NextCell Pharma AB (NXTCL) AI Stock Analysis

• Market Cap: kr143.25M
• Dividend Yield: N/A
• Average Volume (3M): 237.08K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.04
• 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: 44 Neutral
• Price Target: kr1.50 ▲(63.04% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

Overall score is weighed down primarily by weak financial performance (persistent losses, negative margins, and significant cash burn), partially offset by a debt-free balance sheet. Technical signals are mixed with modest longer-term support but weak near-term trend. Valuation remains challenging due to negative earnings (negative P/E) and no dividend yield provided.

Positive Factors

Recurring revenue from stem cell banking

The Cellaviva stem cell banking business provides contract-based, fee-for-service revenue that is relatively steady versus R&D cycles. This recurring service income creates a predictable cash inflow stream that partially offsets development volatility and supports ongoing operations and patient-facing capabilities over the medium term.

Debt-free balance sheet

A zero-debt position materially reduces interest and refinancing risk, granting strategic flexibility to prioritise R&D or commercial investments. Over a 2–6 month horizon this lowers solvency pressure, improves optionality for partnering or timed capital raises, and preserves cash for operational needs relative to leveraged peers.

Owned R&D asset with partnership upside (ProTrans)

ProTrans represents a structural value driver: as an allogeneic MSC therapy it can produce milestone and royalty streams if partnered or licensed. Clinical progress or a deal would convert R&D investment into scalable revenues, offering asymmetric upside that remains relevant beyond short-term market moves.

Negative Factors

Persistent negative cash flow

Sustained large negative operating and free cash flow steadily depletes reserves and forces reliance on external funding. Over the medium term this increases dilution risk, constrains discretionary investment, and may compress runway for clinical programs and commercial growth unless operating performance or financing changes materially.

Ongoing heavy losses and negative margins

Negative gross profit implies core revenues do not cover direct costs, not just SG&A or R&D. Deeply negative operating and net margins signal structural unprofitability that, if persistent, will erode capital and limit ability to scale. Achieving sustainable margins requires either meaningful revenue growth or material cost restructuring.

Shrinking equity base raises funding vulnerability

A materially reduced equity base weakens the balance sheet buffer against losses, increasing the likelihood of dilutive equity raises or unattractive financing terms. Combined with ongoing cash burn, the smaller equity cushion raises execution risk and may impair negotiating leverage for partnerships or licensing deals.

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

Financial performance is weak: the company remains heavily loss-making with negative gross profit, deeply negative operating/net margins, and continued cash burn (TTM operating cash flow about -48.8M; free cash flow about -55.5M). The key support is a debt-free balance sheet, but equity has materially declined over time, increasing funding risk if losses persist.

Income Statement

The company remains in a heavy loss-making phase. Revenue is small and volatile—TTM (Trailing-Twelve-Months) revenue fell about 9.7% versus the prior period, after modest growth in the last two annual reports. Profitability is a clear weak point: gross profit is negative (implying costs exceed revenue), and operating and net margins are deeply negative across all periods, with TTM net income still around -40.9M. The positive is that losses have not dramatically worsened versus the last few years, but there is no visible path to breakeven in the current trend.

Balance Sheet

The balance sheet is the main stabilizer: total debt is reported as zero across periods, keeping financial leverage and interest/refinancing risk low. However, equity has declined materially over time (from ~150.1M in 2021 to ~50.6M in TTM), reflecting ongoing losses and cash usage, and returns on equity are strongly negative (TTM roughly -0.64). In short: low leverage is a strength, but the shrinking equity base is a growing risk if losses persist.

Cash Flow

Cash generation is weak and consistently negative. TTM (Trailing-Twelve-Months) operating cash flow is about -48.8M and free cash flow about -55.5M, indicating continued cash burn to fund operations and investments. While free cash flow growth shows an improvement in TTM versus the prior annual period (likely due to timing/cost shifts), cash flow remains solidly negative overall and will likely require continued external funding unless operating performance improves.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	9.88M	10.94M	10.66M	10.11M	5.59M	3.91M
Gross Profit	-22.01M	-35.87M	-4.56M	-884.83K	-22.26M	-14.53M
EBITDA	-38.59M	-32.63M	-40.99M	-39.36M	-34.10M	-24.21M
Net Income	-40.89M	-35.14M	-41.96M	-39.81M	-34.08M	-24.56M
Balance Sheet
Total Assets	63.92M	76.73M	81.29M	88.83M	124.66M	155.63M
Cash, Cash Equivalents and Short-Term Investments	26.03M	38.72M	46.79M	50.03M	97.12M	139.17M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	13.32M	10.34M	13.69M	13.10M	9.12M	5.53M
Stockholders Equity	50.60M	66.39M	67.60M	75.73M	115.54M	150.09M
Cash Flow
Free Cash Flow	-55.54M	-43.05M	-37.86M	-47.92M	-40.90M	-26.30M
Operating Cash Flow	-48.85M	-38.86M	-37.78M	-43.83M	-33.31M	-25.58M
Investing Cash Flow	-6.99M	-4.24M	-83.51K	-4.10M	-9.37M	-5.84M
Financing Cash Flow	69.76M	35.03M	34.63M	835.66K	608.17K	148.63M

NextCell Pharma AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.92
• 50DMA: Negative
• 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 1.37, below the 50-day MA of 1.31, and below the 200-day MA of 1.06, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.68 is Neutral, neither overbought nor oversold. The STOCH value of 24.77 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BIOVIC.B	45 Neutral	kr115.52M	-2.37	-72.82%	―	40.91%	57.92%
NXTCL	44 Neutral	kr143.25M	-1.48	-52.45%	―	2.56%	52.76%
NICA	43 Neutral	kr118.10M	-1.34	-294.38%	―	186.74%	73.17%
MODTX	43 Neutral	kr35.15M	-1.03	-457.91%	―	―	-19.35%
ALZ	42 Neutral	kr94.18M	-4.20	-21.31%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr87.82M	-1.86	-120.13%	―	―	49.09%