Oncopeptides AB (SE:ONCO)
:ONCO
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Oncopeptides AB
(ONCO)
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Rating:49Neutral
Price Target:
kr3.00
▼(-38.52% Downside)
Action:ReiteratedDate:01/17/26
The score is held back primarily by weak financial performance (ongoing losses, cash burn, and leverage) and bearish technicals (below major moving averages with negative MACD). The earnings call provides the main support via strong revenue growth, exceptional gross margin, and improved liquidity from the rights issue, while valuation remains constrained by loss-making status and no dividend.
Positive Factors
Sustained revenue growth
Consecutive strong top-line growth indicates durable commercial traction for Pepaxti in Europe, reflecting expanding market access and adoption. Sustained revenue acceleration supports scaling of fixed costs, strengthens negotiating leverage with partners, and improves the path to targeted profitability by end-2026.
Negative Factors
Ongoing net losses
Persistent net losses show the company remains unprofitable despite revenue gains, requiring continued spending and external funding. Losses—partly driven by noncash items—underscore that operating profitability has not been achieved and that achieving the stated 2026 profitability target depends on sustained revenue and cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Consecutive strong top-line growth indicates durable commercial traction for Pepaxti in Europe, reflecting expanding market access and adoption. Sustained revenue acceleration supports scaling of fixed costs, strengthens negotiating leverage with partners, and improves the path to targeted profitability by end-2026.
Read all positive factors
Oncopeptides AB (ONCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr555.40M
Dividend YieldN/A
Average Volume (3M)2.28M
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue Growth131.20%
EPS Growth32.28%
CountrySE
Employees80
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.24
Shares Outstanding387,851,200
10 Day Avg. Volume1,913,694
30 Day Avg. Volume2,284,999
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)4.78
Price to Sales (P/S)8.20
P/FCF Ratio-1.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.37
Revenue Forecast (FY)kr200.00M
Oncopeptides AB Business Overview & Revenue Model
Company Description
Oncopeptides AB (publ), a biotech company, develops pharmaceuticals drugs for the treatment of cancer in the United States, Europe, and internationally. Its lead product candidate is melflufen, an anti-cancer peptide drug conjugate for the treatme...
How the Company Makes Money
Oncopeptides AB generates revenue primarily through the commercialization of its lead product, melflufen, which is sold to healthcare providers and hospitals for treating patients with multiple myeloma. The company's revenue model is based on prod...
Oncopeptides AB Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong commercial and scientific progress alongside clear financial and market execution challenges. Highlights include robust year-over-year revenue growth (+125% FY, +88% Q4), an exceptionally high gross margin (97%), disciplined cost reductions, a focused pipeline advancement with compelling preclinical glioblastoma data and a planned Phase 0 study, plus a rights issue to shore up liquidity. Lowlights comprise continued operating losses, a need for additional capital (SEK 200m rights issue), delayed cash flow positivity (moved from 2026 to 2027), market disruptions in Spain (doctor strike), slower-than-expected growth in Germany, and uncertain timelines for international partnerships. Overall, positive operational and scientific momentum is balanced by material funding needs and commercialization execution risks.Positive Updates
Strong Revenue Growth
Full-year net sales more than doubled to SEK 71.1 million, representing a 125% increase versus 2024; fourth-quarter net sales rose to SEK 18.6 million, an 88% increase year-over-year.
Negative Updates
Need for Additional Capital and Cash Constraints
Cash at year-end was SEK 82 million and the company required a rights issue (up to SEK 200 million) to bridge commercial operations and enable the glioblastoma window study, indicating continuing liquidity needs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full-year net sales more than doubled to SEK 71.1 million, representing a 125% increase versus 2024; fourth-quarter net sales rose to SEK 18.6 million, an 88% increase year-over-year.
Read all positive updates
Company Guidance
Oncopeptides guided that it will launch a rights issue of up to SEK 200 million (SEK 190 million guaranteed, with HealthCap and management/board intending to participate) to materially strengthen liquidity and bridge commercialization toward positive cash flow in 2027 (pushed from 2026); FY2025 net sales more than doubled to SEK 71.1 million (+125% vs 2024) with Q4 sales SEK 18.6 million (+88% YoY), gross profit SEK 68.7 million (gross margin 97%), EBIT improved to -SEK 224.7 million (from -SEK 283 million), year-end cash SEK 82 million, operating expenses down 16% in Q4 and 7% for the full year, sales & marketing SEK 137.2 million (flat vs prior year), G&A SEK 57.4 million (down from 60.8), and R&D SEK 103 million (down from 121.2); management said the proceeds will primarily fund continued European commercialization of Pepaxti (SEK 1.5 billion European market potential, market exclusivity until 2037, >600 patients treated since EMA approval) and to finance a cost-efficient ~10‑patient window‑of‑opportunity (Phase 0) study using melflufen to confirm blood‑brain‑barrier passage ahead of an intended glioblastoma clinical trial in 2026.Oncopeptides AB Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
35
Negative
Cash Flow
25
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.87M | 31.65M | 35.22M | 8.36M | 118.30M | 0.00 |
| Gross Profit | 49.13M | 28.98M | 36.30M | 8.35M | 65.17M | -14.40M |
| EBITDA | -260.65M | -261.81M | -231.62M | -319.62M | -1.40B | -1.58B |
| Net Income | -267.18M | -284.61M | -249.11M | -337.95M | -1.43B | -1.59B |
Balance Sheet | ||||||
| Total Assets | 136.44M | 244.19M | 238.38M | 385.32M | 439.38M | 946.76M |
| Cash, Cash Equivalents and Short-Term Investments | 70.15M | 178.54M | 173.44M | 344.51M | 364.30M | 852.48M |
| Total Debt | 124.23M | 141.72M | 126.16M | 9.54M | 14.19M | 19.36M |
| Total Liabilities | 203.32M | 189.91M | 181.60M | 91.03M | 228.51M | 369.86M |
| Stockholders Equity | -66.88M | 54.28M | 56.78M | 294.29M | 210.87M | 576.90M |
Cash Flow | ||||||
| Free Cash Flow | -324.71M | -260.57M | -279.61M | -423.02M | -1.52B | -1.31B |
| Operating Cash Flow | -324.71M | -260.57M | -279.49M | -420.51M | -1.52B | -1.30B |
| Investing Cash Flow | 496.00K | 496.00K | -116.00K | -2.51M | -339.00K | -20.13M |
| Financing Cash Flow | 11.91M | 263.81M | 106.89M | 392.40M | 1.03B | 1.32B |
Oncopeptides AB Technical Analysis
Negative
4.88
Price Trends
2.25
Negative
3.53
Negative
3.71
Negative
Market Momentum
-0.23
Negative
29.23
Positive
15.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ONCO, the sentiment is Negative. The current price of 4.88 is above the 20-day moving average (MA) of 1.58, above the 50-day MA of 2.25, and above the 200-day MA of 3.71, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 29.23 is Positive, neither overbought nor oversold. The STOCH value of 15.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ONCO.
Oncopeptides AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | kr1.04B | 7.07 | 81.19% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr555.40M | -4.37 | ― | ― | 131.20% | 32.28% | |
46 Neutral | kr125.51M | -44.78 | -16.90% | ― | 4.64% | ― | |
45 Neutral | kr1.15B | -7.05 | -35.03% | ― | ― | 25.14% | |
45 Neutral | kr117.04M | -1.66 | -1291.15% | ― | ― | 28.54% | |
44 Neutral | kr380.61M | -6.44 | -79.60% | ― | ― | 31.62% |
* Healthcare Sector Average
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Oncopeptides AB Corporate Events
Oncopeptides Lifts 2025 Sales but Delays Cash-Flow Break-Even to 2027
Jan 15, 2026
Oncopeptides reported that unaudited net sales reached 18.6 million SEK in the fourth quarter of 2025, up 88% year-on-year, while full-year 2025 Pepaxti sales climbed 125% to 71.2 million SEK, driven by a stronger-than-expected launch in Italy but...
Oncopeptides Drug Pepaxti Shows Strong Efficacy in High-Risk Multiple Myeloma
Dec 29, 2025
Oncopeptides has announced new research demonstrating that its multiple myeloma drug Pepaxti (melflufen) maintains strong anti-myeloma activity in patients with high-risk genetic abnormalities such as del(17p) and TP53 mutations, which are typical...
Oncopeptides AB Establishes Nomination Committee for 2026 AGM
Nov 21, 2025
Oncopeptides AB has announced the formation of its Nomination Committee for the 2026 annual general meeting. The committee comprises representatives from the company’s three largest shareholders by voting rights, as well as the Chairman of t...
Expert Panel Endorses Oncopeptides’ Pepaxti for Myeloma Treatment
Nov 11, 2025
Oncopeptides AB announced that a panel of multiple myeloma experts has endorsed the use of its drug Pepaxti, also known as melflufen, for treating relapsed, refractory multiple myeloma. The expert consensus, published in the Annals of Hematology, ...
Oncopeptides AB Reports Strong Q3 2025 Growth and Strategic Milestones
Nov 5, 2025
Oncopeptides AB reported a significant growth in net sales for Q3 2025, with a 174% increase year over year, driven by its key European markets. The company is progressing towards becoming cash flow positive by the end of 2026 and is in negotiatio...
Glossary
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.