Intervacc AB (IVACC) AI Stock Analysis

• Market Cap: kr333.66M
• Dividend Yield: N/A
• Average Volume (3M): 373.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.43
• 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: 52 Neutral
• Price Target: kr0.99 ▲(7.50% Upside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held back primarily by weak financial performance—persistent losses, deteriorated gross profitability in 2025, and ongoing cash burn—despite a low-debt balance sheet. Technicals are moderately supportive with the price above major moving averages, but momentum indicators are mixed. Valuation remains constrained by negative earnings and no provided dividend yield.

Positive Factors

Low leverage / strong balance sheet

Near-zero debt materially lowers financial risk and interest expense, giving management durable flexibility to fund R&D, scale manufacturing or pursue partnerships without immediate refinancing pressure. This buffer supports execution during prolonged product commercialization cycles common in biotech.

Veterinary vaccine specialization

A focused product set in bacterial veterinary vaccines aligns with structural demand for animal health and productivity. Specialization supports technical expertise, regulatory know-how and distribution relationships that can create durable competitive advantages and recurring sales in livestock markets.

Historical revenue growth capability

A reported ~70% revenue growth figure indicates the company can scale sales and gain commercial traction. Sustained execution on market access and distribution could convert this top-line momentum into longer-term revenue stability if product margins and repeat demand are improved.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flows mean the business cannot self-fund growth and likely depends on external financing. Over months this raises dilution risk, constrains investment in commercialization or manufacturing scale, and limits the firm’s runway absent new capital or margin improvements.

Deteriorating gross profitability

A large gross loss despite revenue growth signals structural margin pressure—rising production costs, poor pricing, or unfavorable product mix. If persistent, this undermines a pathway to sustainable profitability and requires corrective actions in pricing, cost control, or portfolio shifts to restore economics.

Revenue volatility / uneven commercial traction

Volatile revenue complicates long-term planning and makes scaling manufacturing, distribution and forecasting difficult. Inconsistent sales reduce predictability of cash flow and weaken the case for durable market share gains unless the company can convert episodic wins into repeatable, contractually backed demand.

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 makes money primarily by selling veterinary vaccines to the animal health/livestock market. Revenue is generated from product sales (typically via distribution channels serving veterinarians, farms, and integrated livestock producers), where earnings depend on volumes sold, pricing, and market penetration in approved geographies. Additional income may come from collaboration-related payments such as licensing fees, milestones, or other partner compensation tied to development, manufacturing, or commercialization; however, specific active partnerships, deal terms, or the breakdown of revenue streams are null. Other potential contributors can include contract manufacturing or service revenue and research grants, but whether these are material for Intervacc is null.

Intervacc AB Financial Statement Overview

Summary

Balance sheet strength (minimal leverage) is offset by weak operating fundamentals: persistent deep losses, a large 2025 gross loss despite higher revenue, and consistently negative operating/free cash flow that indicates ongoing funding dependency.

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: Positive
• Last Price: 0.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IVACC, the sentiment is Positive. The current price of 0.92 is above the 20-day moving average (MA) of 0.70, above the 50-day MA of 0.80, and below the 200-day MA of 0.95, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 74.28 is Negative, neither overbought nor oversold. The STOCH value of 55.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:IVACC.

Intervacc AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IVACC	52 Neutral	kr333.66M	-3.40	-25.80%	―	127.13%	56.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ELIC	48 Neutral	kr256.27M	-13.67	-59.78%	―	―	52.96%
XBRANE	46 Neutral	kr122.56M	121.99	-16.90%	―	4.64%	―
ACE	44 Neutral	kr374.90M	-4.79	-79.60%	―	―	31.62%
IRLAB.A	43 Neutral	kr134.03M	-1.20	-199.86%	―	69.03%	23.10%
IMMU	43 Neutral	kr257.49M	-1.89	-16.51%	―	―	31.37%