Immunicum AB (IMMU) AI Stock Analysis

• Market Cap: kr253.82M
• Dividend Yield: N/A
• Average Volume (3M): 38.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.46
• 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

Balance sheet strength

Low leverage and a sizable equity base provide a durable financial cushion: this reduces insolvency risk and preserves capacity to raise financing on reasonable terms. Over the next 2–6 months a stronger balance sheet supports continued R&D activity and operational continuity.

Improving cash burn

A reduction in cash burn versus prior year indicates management has narrowed funding needs through cost control or operational progress. This trend lengthens runway and lowers immediate financing pressure, improving the company’s ability to execute near-term clinical and strategic plans.

Lean cost base

A very small headcount implies a lower fixed-cost structure and organizational nimbleness, which helps conserve cash and allocate scarce resources toward core R&D. Structurally, this reduces ongoing overhead and can extend runway while the business pursues funding or partnerships.

Negative Factors

No recent revenue

A collapse to zero revenue demonstrates the company lacks commercial sales and is not generating operating income. Persisting without revenue forces reliance on financing or partnerships, limiting self-sustaining growth and making long-term viability contingent on successful clinical or licensing outcomes.

Negative cash generation

Consistent negative operating and free cash flow means the company must secure external funding to continue operations. This creates execution risk, potential dilution for shareholders, and constrains the ability to make sustained R&D investments without material financing events.

Eroding equity base

A declining equity and asset base signals that losses are eroding financial flexibility. Over a multi-month horizon this reduces borrowing capacity and the balance-sheet buffer for adverse outcomes, increasing the probability the company must seek dilutive financing or strategic transactions.

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

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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: Negative
• RSI: Neutral
• STOCH: Neutral

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 4.40, above the 50-day MA of 5.03, and below the 200-day MA of 6.30, indicating a bearish trend. The MACD of -0.25 indicates Negative momentum. The RSI at 36.51 is Neutral, neither overbought nor oversold. The STOCH value of 23.76 is Neutral, 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	kr967.10M	7.07	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XBRANE	46 Neutral	kr116.54M	121.99	-16.90%	―	4.64%	―
IVACC	45 Neutral	kr252.20M	-3.40	-25.80%	―	127.13%	56.91%
MAGLE	43 Neutral	kr161.07M	30.57	-4.90%	―	41.83%	-183.68%
IMMU	43 Neutral	kr253.82M	-1.89	-16.51%	―	―	31.37%
GUARD	42 Neutral	kr31.06M	-0.24	-186.13%	―	―	0.30%