Klaria Pharma Holding AB (KLAR) AI Stock Analysis

• Market Cap: kr183.99M
• Dividend Yield: N/A
• Average Volume (3M): 401.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.44
• Revenue Growth: N/A
• EPS Growth: 17.42%
• Country: SE
• Employees: 4
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.03
• Shares Outstanding: 245,976,150
• 10 Day Avg. Volume: 684,621
• 30 Day Avg. Volume: 401,283
• PEG Ratio: 0.07
• Price to Book (P/B): -31.79
• Price to Sales (P/S): 13.71
• P/FCF Ratio: 0.00
• 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): 0.1
• Revenue Forecast (FY): kr24.00M

• Rating: 42 Neutral
• Price Target: kr0.80 ▲(30.66% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by weak financial performance: ongoing heavy losses, negative operating cash flow, and negative equity point to elevated funding and balance-sheet risk. Technicals add modest pressure with negative MACD and price below short-term moving averages, while valuation provides limited support due to a loss-driven negative P/E and no dividend yield data.

Positive Factors

Proprietary oral film technology

A proprietary mucoadhesive oral film is a durable product-platform advantage: it can differentiate delivery, improve patient adherence, and be applied to multiple APIs. Over months this supports sustainable competitive positioning and licensing value if clinical validation advances.

Partnering and licensing strategy

An explicit partnering/licensing strategy is structurally positive for a small R&D-focused pharma: it enables de‑risking development, limits capital intensity, and can generate milestone and royalty streams. This scalable model supports long-term cash infusion without full commercialization cost.

Reduction of debt to zero in 2025

Eliminating reported debt materially reduces fixed obligations and interest exposure. This improves near-term financial flexibility and lowers default risk, providing a cleaner balance-sheet base for pursuing partnerships or further equity financing over the coming months.

Negative Factors

Negative shareholders' equity

Negative equity is a durable red flag: it reflects accumulated losses or dilution and constrains financial flexibility. It can impair access to financing, weaken negotiating leverage with partners, and increase the probability of future equity raises that dilute shareholders.

Consistent operating cash burn

Repeated negative operating cash flow forces dependence on external funding and increases execution risk. Persistent cash burn limits runway for clinical programs, can delay milestones, and raises the likelihood of dilutive financings or partnership concessions over the medium term.

Persistent large operating losses and revenue volatility

Sustained large operating losses and extreme negative margins signal the business is not yet generating scalable, profitable revenue. Coupled with volatile or contracting sales, this undermines forecastability and heightens execution risk until revenue stabilizes and margins improve.

Klaria Pharma Holding AB Business Overview & Revenue Model

Company Description

Klaria Pharma Holding AB (publ.) operates as a pharmaceutical company in Sweden and internationally. It offers Sumatriptan for the treatment of migraine; and Midazolam for acute epilepsy. The company's clinical phase products include Epinephrine/Adrenaline for the treatment of acute allergic reaction; Naloxone for opioid overdose; and Ketamine for acute pain and depression. It also focuses on the commercialization of cannabis/cannabinoids, including THC and CBD for medical and recreational applications. The company was founded in 2014 and is based in Uppsala, Sweden.

How the Company Makes Money

Klaria Pharma makes money primarily through the development and commercialization of its proprietary drug delivery products. The company's revenue streams include licensing agreements, partnerships with other pharmaceutical companies, and the direct sale of their medicinal products. Klaria Pharma often collaborates with larger pharmaceutical firms to apply its drug delivery technology to existing medications, enhancing their efficacy and marketability. These collaborations and partnerships are crucial to the company's revenue, as they provide upfront payments, milestone payments, and royalties from product sales. Additionally, Klaria Pharma may engage in research and development contracts that further support its financial growth.

Klaria Pharma Holding AB Financial Statement Overview

Summary

Financials indicate very high risk: persistent large losses (2025 net margin ~-432%), negative operating results, and recurring cash burn with 2025 operating cash flow around -35.0M. The balance sheet weakened to negative equity in 2025, limiting flexibility. Debt reduction to zero in 2025 is a positive, but it does not offset profitability and liquidity pressure.

Income Statement

Profitability remains very weak: the company is loss-making across all years shown, with negative operating results and negative net margins (2025 net margin around -432%). Revenue is volatile and recently contracting (2025 revenue down ~11% vs. 2024), and while 2023 showed a rebound, the business has not translated sales into improving earnings. A modest positive is that revenue in 2025 is materially higher than 2024, but overall the trajectory is still dominated by persistent, large operating losses.

Balance Sheet

The balance sheet has deteriorated meaningfully. Stockholders’ equity turned negative in 2025 (a key red flag that reduces financial flexibility), even though total debt is reported at zero in 2025 versus meaningful debt in prior years. Historically, leverage was elevated (notably 2024 debt-to-equity near 7x), and the swing from positive to negative equity highlights recapitalization/dilution or accumulated losses risk. The primary strength is the apparent reduction of debt by 2025, but negative equity outweighs that benefit.

Cash Flow

Cash generation is consistently poor: operating cash flow is negative every year shown, with a large outflow in 2025 (about -35.0M) versus 2024 (about -11.9M). Free cash flow is also negative when reported (2020–2024), indicating the business is not self-funding and likely depends on external financing. There are periods where cash burn improved (e.g., smaller outflows in 2023–2024 versus 2022), but the 2025 reversal signals elevated near-term funding and liquidity pressure.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.00M	2.25M	8.45M	5.87M	6.11M
Gross Profit	0.00	2.25M	8.45M	5.87M	-4.85M
EBITDA	-14.02M	-19.99M	-20.81M	-44.80M	-39.41M
Net Income	-38.90M	-47.75M	-35.78M	-63.77M	-53.53M
Balance Sheet
Total Assets	40.77M	57.27M	72.95M	120.27M	118.31M
Cash, Cash Equivalents and Short-Term Investments	342.00K	598.00K	1.25M	16.76M	25.49M
Total Debt	0.00	23.07M	18.93M	17.09M	31.72M
Total Liabilities	44.65M	53.96M	31.81M	44.19M	48.89M
Stockholders Equity	-3.88M	3.31M	41.13M	76.08M	69.41M
Cash Flow
Free Cash Flow	0.00	-11.94M	-3.37M	-49.77M	-24.80M
Operating Cash Flow	-35.04M	-11.94M	-9.06M	-49.73M	-24.80M
Investing Cash Flow	0.00	0.00	0.00	-42.00K	0.00
Financing Cash Flow	34.78M	11.27M	-6.46M	41.06M	19.04M

Klaria Pharma Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.61
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KLAR, the sentiment is Negative. The current price of 0.61 is below the 20-day moving average (MA) of 0.87, below the 50-day MA of 0.88, and below the 200-day MA of 0.61, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 39.62 is Neutral, neither overbought nor oversold. The STOCH value of 59.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KLAR.

Klaria Pharma Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NANEXA	56 Neutral	kr627.07M	-52.12	-48.65%	―	-60.33%	58.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALZCUR	44 Neutral	kr218.91M	-4.15	-90.66%	―	―	15.74%
ERMA	44 Neutral	kr49.83M	-0.56	―	―	―	―
VIVE	43 Neutral	kr91.67M	-1.49	-24.23%	―	―	―
KLAR	42 Neutral	kr183.99M	-3.34	-530.21%	―	―	17.42%
GABA	42 Neutral	kr16.32M	-1.16	―	―	―	72.30%