Nanologica AB (NICA) AI Stock Analysis

• Market Cap: kr36.14M
• Dividend Yield: N/A
• Average Volume (3M): 111.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: 186.74%
• EPS Growth: 73.17%
• Country: SE
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.10
• Shares Outstanding: 88,357,230
• 10 Day Avg. Volume: 89,035
• 30 Day Avg. Volume: 111,941
• PEG Ratio: 0.04
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 6.20
• P/FCF Ratio: -1.11
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: kr0.40 ▼(-46.35% Downside)

The score is primarily weighed down by weak financial quality—large ongoing losses and significant cash burn—despite improving revenue growth. Technicals add further pressure due to a strong downtrend (price below all major moving averages and negative MACD), while valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Revenue growth traction

Sustained top-line growth indicates improving commercial traction for Nanologica's nanoparticle platform. Durable revenue expansion from collaborations suggests increasing market acceptance and strengthens the case for recurring milestone and royalty income that can support longer-term R&D and partnerships.

Manageable leverage

Relatively low reported leverage gives the company more financial flexibility versus highly leveraged peers. Manageable debt levels reduce immediate solvency risk, preserving capacity to fund development programs, negotiate partnership terms, or access incremental capital without acute refinancing pressure.

Collaboration/licensing business model

A partnership and licensing-led model is capital-light and aligns incentives with pharma partners, offering milestone and royalty upside. This structure spreads development risk, can deliver non-dilutive revenue, and facilitates commercial scale via partner sales forces rather than building expensive in-house commercialization.

Negative Factors

Negative gross profit and large net losses

Negative gross profit and persistent net losses show the core technology has not yet generated sustainable margins. This undermines operating leverage and return metrics, erodes equity over time, and means future growth must translate into meaningful gross-profit recovery to create a durable, self-funding business.

Heavy cash burn and worsening free cash flow

Deeply negative operating and free cash flows raise ongoing financing risk and the likelihood of dilution or restrictive financing terms. Persistent cash burn limits runway for R&D or commercialization investment and makes the company dependent on external capital access over the medium term.

Small operating scale

A very small headcount constrains internal capacity to manage complex drug-delivery projects, regulatory filings, and larger partnerships. Heavy reliance on partners and contractors increases execution risk and may slow productization, scale-up, and oversight as collaborations move toward commercial stages.

Nanologica AB Business Overview & Revenue Model

Company Description

Nanologica AB (publ), a nanotechnology company, develops nanoporous silica for applications in the life science industry. The company offers nanoporous silica particles for drug development and chromatography separation. It provides NLAB Silica, a technology platform for drug delivery; NLAB Spiro, an inhalation platform for pulmonary drug delivery; SVEA (U)HPLC analytical columns; and preparative chromatography. Nanologica AB (publ) was founded in 2004 and is based in Södertälje, Sweden.

How the Company Makes Money

Nanologica AB generates revenue primarily through collaborations and partnerships with pharmaceutical companies for the development of its drug delivery systems. The company enters into licensing agreements and joint ventures that provide upfront payments, milestone payments based on developmental progress, and royalties on future sales of products that utilize its technology. Additionally, Nanologica may engage in contract research services, providing tailored solutions to clients in the healthcare sector. The company's strategic alliances with research institutions and industry players further enhance its market reach and contribute to its financial performance.

Nanologica AB Financial Statement Overview

Summary

Revenue is growing strongly (TTM +10.9%, 2024 +9.1%), but profitability is very weak with negative gross profit and large net losses. Cash burn is heavy and worsening (TTM free cash flow deeply negative; -19.4% growth), increasing reliance on external funding despite currently manageable leverage (debt-to-equity ~0.49 in TTM).

Income Statement

TTM (Trailing-Twelve-Months) revenue rose strongly (+10.9%), building on modest growth in 2024 (+9.1%), suggesting improving commercial traction. However, profitability remains very weak: TTM gross profit turned negative and operating losses are still large, with net losses exceeding revenue (deeply negative net margin). Overall, the top-line trajectory is improving, but the business model has not yet translated into sustainable gross profit or operating leverage.

Balance Sheet

Leverage looks manageable in the most recent periods, with debt below equity in TTM (debt-to-equity ~0.49) and 2024 (~0.69), and equity remains positive in those years. That said, returns on equity are meaningfully negative due to ongoing losses, and the balance sheet has shown volatility historically (including negative equity in 2023), which highlights dependence on continued funding and execution to avoid renewed pressure on capitalization.

Cash Flow

Cash consumption is heavy and persistent: TTM operating cash flow and free cash flow are both deeply negative, and free cash flow deteriorated versus the prior period (TTM free cash flow growth -19.4%). While cash burn broadly tracks the accounting loss (free cash flow roughly in line with net income in TTM and 2024), the scale of outflows indicates continued reliance on external capital and elevates financing risk if market access tightens.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	22.64M	14.54M	1.44M	1.55M	12.91M	16.14M
Gross Profit	-5.58M	4.29M	-76.00K	3.23M	4.92M	14.99M
EBITDA	-29.12M	-45.17M	-62.12M	-38.36M	-31.13M	-13.05M
Net Income	-47.51M	-65.63M	-75.16M	-55.09M	-50.13M	-24.83M
Balance Sheet
Total Assets	101.25M	143.10M	77.43M	154.51M	98.32M	146.34M
Cash, Cash Equivalents and Short-Term Investments	13.97M	48.43M	10.05M	70.32M	11.70M	67.98M
Total Debt	19.71M	50.94M	666.00K	4.69M	9.79M	12.96M
Total Liabilities	60.80M	68.99M	79.33M	81.36M	46.72M	53.38M
Stockholders Equity	40.45M	74.11M	-1.90M	73.16M	51.60M	92.97M
Cash Flow
Free Cash Flow	-55.90M	-81.48M	-56.83M	-53.78M	-53.74M	-49.86M
Operating Cash Flow	-55.02M	-80.73M	-35.85M	-45.22M	-46.49M	-43.34M
Investing Cash Flow	-872.00K	-742.00K	-20.35M	-7.14M	-7.25M	-6.52M
Financing Cash Flow	66.33M	120.23M	-4.09M	111.70M	-1.64M	115.05M

Nanologica AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NICA, the sentiment is Negative. The current price of 0.74 is above the 20-day moving average (MA) of 0.65, below the 50-day MA of 0.78, and below the 200-day MA of 1.13, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 22.22 is Positive, neither overbought nor oversold. The STOCH value of 11.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NICA.

Nanologica AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXTCL	52 Neutral	kr144.81M	-2.95	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NICA	44 Neutral	kr36.14M	-0.72	-294.38%	―	186.74%	73.17%
BIOVIC.B	44 Neutral	kr126.96M	-0.81	-72.82%	―	40.91%	57.92%
ALZ	42 Neutral	kr81.37M	-2.71	-20.85%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr98.63M	-2.92	-201.21%	―	―	49.09%
SPAGO	40 Underperform	kr86.67M	-2.26	-106.95%	―	-48.15%	51.95%

Nanologica AB Corporate Events

Nanologica Launches Fully Secured SEK 96 Million Share Issues to Fund Growth and Reduce Debt

Nanologica’s board has approved a package of capital measures comprising two directed share issues totaling approximately SEK 13.7 million and a fully secured rights issue of about SEK 82.5 million, all at a subscription price of SEK 0.40 per share, subject to approval at an extraordinary general meeting on 4 March 2026. The directed set-off issue to Ardena Sweden AB settles part of the purchase price for the acquisition of Ardena Södertälje AB, while a second directed issue brings in new investors, including Exmere Ltd and CEO Andreas Bhagwani, and the rights issue—backed 100% by subscription and underwriting commitments, with main owner Flerie Invest AB taking a dominant role and converting loans—aims to strengthen Nanologica’s balance sheet and secure working capital for scaling production and sales of its NLAB Saga® silica media, while also reducing debt through set-offs and potential additional directed issues to lenders and underwriters.

The most recent analyst rating on (SE:NICA) stock is a Sell with a SEK0.51 price target. To see the full list of analyst forecasts on Nanologica AB stock, see the SE:NICA Stock Forecast page.

Nanologica Calls Extraordinary General Meeting to Approve Major Capital Increase and Share Issues

Nanologica AB has called an Extraordinary General Meeting for March 4, 2026, in Stockholm, where shareholders will vote on a series of capital structure and governance measures, including the adoption of new Articles of Association and multiple share issues. The board proposes a substantial increase in the permitted share capital range and number of shares to enable a planned rights issue and related directed and set-off share issues, as well as authorization for additional share issues to underwriters, a package that would significantly expand the company’s equity base and dilute existing holdings while potentially strengthening its financial position and strategic flexibility for future growth.

The most recent analyst rating on (SE:NICA) stock is a Sell with a SEK0.51 price target. To see the full list of analyst forecasts on Nanologica AB stock, see the SE:NICA Stock Forecast page.

Nanologica Buys Syntagon to Boost API Manufacturing Capacity and Profitable Growth

Nanologica AB has acquired 100% of Ardena Södertälje AB, which will revert to its original name Syntagon AB, in an all-share deal valued at about SEK 8.6 million, adding a 45-employee contract development and manufacturing operation with sales of roughly SEK 80 million in 2025. The acquisition strengthens Nanologica’s production capacity, particularly in API development and manufacturing, is expected to be earnings-accretive in 2026, and offers estimated annual cost synergies of SEK 4–5 million through operational coordination, while a planned rights issue will both finance the transaction and set the subscription price for the seller’s new shares; Syntagon’s Nordic market position, modern facility, and an 18-month lock-up plus a 15‑month take‑or‑pay order commitment from the seller are intended to support profitable growth without additional capital injections into the subsidiary.

The most recent analyst rating on (SE:NICA) stock is a Hold with a SEK0.56 price target. To see the full list of analyst forecasts on Nanologica AB stock, see the SE:NICA Stock Forecast page.

Nanologica Secures SEK 1.5 Million Order for New Purification Media

Nanologica AB has secured a SEK 1.5 million order for a new non-silica-based purification media from an Asian customer, marking an early success in their development program aimed at broadening their chromatography media portfolio. The order, expected to be delivered in the first quarter of next year, could potentially enhance the company’s revenue stream in the long term, reflecting positively on its strategic market positioning and operational growth.

The most recent analyst rating on (SE:NICA) stock is a Sell with a SEK1.00 price target. To see the full list of analyst forecasts on Nanologica AB stock, see the SE:NICA Stock Forecast page.