Immunovia AB (IMMNOV) AI Stock Analysis

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Immunovia AB

(OTC:IMMNOV)

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

$197.12M

Dividend YieldN/A

Average Volume (3M)17.78M

Price to Earnings (P/E)―

Beta (1Y)-0.86

Revenue Growth3.84%

EPS Growth16.48%

CountrySE

Employees9

SectorHealthcare

Sector Strength51

IndustryMedical - Diagnostics & Research

Share Statistics

EPS (TTM)-0.14

Shares Outstanding306,083,070

10 Day Avg. Volume20,945,122

30 Day Avg. Volume17,779,895

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)N/A

P/FCF RatioN/A

Enterprise Value/Market Cap0.47

Enterprise Value/Revenue101.37

Enterprise Value/Gross Profit-3.15

Enterprise Value/Ebitda-1.63

Forecast

1Y Price TargetN/A

Price Target UpsideN/A

Rating ConsensusN/A

Number of Analyst Covering0

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:Aug 28, 2025

(Q3-2024)

% Change Since: |

Next Earnings Date:Nov 19, 2025

Earnings Call Sentiment Neutral

The earnings call highlighted significant progress in test development and financial management, with successful analytical validation and a promising rights issue. However, challenges remain with increased cash burn, limited initial revenue, and regulatory hurdles. The company is optimistic about its strategic plans for 2025, particularly the U.S. launch.

Q3-2024 Updates

Positive Updates

Next-Generation Test Development Success

The next-generation test showed 85% sensitivity and 98% specificity in the model-development study, outperforming CA19-9 by 20 percentage points in sensitivity.

Analytical Validation Achievements

Completed analytical validation with strong technical performance, measuring target proteins accurately across various conditions.

Successful Rights Issue

Raised SEK 52 million, exceeding expectations with a 91% subscription level, well above the 50% guaranteed level.

Operational and Financial Efficiency

Reduced OpEx by 20% and cash burn by 40% compared to the previous year, driven by a significant decrease in headcount costs.

Strategic Partner Plans for U.S. Launch

Planning to launch the test in the U.S. market in the second half of 2025, with a focus on securing a strategic partner to drive adoption.

Negative Updates

Increased Cash Burn Expected

Projected cash burn to increase in Q4 due to ongoing R&D efforts, estimated between SEK 8 million and SEK 10 million.

Limited Initial Revenue in 2025

Anticipated limited revenue in 2025 due to reliance on patient payments, with significant reimbursement expected in 2026.

Regulatory and Reimbursement Challenges

Potential changes in FDA oversight and the need for additional clinical studies to secure reimbursement may delay broader market adoption.

Company Guidance

In the Immunovia Q3 2024 earnings call, significant progress was reported on the development and validation of their next-generation pancreatic cancer test. The model-development study completed in Q3 showed promising results with 85% sensitivity and 98% specificity, outperforming the CA19-9 test by 20 percentage points in sensitivity. Analytical validation confirmed the precise measurement of biomarkers, leading to the clinical validation study, which includes over 1,000 samples. Financially, Immunovia reduced operating expenses by 20% to just over SEK 30 million and cut cash burn by 40% to SEK 21 million for the quarter. They raised SEK 52 million through a rights issue and aim to maintain a cash balance of SEK 54 million to support operations into 2025. Plans are underway to launch the test in the U.S. in the second half of 2025, supported by a strategic partner to drive adoption and prepare for reimbursement and commercialization efforts.

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

Negative

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.

Balance Sheet

Neutral

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.

Cash Flow

Negative

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.

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	-148.46M	-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

Technical Analysis Sentiment

Positive

Last Price0.64

Price Trends

50DMA

0.59

Positive

100DMA

0.48

Positive

200DMA

0.48

Positive

Market Momentum

MACD

0.03

Positive

RSI

48.71

Neutral

STOCH

18.54

Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IMMNOV, the sentiment is Positive. The current price of 0.64 is below the 20-day moving average (MA) of 0.69, above the 50-day MA of 0.59, and above the 200-day MA of 0.48, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 48.71 is Neutral, neither overbought nor oversold. The STOCH value of 18.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:IMMNOV.

Immunovia AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.93B	-0.32	-43.43%	2.21%	22.30%	-1.88%
IMMNOV	40 Neutral	$197.12M	―	-767.10%	―	3.84%	16.48%
0RK9	―	kr146.18M	―	-8427.12%	―	―	―
PGO0	―	€1.92M	―	-181.36%	―	―	―
99Z	―	€14.36M	―	-1117.29%	―	―	―
BTPC	―	€18.89M	―	-402.04%	―	―	―
6FN	―	€14.74M	―	-3899.10%	―	―	―

* Healthcare Sector Average

Performance Comparison

SE:IMMNOV

Immunovia AB

0.64

-0.11

-15.12%

GB:0RK9

Alligator Bioscience AB

3.97

-102.56

-96.27%

DE:PGO0

Prostatype Genomics AB

0.04

-0.36

-90.00%

DE:99Z

Modus Therapeutics Holding AB

0.11

0.04

57.14%

DE:BTPC

Active Biotech AB

0.01

0.00

0.00%

DE:6FN

Klaria Pharma Holding AB

0.06

<0.01

20.00%

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.Date of analysis: Apr 21, 2025