Immunicum AB (IMMU) AI Stock Analysis

• Market Cap: kr248.30M
• Dividend Yield: N/A
• Average Volume (3M): 38.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: N/A
• EPS Growth: 31.37%
• Country: SE
• Employees: 28
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.74
• Shares Outstanding: 62,584,580
• 10 Day Avg. Volume: 52,324
• 30 Day Avg. Volume: 38,751
• PEG Ratio: 0.14
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.57
• 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): -1.69
• Revenue Forecast (FY): kr5.00M

• Rating: 43 Neutral
• Price Target: kr4.00 ▼(-30.68% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is pressured primarily by weak financial performance (ongoing losses, zero recent revenue, and continued cash burn) and bearish technicals (price below key moving averages with negative MACD). Valuation provides little support given the negative P/E and no dividend yield data.

Positive Factors

Low leverage / stronger balance sheet

Low leverage and a sizable equity base provide structural financial flexibility for a clinical-stage biotech. Reduced interest burden and lower insolvency risk lengthen runway for R&D programs and make the company better able to manage multi‑year development cycles without immediate revenue dependency.

Improving cash burn trend

A reduction in negative free cash flow signals improving cost control or slower expenditure growth, which is durable if sustained. For a firm reliant on external funding, lower burn improves probability of reaching clinical or regulatory milestones before further financing, limiting dilution over time.

Lean operating structure

A small employee base suggests a lean cost structure, helping preserve cash through lengthy development cycles. Sustained low fixed costs can extend runway and allow management to allocate scarce capital more efficiently toward critical R&D or partnering activities over the medium term.

Negative Factors

Persistent operating and net losses

Continued multi‑year losses indicate the business has not yet reached break‑even and will likely require ongoing funding. This structural lack of profitability constrains internal cash generation, forces reliance on external capital, and raises execution risk for long‑horizon R&D objectives.

No recent revenue / limited commercial scale

The absence of recent revenue shows the company lacks a durable commercial engine today. Without recurring sales, long‑term viability hinges on successful development or partnerships; this increases funding pressure and leaves future growth dependent on uncertain clinical or licensing outcomes.

Weak cash generation; external funding reliance

Consistent negative operating and free cash flow creates structural financing needs. Reliance on external capital exposes the company to dilution, timing risk, and potential unfavorable financing terms, which can impair strategic flexibility and slow execution of long‑term development programs.

Immunicum AB Business Overview & Revenue Model

Company Description

Mendus AB (publ), a biopharmaceutical company, develops immunotherapies and relapse vaccines for the treatment of cancer. Its lead product is ilixadencel, which is in Phase II MERECA clinical trial for the treatment of kidney cancer; and Phase I/II clinical trial to treat liver cancer and gastrointestinal stromal tumors. The company's products also comprise DCP-001, which is in Phase II ADVANCE-II clinical trial for the treatment of acute myeloid leukemia; and Phase I/II ALISON clinical trial for the treatment of ovarian cancers. It has a research collaboration with PCI Biotech Holding ASA for novel cancer vaccination treatment; and with Icahn School of Medicine at Mount Sinai. The company was formerly known as Immunicum AB (publ) and changed its name to Mendus AB (publ) in June 2022. Mendus AB (publ) was incorporated in 2002 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Immunicum AB generates revenue primarily through the development and commercialization of its proprietary immune therapies. The company may also enter into strategic collaborations and partnerships with other pharmaceutical companies, which can involve licensing agreements, milestone payments, and royalties on product sales. Additionally, Immunicum may receive funding from grants and research institutions to support its research and development activities. The success of its clinical trials and subsequent regulatory approvals are significant factors influencing its financial performance and potential revenue streams.

Immunicum AB Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement shows persistent losses and revenue collapsed to zero in 2024–2025, and cash flow remains consistently negative despite some improvement in burn. The main offset is a relatively stronger balance sheet with low leverage, though equity/assets have been trending down.

Income Statement

Profitability remains weak with persistent operating and net losses across all reported years. Revenue is highly volatile and recently collapsed to zero in 2024 and 2025 after modest revenue in 2022–2023, indicating limited commercial scale and an uneven business trajectory. Losses have narrowed versus 2024, but earnings are still meaningfully negative, keeping overall income statement quality low.

Balance Sheet

The balance sheet is a relative strength: leverage appears low (debt is a small fraction of equity in the years provided), and the company maintains a sizable equity base. However, equity and total assets have trended down from 2023 to 2025, consistent with ongoing losses and cash burn, which gradually erodes financial flexibility if not offset by new funding or improved performance.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow consistently negative, reflecting ongoing funding needs. There is some improvement in cash burn in 2024–2025 versus 2023 (less negative free cash flow), but the company still consumes cash each year and remains dependent on external capital to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	28.49M	3.00M	6.00K
Gross Profit	0.00	-6.52M	28.49M	-1.85M	-1.84M
EBITDA	-120.26M	-120.66M	-97.85M	-128.67M	-128.28M
Net Income	-113.26M	-128.40M	-101.62M	-136.99M	-136.69M
Balance Sheet
Total Assets	628.32M	696.36M	755.95M	620.39M	720.98M
Cash, Cash Equivalents and Short-Term Investments	64.66M	101.91M	120.78M	41.85M	155.31M
Total Debt	33.28M	22.71M	24.49M	78.16M	36.98M
Total Liabilities	43.26M	51.22M	51.23M	105.95M	64.24M
Stockholders Equity	585.07M	645.15M	704.73M	514.44M	656.74M
Cash Flow
Free Cash Flow	-81.84M	-81.51M	-164.58M	-121.43M	-139.39M
Operating Cash Flow	-81.53M	-79.67M	-162.76M	-109.33M	-138.03M
Investing Cash Flow	-734.00K	-1.58M	-442.00K	-12.32M	-1.36M
Financing Cash Flow	45.18M	61.52M	242.10M	8.19M	127.03M

Immunicum AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.77
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IMMU, the sentiment is Negative. The current price of 5.77 is above the 20-day moving average (MA) of 4.85, above the 50-day MA of 5.30, and below the 200-day MA of 6.37, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 28.49 is Positive, neither overbought nor oversold. The STOCH value of 8.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IMMU.

Immunicum AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CANTA	55 Neutral	kr1.07B	7.07	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XBRANE	46 Neutral	kr122.00M	121.99	-16.90%	―	4.64%	―
IVACC	44 Neutral	kr211.30M	-3.40	-25.66%	―	127.13%	56.91%
MAGLE	43 Neutral	kr163.13M	30.57	-5.32%	―	41.83%	-183.68%
IMMU	43 Neutral	kr248.30M	-1.89	-16.51%	―	―	31.37%
GUARD	42 Neutral	kr32.27M	-0.24	-199.25%	―	―	0.30%