Intervacc AB (IVACC) AI Stock Analysis

• Market Cap: kr211.30M
• Dividend Yield: N/A
• Average Volume (3M): 373.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: 127.13%
• EPS Growth: 56.91%
• Country: SE
• Employees: 15
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.10
• Shares Outstanding: 340,813,200
• 10 Day Avg. Volume: 453,808
• 30 Day Avg. Volume: 373,337
• PEG Ratio: 0.05
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 13.68
• P/FCF Ratio: -4.11
• 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): -0.23
• Revenue Forecast (FY): kr51.00M

• Rating: 44 Neutral
• Price Target: kr0.62 ▼(-32.28% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by weak financial performance—persistent losses and ongoing cash burn—despite a comparatively strong, low-leverage balance sheet. Technicals add further pressure with a clear downtrend across key moving averages and bearish momentum signals. Valuation provides limited support due to the negative P/E and lack of a dividend yield.

Positive Factors

Low leverage / strong balance sheet

Near-zero debt materially reduces interest burden and financial distress risk, giving management durable flexibility to fund R&D, scale manufacturing, or pursue partnerships without immediate refinancing pressure. This structural balance-sheet strength supports multi-quarter operations and strategic options.

Focused veterinary vaccine niche

A clear, specialized focus on livestock bacterial vaccines creates durable competitive advantages: regulatory knowhow, distribution relationships with vets/farms, and recurring demand tied to animal health and productivity. This niche can sustain steady product volumes over many quarters.

Demonstrated ability to grow revenue episodically

Periodic sharp revenue increases indicate the company can secure commercial uptake and scale sales when product launches or orders align. That capability suggests an addressable market and distribution execution that, if stabilized, could translate into durable top-line growth over multiple quarters.

Negative Factors

Persistent negative cash flow

Consistent operating and free cash outflows imply the business cannot self-fund its operations or growth, forcing reliance on external financing. Over 2-6 months this limits capital for commercialization, increases dilution risk, and constrains investment in manufacturing or market expansion.

Sustained operating losses and margin deterioration

Deep, persistent losses and a recent gross loss despite rising revenue point to structural cost or pricing issues. If product economics are weak, margins may remain pressured, making it harder to reach break-even and sustain long-term commercialization without business model adjustments.

Equity erosion risk

Declining equity reduces the cushion against future losses and raises the probability of needing dilutive capital injections. Over the medium term this can limit strategic flexibility, increase shareholder dilution risk, and weaken the balance-sheet safety net despite low debt.

Intervacc AB Business Overview & Revenue Model

Company Description

Intervacc AB (publ), a biotechnology company, engages in the research and development of vaccines for bacterial infections in animal health care. The company devlops vaccines for horses, piglets, and dairy cows. It offers Strangvac, a vaccine for equine strangles. The company also markets and sells veterinary medicines; and provides diagnostic services in veterinary bacteriology for veterinary clinics and stud farms. In addition, it is developing vaccines against streptococcus suis and staphylococcus aureus-infections. It serves customers in Nordic countries and the Baltic states. The company is based in Hägersten, Sweden.

How the Company Makes Money

Intervacc AB generates revenue through the development and commercialization of its vaccine products. The company typically earns income by selling its vaccines directly to veterinary clinics and animal health distributors, as well as through partnerships with larger pharmaceutical companies that may license its vaccine technologies. Additionally, IVACC may receive funding from research grants and collaborations aimed at advancing its vaccine research and development projects. Significant partnerships with industry leaders can also enhance its market presence and contribute to revenue growth through shared resources and joint marketing efforts.

Intervacc AB Financial Statement Overview

Summary

Despite a strong, low-debt balance sheet (Balance Sheet Score 72), operating performance is weak (Income Statement Score 18) with persistent deep losses and a 2025 gross loss. Cash generation remains negative and deteriorated in 2025 (Cash Flow Score 24), indicating ongoing reliance on external funding.

Income Statement

Revenue has been volatile (up sharply in 2022 and 2024, then down modestly in 2025), indicating an uneven commercial trajectory. Profitability is weak: operating profit and net income are consistently deeply negative across the period, and 2025 shows a very large gross loss despite higher revenue, suggesting a meaningful deterioration in cost structure or product economics. While 2023–2024 showed some improvement versus the 2023 net loss peak, the business remains far from break-even and margins are structurally pressured.

Balance Sheet

The balance sheet is a clear strength: debt is essentially negligible (near-zero debt-to-equity in the years provided), reducing financial risk and interest burden. Equity remains sizable, but it has declined meaningfully from earlier years, reflecting accumulated losses. Returns on equity are consistently negative, so despite strong capitalization, continued losses could further erode the equity base over time.

Cash Flow

Cash generation is weak and inconsistent with a self-funding model: operating cash flow and free cash flow are negative every year provided, with 2025 showing further cash burn versus 2024. Free cash flow has occasionally improved year-over-year, but the overall pattern is persistent outflows. Cash burn broadly tracks ongoing losses, implying the company likely remains reliant on external funding over time despite low leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	20.09M	11.79M	8.02M	9.68M	5.24M
Gross Profit	-84.86M	-3.53M	-13.81M	3.37M	6.25M
EBITDA	-66.25M	-58.75M	-68.98M	-57.73M	-23.15M
Net Income	-80.81M	-75.52M	-102.85M	-64.16M	-29.38M
Balance Sheet
Total Assets	294.43M	187.32M	259.61M	265.04M	329.39M
Cash, Cash Equivalents and Short-Term Investments	160.89M	34.40M	88.34M	45.70M	115.71M
Total Debt	0.00	145.00K	181.00K	322.00K	433.00K
Total Liabilities	19.52M	24.99M	21.68M	14.88M	21.14M
Stockholders Equity	274.91M	162.33M	237.93M	250.16M	308.25M
Cash Flow
Free Cash Flow	-66.92M	-53.90M	-47.94M	-75.92M	-48.67M
Operating Cash Flow	-65.79M	-53.20M	-45.83M	-69.79M	-25.46M
Investing Cash Flow	-1.13M	-706.00K	-2.11M	-6.13M	-23.13M
Financing Cash Flow	193.40M	-36.00K	90.58M	5.91M	50.00K

Intervacc AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.92
• 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:IVACC, the sentiment is Negative. The current price of 0.92 is above the 20-day moving average (MA) of 0.77, above the 50-day MA of 0.85, and below the 200-day MA of 0.98, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 22.41 is Positive, neither overbought nor oversold. The STOCH value of 18.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IVACC.

Intervacc AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ELIC	49 Neutral	kr289.76M	-13.67	-48.30%	―	―	52.96%
XBRANE	46 Neutral	kr122.00M	121.99	-16.90%	―	4.64%	―
IVACC	44 Neutral	kr211.30M	-3.40	-25.66%	―	127.13%	56.91%
ACE	44 Neutral	kr364.11M	-6.44	-79.60%	―	―	31.62%
IRLAB.A	43 Neutral	kr138.28M	-1.72	-199.86%	―	69.03%	23.10%
IMMU	43 Neutral	kr248.30M	-1.89	-16.51%	―	―	31.37%