Lipigon Pharmaceuticals AB (LPGO) AI Stock Analysis

• Market Cap: kr3.39M
• Dividend Yield: N/A
• Average Volume (3M): 2.79M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.62
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 6
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 605,933,700
• 10 Day Avg. Volume: 2,063,232
• 30 Day Avg. Volume: 2,789,495
• PEG Ratio: 0.12
• Price to Book (P/B): 2.06
• Price to Sales (P/S): 1.55
• P/FCF Ratio: -0.64
• 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: 41 Neutral
• Price Target: kr0.01 ▲(10.00% Upside)
• Action: Reiterated Date: 01/14/26
• Date: Action: Reiterated 01/14/26

The score is held down primarily by weak financial performance (very low revenue, ongoing losses, and significant cash burn) and bearish technicals (price well below key moving averages with negative MACD and very low RSI). A debt-free balance sheet provides some risk mitigation, but valuation is difficult to justify with negative earnings and no dividend support.

Positive Factors

Debt-free balance sheet

A debt-free capital structure reduces refinancing and interest-rate risk and preserves strategic optionality. For a clinical-stage biotech this durable flexibility supports sustained R&D spending or partnering negotiations without near-term fixed obligations that would constrain development choices.

Focused RNA cardiometabolic pipeline

Concentrating on RNA therapies for lipid disorders targets a large, chronic market with clear unmet needs. RNA modalities benefit from structural R&D momentum and partner interest, improving long-term commercialization odds and licensing attractiveness versus unfocused pipelines.

Clear partnering/licensing monetization path

A business model oriented to upfronts, milestones and royalties is durable for small biotechs: it enables de-risking via partners, limits the need for near-term commercial infrastructure, and provides established exit/value-capture routes if clinical data validate candidates.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow at this magnitude materially raises funding risk. Over the next 2-6 months the company will likely need new capital or partner funding to maintain programs, creating dilution risk and potential delays in R&D timetables.

Very low and declining revenue

Minimal and falling revenue, combined with persistent losses, indicate no commercial engine to fund operations. This structural absence of recurring cash inflows forces dependence on external capital or deals, limiting runway and bargaining power with potential partners.

Material equity swings indicate funding reliance

Large fluctuations in equity levels point to periodic capital raises or accounting swings to fund operations. This reliance on external funding is a durable vulnerability: it risks dilution, can constrain strategic choices, and ties program continuity to volatile financing conditions.

Lipigon Pharmaceuticals AB Business Overview & Revenue Model

Company Description

Lipigon Pharmaceuticals AB (publ) develops drugs for lipid related diseases in Sweden. The company's product pipeline consists of Lipisense project for the treatment of severe hypertriglyceridemia disease and familial chylomicronemia syndrome; a gene therapy project for the lipodystrophy, a rare disease of altered fat distribution in the body; therapeutics for dyslipidemia, a general lipid disorder; and RNA drug project for acute respiratory distress syndrome. Lipigon Pharmaceuticals AB (publ) has a collaboration agreement with HitGen Inc. for the development of small molecules for the treatment of dyslipidemia, cardiovascular disease, and other metabolic diseases. The company was founded in 2010 and is based in Umeå, Sweden.

How the Company Makes Money

Lipigon Pharmaceuticals AB Financial Statement Overview

Summary

Overall financials reflect an early-stage, loss-making profile: very low and declining TTM revenue with deeply negative profitability, plus persistent and sizable operating/free-cash-flow burn. The main offset is a conservatively structured balance sheet with no debt, though equity has fluctuated and returns on equity are strongly negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue is very low (1.36M) and down modestly versus the prior year, while profitability remains deeply negative (net margin ~-26.5% and negative gross profit). The longer history shows volatile revenue (strong growth in 2023 followed by a sharp decline in 2024) and persistent losses every year, indicating the business is still heavily in investment/spend mode with limited operating leverage today.

Balance Sheet

The balance sheet is conservatively structured with no debt across periods, which reduces financial risk. However, equity levels have swung materially year-to-year (e.g., 28.4M in 2023 down to 7.8M in 2024, then up to 15.1M TTM), and returns on equity are strongly negative, reflecting ongoing losses and potential reliance on external funding over time.

Cash Flow

Cash generation is weak with consistently negative operating cash flow and free cash flow (TTM operating cash flow -28.3M; free cash flow -28.4M), and free cash flow has deteriorated versus 2024. While free cash flow roughly matches net loss (cash burn tracking reported losses), the magnitude and persistence of cash burn increase funding risk unless spending is reduced or new capital is raised.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.36M	10.29M	16.41M	390.00K	3.18M	4.28M
Gross Profit	-23.95M	-26.29M	-5.12M	366.00K	-36.04M	-4.72M
EBITDA	-35.56M	-25.14M	-12.10M	-37.68M	-41.09M	-8.06M
Net Income	-35.97M	-25.26M	-12.13M	-37.67M	-41.12M	-8.07M
Balance Sheet
Total Assets	18.08M	14.82M	33.60M	10.82M	29.43M	15.24M
Cash, Cash Equivalents and Short-Term Investments	16.60M	11.78M	31.93M	9.64M	28.47M	12.55M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	2.99M	7.06M	5.16M	6.95M	6.47M	2.26M
Stockholders Equity	15.09M	7.76M	28.45M	3.87M	22.96M	12.98M
Cash Flow
Free Cash Flow	-28.43M	-25.02M	-14.32M	-37.47M	-35.42M	-8.63M
Operating Cash Flow	-28.33M	-24.78M	-14.32M	-37.47M	-35.30M	-8.63M
Investing Cash Flow	-108.00K	-235.00K	0.00	0.00	-119.00K	1.25M
Financing Cash Flow	34.32M	4.58M	36.70M	18.61M	51.09M	18.88M

Lipigon Pharmaceuticals 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%
LPGO	41 Neutral	kr3.39M	-0.08	-213.85%	―	―	―