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Immunovia AB (SE:IMMNOV)
:IMMNOV
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Immunovia AB
(IMMNOV)
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Rating:40Neutral
Price Target:―
Immunovia AB's stock is currently under significant pressure due to ongoing financial challenges, including persistent losses and negative cash flow. Despite being debt-free, the shrinking asset base and equity are concerning. The technical indicators point to bearish momentum, with the stock trading below key moving averages and having negative momentum metrics. Valuation is unattractive with a negative P/E ratio and no dividends. These factors combined result in a low overall stock score.
Immunovia AB (IMMNOV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
$164.16M
Dividend YieldN/A
Average Volume (3M)5.10M
Price to Earnings (P/E)―
Beta (1Y)-0.67
Revenue Growth24.21%
EPS Growth70.92%
CountrySE
Employees9
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.08
Shares Outstanding639,991,900
10 Day Avg. Volume6,199,351
30 Day Avg. Volume5,096,607
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.87
Price to Sales (P/S)48.45
P/FCF Ratio-0.47
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Immunovia AB Business Overview & Revenue Model
Company DescriptionImmunovia AB (IMMNOV) is a Swedish company specializing in the development and commercialization of diagnostic tools for complex forms of cancer and autoimmune diseases. The company focuses on utilizing its proprietary technology platform, IMMray, to enable early detection and improve treatment outcomes. Immunovia’s flagship product is the IMMray PanCan-d test aimed at early detection of pancreatic cancer, which is known for its low survival rates due to late diagnosis.
How the Company Makes MoneyImmunovia AB generates revenue through the sale of its diagnostic tests, particularly the IMMray PanCan-d test. The company primarily targets healthcare providers, hospitals, and laboratories that require advanced diagnostic tools for cancer detection. Immunovia's revenue model is based on the commercialization of its diagnostic tests, which are processed in its own laboratories. Additionally, Immunovia collaborates with research institutions and healthcare organizations to expand its product reach and enhance its diagnostic capabilities. The company's earnings are also influenced by its strategic partnerships aimed at co-developing new diagnostic solutions and improving existing technologies.
Immunovia AB Earnings Call Summary
Earnings Call Date:Nov 26, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
Earnings Call Sentiment Positive
The earnings call reveals significant progress in Immunovia's commercial transition and positive initial market response to PancreaSure, alongside key milestones in reimbursement rate setting. However, uncertainties remain regarding coverage and revenue timelines.Q3-2025 Updates
Positive Updates
Successful Transition to Commercial Stage
Immunovia transitioned from a development stage to a commercial stage company with the launch of the PancreaSure test for early detection of pancreatic cancer.
Positive Initial Market Response
Within the first month of launch, 10 leading pancreatic cancer centers implemented PancreaSure, demonstrating significant advocacy among key opinion leaders.
Medicare Reimbursement Rate Set
Medicare set the clinical lab fee schedule rate for PancreaSure at $897, reflecting the test's clinical and economic value.
AFFIRM Study Results
The AFFIRM study showed 88% sensitivity for Stage III and IV pancreatic cancers, 10 percentage points higher than earlier stages, and 98% specificity in healthy controls.
Cash Flow and Financial Position
Immunovia reported a cash burn reduction to SEK 5.4 million per month, below the guidance of SEK 8-10 million, and successfully raised just over SEK 100 million.
Negative Updates
Uncertain Reimbursement and Revenue Timeline
Despite Medicare rate setting, Immunovia does not yet have coverage in place, and the timing for substantial revenue generation remains uncertain.
Limited Current Revenue
Net sales were SEK 101,000 in Q3, primarily from royalties, with significant revenue from PancreaSure sales expected later.
Company Guidance
During the Q3 interim report call for Immunovia, Jeff Borcherding highlighted the transition from a development stage to a commercial stage company, focusing on the launch of the PancreaSure test for early detection of pancreatic cancer. Key metrics include the engagement of 10 leading pancreatic cancer centers, achieving a Medicare reimbursement rate of $897, and a cash position of SEK 26.6 million after a successful rights issue. The company emphasized a phased launch strategy targeting advocacy among key opinion leaders, with reimbursement and revenue growth expected to follow. Financially, the company reported net sales of SEK 101,000 and an operating loss of SEK 25.5 million for Q3, while maintaining a reduced cash burn of SEK 5.4 million per month. Future efforts will focus on expanding physician reach, securing reimbursement, and pursuing a partnership with a large diagnostics company to drive volume.Immunovia AB Financial Statement Overview
Summary
Immunovia AB faces significant financial challenges, with persistent losses and volatile revenue trends. The company has managed to maintain a debt-free status, which is a strength, but shrinking equity and assets are concerning. Cash flow issues underline the need for better operational efficiency and revenue stabilization to improve financial health.Income Statement
The company experienced significant revenue volatility, with a sharp decline from 2023 to 2024. The net profit margin is negative due to substantial net losses, and both EBIT and EBITDA margins are also negative, indicating operational challenges. The gross profit margin has fluctuated dramatically over the years, showing inconsistency in cost management.30
Negative
Balance Sheet
The company maintains a debt-free position in 2024, which is a positive aspect. However, the stockholders' equity has been decreasing, and the equity ratio has weakened over time. The return on equity is negative, reflecting ongoing net losses. The asset base has shrunk significantly from 2020 to 2024, indicating a contraction in financial resources.45
Neutral
Cash Flow
Operating cash flow remains deeply negative, highlighting continuous cash outflows from operations. Free cash flow is also negative, suggesting the company is not generating sufficient cash to cover its operational and capital expenses. The free cash flow growth rate is negative, signaling a worsening cash position.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 919.00K | 931.00K | 1.57M | 1.15M | 844.00K | 362.00K |
| Gross Profit | -29.58M | 931.00K | -5.11M | -3.07M | 15.81M | 40.38M |
| EBITDA | -57.02M | -61.27M | -166.56M | -141.58M | -135.47M | -134.85M |
| Net Income | -146.84M | -76.54M | -309.44M | -145.03M | -157.40M | -147.45M |
Balance Sheet | ||||||
| Total Assets | 34.85M | 33.04M | 98.68M | 300.59M | 493.81M | 661.18M |
| Cash, Cash Equivalents and Short-Term Investments | 29.27M | 25.32M | 76.79M | 106.04M | 287.41M | 468.46M |
| Total Debt | 467.00K | 680.00K | 4.29M | 37.57M | 33.26M | 33.13M |
| Total Liabilities | 17.11M | 21.39M | 31.69M | 56.79M | 59.91M | 61.77M |
| Stockholders Equity | 17.74M | 11.65M | 66.99M | 243.80M | 433.90M | 599.40M |
Cash Flow | ||||||
| Free Cash Flow | -88.13M | -96.75M | -148.12M | -177.21M | -176.83M | -168.20M |
| Operating Cash Flow | -88.13M | -96.75M | -147.06M | -175.58M | -152.65M | -120.70M |
| Investing Cash Flow | 0.00 | 0.00 | 3.20M | -1.62M | -23.83M | -46.96M |
| Financing Cash Flow | 80.91M | 44.81M | 114.74M | -5.11M | -5.27M | 373.58M |
Immunovia AB Technical Analysis
Neutral
0.28
Price Trends
0.32
Negative
0.40
Negative
0.34
Negative
Market Momentum
-0.01
Negative
49.45
Neutral
85.03
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 0.28 is below the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.32, and below the 200-day MA of 0.34, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.45 is Neutral, neither overbought nor oversold. The STOCH value of 85.03 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% | |
42 Neutral | €47.80M | -2.16 | -166.94% | ― | ― | -19.35% | |
41 Neutral | kr22.72M | ― | -181.36% | ― | -67.76% | 95.76% | |
41 Neutral | €132.34M | ― | -530.21% | ― | ― | 17.42% | |
40 Neutral | $164.16M | ― | -853.71% | ― | 24.21% | 70.92% | |
39 Underperform | kr29.57M | ― | ― | ― | 52.38% | 74.36% | |
32 Underperform | €97.31M | -1.80 | -1291.15% | ― | ― | 28.54% |
* Healthcare Sector Average
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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.