CombiGene AB (LARK) AI Stock Analysis

• Market Cap: kr42.57M
• Dividend Yield: 8.47%
• Average Volume (3M): 41.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.04
• Revenue Growth: -94.12%
• EPS Growth: -25.83%
• Country: SE
• Employees: 1
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): N/A
• Shares Outstanding: 19,801,197
• 10 Day Avg. Volume: 70,026
• 30 Day Avg. Volume: 41,406
• PEG Ratio: -0.04
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 144.56
• P/FCF Ratio: -1.57
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: kr2.00 ▼(-14.89% Downside)

The score is held down primarily by deteriorating financial performance (sharp revenue decline, widening losses, and continued cash burn), partially offset by a low-leverage/debt-free balance sheet. Technical indicators also reflect weak momentum, while valuation support is limited by a loss-making P/E despite a high stated dividend yield.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk and refinancing pressure, providing flexibility for future strategic investments.

Gene-Therapy Focus

The focus on gene-therapy for neurological diseases positions the company in a high-potential market with growing demand for innovative treatments.

Cash Flow Tracking

Close tracking of cash flow to net income indicates efficient cash management, which is crucial for sustaining operations during loss-making periods.

Negative Factors

Revenue Decline

A sharp decline in revenue indicates challenges in maintaining sales momentum, which could hinder long-term growth and market competitiveness.

Sustained Cash Burn

Sustained cash burn reflects ongoing financial strain, potentially limiting the company's ability to invest in R&D and future growth initiatives.

Equity Decline

A decline in equity suggests value erosion, which could impact investor confidence and the company's ability to raise capital in the future.

CombiGene AB Business Overview & Revenue Model

Company Description

Lärkberget AB (publ) operates as an investment company. It is involved in Direct investments in low-risk instruments; Financial investments; Direct investments in unlisted profitable companies; and Reverse acquisition platform. The company was formerly known as CombiGene AB (publ) and changed its name to Lärkberget AB (publ) in June 2025. Lärkberget AB (publ) was incorporated in 1990 and is based in Östermalm, Sweden.

How the Company Makes Money

CombiGene makes money primarily through the development and commercialization of its gene therapy products. The company generates revenue by partnering with larger pharmaceutical companies for the co-development, licensing, and distribution of its therapies. These partnerships often include upfront payments, milestone payments, and royalties on sales. Additionally, CombiGene may secure funding from grants and research collaborations with academic institutions and research organizations, which support the advancement of its therapeutic programs.

CombiGene AB Financial Statement Overview

Summary

Income statement and cash flow are very weak: revenue fell sharply in 2024 and losses widened, while operating/free cash flow remained deeply negative (sustained cash burn). The key offset is the debt-free balance sheet, but equity has declined materially, indicating ongoing value erosion if losses persist.

Income Statement

Results have deteriorated sharply versus prior years: revenue fell to 0.33M in 2024 (down ~85% YoY), while losses widened materially (net loss -44.9M vs -35.7M in 2023). Profitability is structurally weak with deeply negative margins in 2022–2024, following a one-off profitable year in 2021 (strong revenue and positive EBIT/net income). The main positive is that the company has demonstrated it can post profitability in certain years, but recent performance shows high earnings volatility and a weak/unclear revenue base.

Balance Sheet

The balance sheet is conservatively levered with zero total debt reported in 2020–2024 and a 0.0 debt-to-equity ratio in those years, reducing financial risk and refinancing pressure. However, equity has declined meaningfully (116.5M in 2023 to 71.6M in 2024), consistent with ongoing losses, and returns on equity are strongly negative in 2022–2024, signaling continued value erosion if losses persist.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in 2020 and again in 2022–2024 (about -30.0M in 2024), indicating sustained cash burn. Cash flow also worsened in 2024 versus 2023 (free cash flow growth negative), and cash outflows remain large relative to earnings (loss-making periods with sizable operating cash deficits). The key positive is that cash flow tracked net income closely (free cash flow to net income ~1), but that primarily reflects losses translating into cash burn rather than strong cash conversion.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	326.00K	5.54M	26.70M	84.04M	10.83M
Gross Profit	-46.78M	-21.29M	-19.20M	15.16M	8.33M
EBITDA	-34.22M	-35.98M	-5.86M	23.56M	-25.66M
Net Income	-44.88M	-35.66M	-6.16M	20.96M	-30.77M
Balance Sheet
Total Assets	75.88M	120.61M	158.22M	166.22M	79.41M
Cash, Cash Equivalents and Short-Term Investments	73.75M	101.44M	131.78M	136.74M	48.90M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.30M	4.16M	6.10M	7.94M	7.98M
Stockholders Equity	71.58M	116.46M	152.12M	158.28M	71.43M
Cash Flow
Free Cash Flow	-29.95M	-30.67M	-16.67M	21.97M	-38.45M
Operating Cash Flow	-29.95M	-30.56M	-16.67M	22.11M	-38.35M
Investing Cash Flow	-81.00K	-988.90K	0.00	-147.73K	-3.21M
Financing Cash Flow	0.00	0.00	0.00	65.88M	75.29M

CombiGene AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:LARK, the sentiment is Negative. The current price of 2.35 is above the 20-day moving average (MA) of 2.25, above the 50-day MA of 2.31, and below the 200-day MA of 2.37, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 41.06 is Neutral, neither overbought nor oversold. The STOCH value of 32.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:LARK.

CombiGene AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
2CUREX	54 Neutral	kr54.72M	-10.52	-304.59%	11.26%	―	―
SPRINT	49 Neutral	kr175.68M	-5.52	-264.12%	―	-17.80%	-11.96%
EXPRS2	45 Neutral	kr58.60M	-0.91	-88.65%	―	8.46%	11.73%
LARK	43 Neutral	kr42.57M	-0.95	―	8.47%	-94.12%	-25.83%
LIDDS	43 Neutral	kr2.92M	-0.51	-132.58%	―	―	86.26%
STABL	42 Neutral	kr12.20M	-1.11	-91.33%	―	―	64.02%