NextCell Pharma AB (NXTCL) AI Stock Analysis

• Market Cap: kr157.06M
• Dividend Yield: N/A
• Average Volume (3M): 237.08K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.07
• Revenue Growth: 2.56%
• EPS Growth: 52.76%
• Country: SE
• Employees: 24
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.08
• Shares Outstanding: 111,392,960
• 10 Day Avg. Volume: 155,192
• 30 Day Avg. Volume: 237,081
• PEG Ratio: 0.13
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 8.24
• P/FCF Ratio: -2.09
• 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): -0.4
• Revenue Forecast (FY): kr13.90M

• Rating: 52 Neutral
• Price Target: kr1.50 ▲(63.04% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak financial performance—deep losses, negative gross profit, and ongoing cash burn despite revenue growth—plus limited valuation support due to a negative P/E and no dividend. Offsetting these risks, technical signals are notably positive with price above key moving averages and bullish momentum indicators.

Positive Factors

Debt-free balance sheet

Zero reported debt provides durable financial flexibility for a development-stage biotech. It reduces bankruptcy and leverage risk, allowing the company to fund clinical programs, pursue partnerships or extend runway through equity or non-debt instruments without immediate interest burdens.

Recurring stem-cell banking revenue

A recurring service business (Cellaviva stem cell banking) supplies steadier, contract-based cash flows that can partially offset R&D volatility. Over months this revenue helps fund operations, smooth seasonality and supports continuity while ProTrans advances through development.

Consistent revenue growth

Sustained top-line growth (about 9.6% in FY2025) indicates market traction for commercial services and potential uptake of company offerings. Persistent revenue increases improve liquidity prospects and make it easier to justify continued investment in clinical programs over the medium term.

Negative Factors

Deep persistent unprofitability

Negative gross profit and extremely wide net losses show the company has not achieved operating leverage; core activities consume more resources than they generate. Structurally, this forces reliance on external capital or partnerships and makes sustainable self-funded growth unlikely without material margin improvement.

Ongoing cash burn

Persistent negative free cash flow (~-43M in FY2025) erodes cash reserves and shortens runway absent financing or material commercial scale-up. Over months this necessitates dilution, licensing deals or grant funding, constraining strategic optionality and potentially slowing clinical progress if funding gaps appear.

Shrinking equity / dilution risk

A marked fall in equity over multiple years signals accumulated losses and likely capital raises. This trend increases the probability of further dilution and reduces per-share economic interest for existing holders, complicating future financings and potentially raising cost of capital for strategic investments.

NextCell Pharma AB Business Overview & Revenue Model

Company Description

NextCell Pharma AB (NXTCL) is a Swedish biopharmaceutical company focused on the development and commercialization of advanced therapies for immune-related diseases. The company specializes in stem cell-based treatments, with its flagship product, ProTrans, developed for the treatment of autoimmune conditions such as Type 1 Diabetes. NextCell Pharma operates within the biotechnology and healthcare sectors, aiming to leverage cutting-edge research to provide innovative therapeutic solutions.

How the Company Makes Money

NextCell Pharma AB generates revenue primarily through the development and commercialization of its proprietary stem cell-based treatments. The company earns money by advancing its products through clinical trials and eventually licensing them to larger pharmaceutical companies for distribution and sale. Partnerships and collaborations with research institutions and healthcare organizations play a significant role in the company's business model, providing financial support for research and development activities. Additionally, NextCell Pharma seeks to secure grants and funding from government and non-governmental entities to support its innovative research efforts.

NextCell Pharma AB Financial Statement Overview

Summary

Steady revenue growth (~9.6% in FY2025) is outweighed by very weak profitability (negative gross profit and FY2025 net margin around -321%) and persistent cash burn (FY2025 free cash flow roughly -43M). A key offset is a debt-free balance sheet, but equity has materially declined over multiple years, increasing dilution/erosion risk.

Income Statement

Revenue has grown steadily over time (including ~9.6% growth in FY2025), but the business remains deeply unprofitable. Profitability is the key weakness: gross profit is negative and net losses are very large relative to revenue across all years, with FY2025 net margin still around -321%. This profile suggests a company still in heavy development/investment mode with limited operating leverage so far.

Balance Sheet

The balance sheet is a clear relative strength: the company reports zero debt and therefore no leverage pressure, which improves financial flexibility. However, equity has declined meaningfully from prior years (e.g., from ~150M in FY2021 to ~66M in FY2025), and returns on equity are consistently negative, reflecting ongoing losses and a shrinking capital base over time.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are consistently negative, indicating ongoing cash burn to fund operations. Free cash flow burn has improved in FY2024–FY2025 versus FY2023, but FY2025 still shows roughly -43M in free cash flow. A modest positive is that free cash flow tracks net losses relatively closely (free cash flow to net income near ~1.1 in FY2025), suggesting limited non-cash distortion—yet the absolute cash burn remains the central risk.

Breakdown	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	10.94M	10.66M	10.11M	5.59M	3.91M
Gross Profit	-35.87M	-4.56M	-884.83K	-22.26M	-14.53M
EBITDA	-32.63M	-40.99M	-39.36M	-34.10M	-24.21M
Net Income	-35.14M	-41.96M	-39.81M	-34.08M	-24.56M
Balance Sheet
Total Assets	76.73M	81.29M	88.83M	124.66M	155.63M
Cash, Cash Equivalents and Short-Term Investments	38.72M	46.79M	50.03M	97.12M	139.17M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	10.34M	13.69M	13.10M	9.12M	5.53M
Stockholders Equity	66.39M	67.60M	75.73M	115.54M	150.09M
Cash Flow
Free Cash Flow	-43.05M	-37.86M	-47.92M	-40.90M	-26.30M
Operating Cash Flow	-38.86M	-37.78M	-43.83M	-33.31M	-25.58M
Investing Cash Flow	-4.24M	-83.51K	-4.10M	-9.37M	-5.84M
Financing Cash Flow	35.03M	34.63M	835.66K	608.17K	148.63M

NextCell Pharma AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.92
• 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:NXTCL, the sentiment is Neutral. The current price of 0.92 is below the 20-day moving average (MA) of 1.50, below the 50-day MA of 1.17, and below the 200-day MA of 1.04, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 51.04 is Neutral, neither overbought nor oversold. The STOCH value of 32.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NXTCL.

NextCell Pharma AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXTCL	52 Neutral	kr157.06M	-3.19	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BIOVIC.B	44 Neutral	kr108.30M	-0.68	-72.82%	―	40.91%	57.92%
NICA	43 Neutral	kr33.84M	-0.67	-294.38%	―	186.74%	73.17%
MODTX	43 Neutral	kr35.27M	-1.33	-166.94%	―	―	-19.35%
ALZ	42 Neutral	kr102.65M	-2.14	-20.85%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr90.17M	-2.21	-201.21%	―	―	49.09%