorHealth.
Negative Updates
Limited Current Revenue from PancreaSure
Q4 revenue was SEK 354,000 (mainly royalty revenue) versus SEK 455,000 in the prior-year period — a decline of ~22.2% year-over-year. Management expects meaningful PancreaSure-driven revenue primarily in 2027.
Read all updates
Q4-2025 Updates
Positive
Negative
Commercial Launch of PancreaSure
PancreaSure commercially launched in September 2025 with initial adoption at high-risk surveillance centers; 6 centers regularly using the test at year-end and 4 new centers added in Q4. UC Health >100 tests performed; strong order activity reported at Northwestern Medicine and HonorHealth.
Read all positive updates
Company Guidance
Management guided that PancreaSure’s targeted advocacy phase (launched Sept 2025) will continue through Q2 2026 with a Medicare coverage submission planned mid‑2026 and meaningful revenue expected in 2027; they’ve hired 3 strategic account managers, received California approval in January, expect New York approval shortly, note approvals in 48 states with all 50 expected by mid‑2026, and have begun billing insurers. Key metrics cited: 5 clinical studies published (CLARITI honored), SEK 140m+ raised for launch, Q4 revenue SEK 354k (vs SEK 455k prior year), Q4 operating loss SEK 16.4m (vs SEK 30.1m), Q4 cash burn SEK 6.6m/month (guidance to return to SEK 8–10m/month), cash SEK 77.5m at Dec‑31 after a SEK 100m rights issue (SEK 69.8m net proceeds) giving runway through Q3 2026, a registry target of ~400 patients in 2026, commercial traction of 4 new centers in Q4 with a pipeline of 6 centers regularly using, 6 in early use, 8 registered and 9 late‑stage prospects (UC Health >100 tests), and a Medicare price established at USD 897 per test.Immunovia AB Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
55
Neutral
Cash Flow
12
Very Negative
| 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
Neutral
0.23
Price Trends
0.18
Positive
0.22
Negative
0.31
Negative
Market Momentum
<0.01
Negative
54.05
Neutral
81.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IMMNOV, the sentiment is Neutral. The current price of 0.23 is above the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.18, and below the 200-day MA of 0.31, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.05 is Neutral, neither overbought nor oversold. The STOCH value of 81.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:IMMNOV.
Immunovia AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr166.07M | -1.66 | -1291.15% | ― | ― | 28.54% | |
47 Neutral | kr265.16M | -3.17 | -530.21% | ― | ― | 17.42% | |
45 Neutral | kr132.78M | -0.54 | -853.71% | ― | 24.21% | 70.92% | |
43 Neutral | kr37.83M | -1.03 | -457.91% | ― | ― | -19.35% | |
42 Neutral | kr49.72M | -0.23 | -181.36% | ― | -67.76% | 95.76% | |
38 Underperform | kr91.83M | -0.13 | ― | ― | 52.38% | 74.36% |
* Healthcare Sector Average
SE:IMMNOV
Immunovia AB
0.20
>-0.01
-1.50%
SE:ATORX
Alligator Bioscience AB
0.17
-1.58
-90.21%
SE:PROGEN
Prostatype Genomics AB
0.84
-1.27
-60.13%
SE:MODTX
Modus Therapeutics Holding AB
0.31
-0.18
-36.01%
SE:ACTI
Active Biotech AB
0.06
<0.01
14.55%
SE:KLAR
Klaria Pharma Holding AB
1.08
-0.03
-2.97%
Immunovia AB Corporate Events
Immunovia Cuts Losses and Raises Capital as PancreaSure Gains U.S. Traction
Feb 24, 2026
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 full...
Immunovia Sets Webcast for Q4 2025 Results in Pancreatic Cancer Push
Feb 23, 2026
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 e...
Immunovia to Outline PancreaSure Commercial Strategy at Aktiespararna Life Science Event
Jan 23, 2026
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, ...
Immunovia Drops Reverse Share Split Plan After Shareholder Pushback
Jan 20, 2026
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...
Immunovia Wins California Approval for PancreaSure, Advancing US Pancreatic Cancer Test Rollout
Jan 19, 2026
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 re...
Immunovia Names 2026 Nomination Committee to Support U.S.-Focused Commercial Push
Jan 15, 2026
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 vote...
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.