Nanexa AB (NANEXA) AI Stock Analysis

• Market Cap: kr659.99M
• Dividend Yield: N/A
• Average Volume (3M): 266.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.06
• Revenue Growth: -60.33%
• EPS Growth: 58.04%
• Country: SE
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.10
• Shares Outstanding: 164,585,050
• 10 Day Avg. Volume: 346,691
• 30 Day Avg. Volume: 266,979
• PEG Ratio: 1.02
• Price to Book (P/B): 6.83
• Price to Sales (P/S): 19.19
• P/FCF Ratio: -474.51
• 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): kr112.20M

• Rating: 56 Neutral
• Price Target: kr4.00 ▲(32.01% Upside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is held back primarily by ongoing cash burn and still-negative profitability despite improving results, while low leverage provides some balance-sheet support. Technically, the stock shows a clear uptrend with constructive momentum, but valuation signals remain weak due to negative earnings and no dividend yield data.

Positive Factors

Licensing-based revenue model

Nanexa’s revenue model centers on partnering and out-licensing its PharmaShell platform, generating upfronts, development/regulatory milestones and royalties. This asset-light approach can scale without heavy commercial capex, enabling higher incremental margins and recurring income if partners commercialize successfully.

Conservative balance sheet, low leverage

The company’s low debt-to-equity and sizable equity base reduce financial distress risk and provide runway to fund R&D and clinical programs. This conservative capital structure supports resilience through development cycles, lowering near-term refinancing pressure and preserving strategic optionality.

Improving operating performance (TTM)

Sharp TTM revenue acceleration combined with materially narrowed losses and a positive EBITDA demonstrates improving commercial traction and operating leverage. If sustained, this trend supports a credible path to scale, margin recovery and eventual consistent positive net income.

Negative Factors

Persistent negative cash flow

Despite improvements, the company still generates negative operating cash flow and substantial negative free cash flow, indicating ongoing cash burn. Sustained negative cash generation requires external financing or partner milestones, elevating dilution and execution risk until cash flows stabilize.

Ongoing unprofitability / negative ROE

Net losses and a markedly negative ROE reflect that the business has yet to create shareholder value. Continued negative margins constrain reinvestment returns and heighten the need for sustained revenue growth and cost discipline to turn ROE positive over the medium term.

Revenue lumpy and partner-dependent

Reliance on partner agreements, milestone triggers and future royalties makes revenue timing and scale dependent on third-party development and commercial choices. This creates lumpy, uncertain cash flow visibility and elevates execution risk if partner programs underperform or timelines slip.

Nanexa AB Business Overview & Revenue Model

Company Description

Nanexa AB (NANEXA) is a biotechnology company specializing in drug delivery systems, particularly in the development of its proprietary platform, NEX-20, designed to enhance the efficacy and safety of therapeutic compounds. The company operates primarily in the pharmaceutical sector, focusing on the formulation and delivery of biopharmaceuticals to improve patient outcomes. Nanexa's core products include advanced drug formulations that utilize its unique technology to optimize the release profiles of active pharmaceutical ingredients.

How the Company Makes Money

Nanexa AB generates revenue primarily through the development and commercialization of its drug delivery technologies. The company earns money by entering into partnerships and collaborations with pharmaceutical companies that seek to utilize its proprietary NEX-20 platform for their drug development programs. These partnerships often involve licensing agreements, research and development funding, and milestone payments upon achieving specific development goals. Additionally, Nanexa may receive royalties from the sales of products developed using its technology. The company's financial performance is also supported by government grants and investments aimed at fostering innovation in biotechnology.

Nanexa AB Financial Statement Overview

Summary

Strong TTM revenue acceleration and materially narrowed losses with EBITDA turning positive, supported by low leverage. Offsetting this, profitability is still negative and cash flow remains weak with deep negative free cash flow, keeping funding/execution risk elevated.

Income Statement

Revenue has accelerated sharply in TTM (Trailing-Twelve-Months) (+241.8% vs. prior year), showing improving commercial traction off a low base. Losses have also narrowed meaningfully versus 2023–2024 (net loss of -11.4m in TTM vs. -24.9m in 2024 and -76.4m in 2023), and EBITDA turned positive in TTM. Offsetting this, profitability remains weak with negative operating and net margins, indicating the business is still not operating at sustainable scale and remains sensitive to cost discipline and funding needs.

Balance Sheet

The balance sheet appears conservatively levered, with very low debt relative to equity across periods (TTM debt-to-equity ~0.28; historically closer to ~0.04–0.09), suggesting limited balance-sheet financial risk. Equity remains sizable (101.5m in TTM), supporting resilience while the company invests. The key weakness is persistent negative returns on equity (TTM ROE ~-0.47), reflecting ongoing losses and value dilution risk if profitability does not improve.

Cash Flow

Cash generation remains a major pressure point: operating cash flow is still negative in TTM (-1.5m) and free cash flow is deeply negative (-20.5m), indicating continued cash burn. While cash burn has improved compared with prior years (e.g., operating cash flow -26.4m in 2024 and -42.7m in 2023; free cash flow -54.6m in 2024 and -76.9m in 2023), free cash flow declined year-over-year in TTM (growth -64.9%), and cash needs are likely to persist until profitability and working capital stabilize.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	36.15M	24.36M	29.33M	2.86M	2.37M
Gross Profit	-15.46M	46.69M	59.16M	3.40M	4.31M
EBITDA	-2.92M	-18.99M	-70.79M	-53.86M	-32.92M
Net Income	-11.39M	-24.91M	-76.40M	-58.57M	-36.00M
Balance Sheet
Total Assets	138.14M	91.82M	132.26M	170.19M	165.00M
Cash, Cash Equivalents and Short-Term Investments	44.57M	10.29M	65.17M	81.18M	105.66M
Total Debt	1.12M	3.71M	4.03M	6.27M	3.83M
Total Liabilities	36.61M	20.90M	36.43M	61.10M	13.70M
Stockholders Equity	101.53M	70.92M	95.83M	109.10M	151.29M
Cash Flow
Free Cash Flow	-1.46M	-54.55M	-76.91M	-43.29M	-50.92M
Operating Cash Flow	-1.46M	-26.43M	-42.66M	-7.87M	-25.13M
Investing Cash Flow	-24.75M	-28.12M	-34.25M	-35.42M	-25.79M
Financing Cash Flow	60.49M	-327.00K	60.89M	18.81M	143.89M

Nanexa AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.03
• 50DMA: Positive
• 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:NANEXA, the sentiment is Positive. The current price of 3.03 is below the 20-day moving average (MA) of 3.77, below the 50-day MA of 3.75, and above the 200-day MA of 2.51, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 51.64 is Neutral, neither overbought nor oversold. The STOCH value of 57.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NANEXA.

Nanexa AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NANEXA	56 Neutral	kr659.99M	-60.92	-48.65%	―	-60.33%	58.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ENZY	45 Neutral	kr497.61M	-8.89	―	―	19.17%	24.53%
ALZCUR	44 Neutral	kr223.51M	-4.22	-90.66%	―	―	15.74%
ERMA	44 Neutral	kr54.75M	-3.49	―	―	―	―
VIVE	43 Neutral	kr91.45M	-2.13	-24.23%	―	―	―
KLAR	42 Neutral	kr204.16M	-3.17	-530.21%	―	―	17.42%