Oncopeptides AB (SE:ONCO)
:ONCO
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Oncopeptides AB
(ONCO)
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Rating:46Neutral
Price Target:
kr2.00
▼(-59.02% Downside)
Action:Reiterated
Date:05/20/26
The score is held down primarily by weak financial durability—large ongoing losses, heavy cash burn, and negative equity—despite strong gross margins and improving sales. Technicals show short-term momentum but a weak longer-term trend, while the earnings call reinforces both commercialization progress and the need for near-term financing with cash-flow positivity pushed to 2027.
Positive Factors
Very high gross margins (~97%)
An exceptionally high product-level gross margin (~97%) indicates Pepaxti has a highly scalable cost structure and strong unit economics. If commercial volumes scale, these margins enable operating leverage and durable contribution to profitability once fixed commercial costs are covered.
Negative Factors
Negative equity and weakened capitalization
Negative shareholders' equity signals erosion of the capital base and materially reduces financial flexibility. Over the medium term this heightens refinancing and covenant risk, constrains strategic optionality, and increases likelihood of dilutive or costly funding if commercial ramps underperform.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margins (~97%)
An exceptionally high product-level gross margin (~97%) indicates Pepaxti has a highly scalable cost structure and strong unit economics. If commercial volumes scale, these margins enable operating leverage and durable contribution to profitability once fixed commercial costs are covered.
Read all positive factors
Oncopeptides AB (ONCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr757.09M
Dividend YieldN/A
Average Volume (3M)2.28M
Price to Earnings (P/E)―
Beta (1Y)0.20
Revenue Growth109.22%
EPS Growth27.30%
CountrySE
Employees80
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.27
Shares Outstanding387,851,200
10 Day Avg. Volume1,913,694
30 Day Avg. Volume2,284,999
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)-18.53
Price to Sales (P/S)15.35
P/FCF Ratio-4.90
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)-0.44
Revenue Forecast (FY)kr150.00M
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
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Oncopeptides AB Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 27, 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
28
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.87M | 71.12M | 31.65M | 35.22M | 8.36M | 118.30M |
| Gross Profit | 49.13M | 68.67M | 28.98M | 36.30M | 8.35M | 65.17M |
| EBITDA | -260.65M | -228.82M | -261.81M | -231.62M | -319.62M | -1.40B |
| Net Income | -267.18M | -249.59M | -284.61M | -249.11M | -337.95M | -1.43B |
Balance Sheet | ||||||
| Total Assets | 136.44M | 134.84M | 244.19M | 238.38M | 385.32M | 439.38M |
| Cash, Cash Equivalents and Short-Term Investments | 70.15M | 82.25M | 178.54M | 173.44M | 344.51M | 364.30M |
| Total Debt | 124.23M | 126.68M | 141.72M | 126.16M | 9.54M | 14.19M |
| Total Liabilities | 203.32M | 193.73M | 189.91M | 181.60M | 91.03M | 228.51M |
| Stockholders Equity | -66.88M | -58.89M | 54.28M | 56.78M | 294.29M | 210.87M |
Cash Flow | ||||||
| Free Cash Flow | -324.71M | -222.88M | -260.57M | -279.61M | -423.02M | -1.52B |
| Operating Cash Flow | -324.71M | -222.88M | -260.57M | -279.49M | -420.51M | -1.52B |
| Investing Cash Flow | 496.00K | 0.00 | 496.00K | -116.00K | -2.51M | -339.00K |
| Financing Cash Flow | 11.91M | 128.55M | 263.81M | 106.89M | 392.40M | 1.03B |
Oncopeptides AB Technical Analysis
Positive
4.88
Price Trends
1.46
Positive
2.22
Negative
3.51
Negative
Market Momentum
0.10
Negative
65.07
Neutral
77.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ONCO, the sentiment is Positive. The current price of 4.88 is above the 20-day moving average (MA) of 1.46, above the 50-day MA of 1.46, and above the 200-day MA of 3.51, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 65.07 is Neutral, neither overbought nor oversold. The STOCH value of 77.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | kr863.68M | -7.71 | 81.19% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr240.05M | -2.50 | -16.90% | ― | -72.49% | ― | |
49 Neutral | kr189.27M | -4.31 | -1291.15% | ― | ― | 49.87% | |
46 Neutral | kr757.09M | -2.96 | ― | ― | 109.22% | 27.30% | |
44 Neutral | kr366.65M | -5.60 | -79.60% | ― | ― | 51.40% | |
42 Neutral | kr1.22B | -8.76 | -35.03% | ― | ― | 46.92% |
* Healthcare Sector Average
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Oncopeptides AB Corporate Events
Oncopeptides Wins Norwegian Green Light for Pioneering Glioblastoma Trial
May 19, 2026
Oncopeptides has secured regulatory and ethics approval in Norway to initiate its Window-of-Opportunity clinical study in glioblastoma, clearing the way for patient recruitment to begin sooner than the company anticipated. The study will enroll ar...
Oncopeptides showcases new Pepaxti data to bolster multiple myeloma positioning
May 13, 2026
Oncopeptides AB announced new clinical and real-world evidence for its multiple myeloma drug Pepaxti, to be presented at the COMy congress in Paris. The data package includes a large Spanish real-world registry, a pooled renal safety analysis and ...
Oncopeptides posts strong Q1 sales growth as Pepaxti momentum builds in Europe
May 13, 2026
Oncopeptides reported a strong start to 2026, with first-quarter net sales rising 91 percent year-on-year to SEK 25.4 million, driven by robust Pepaxti demand in Italy and renewed growth in Germany. Despite an operating loss of SEK 37.5 million an...
Oncopeptides Targets Third-Line Multiple Myeloma Indication to Boost Pepaxti Growth
May 11, 2026
Oncopeptides plans to seek a Type II variation from the European Medicines Agency to expand Pepaxti’s label from fourth-line to third-line multiple myeloma treatment, potentially doubling its eligible patient population in Europe. Management...
Oncopeptides Sets May 13 Webcast for Q1 2026 Results
May 6, 2026
Oncopeptides AB, a Stockholm-listed biotech focused on targeted therapies for hard-to-treat cancers, develops oncology drugs using its proprietary PDC and SPiKE platforms and is commercializing its lead product in Europe with additional regional p...
Oncopeptides Marks Growth Phase as 2025 Annual Report Highlights Pepaxti Momentum
Apr 28, 2026
Oncopeptides AB, a Stockholm-listed biotech focused on targeted cancer treatments, leverages its proprietary PDC and SPiKE platforms to develop drugs that selectively deliver cytotoxic agents into tumor cells. Its lead product Pepaxti is gaining c...
Oncopeptides Sets May Date and Rules for 2026 AGM Participation
Apr 16, 2026
Oncopeptides AB has called its Annual General Meeting for 21 May 2026 in central Stockholm, offering shareholders the choice to attend in person or be represented by proxy. Shareholders must be registered in the Euroclear Sweden share register by ...
Oncopeptides Showcases Promising NK-Cell Engager Data for Multiple Myeloma at AACR 2026
Apr 13, 2026
Oncopeptides AB announced that new preclinical data from its proprietary SPiKE platform, focusing on a novel bispecific NK-cell engager for multiple myeloma, has been accepted for presentation at the AACR Annual Meeting 2026 in San Diego. The stud...
Oncopeptides Boosts Share Capital After Rights Issue to Support Cancer Drug Push
Mar 31, 2026
Oncopeptides AB reported a change in its share and vote structure following the completion of a recent rights issue that closed on March 16, 2026. The total number of shares has risen to 395,287,003, including 381,148,118 ordinary shares and 14,13...
Oncopeptides Raises SEK 190 Million in Partially Guaranteed Rights Issue
Mar 17, 2026
Oncopeptides AB has completed a partially guaranteed rights issue of approximately SEK 200 million, with about 60 percent of the offered ordinary shares subscribed through rights and an additional 2 percent subscribed without rights. The remaining...
Oncopeptides Launches Real-World MARINA Study for Pepaxti in Germany
Mar 16, 2026
Oncopeptides has launched the MARINA study in Germany to generate real-world evidence on the effectiveness, safety, and treatment patterns of its multiple myeloma drug Pepaxti in combination with dexamethasone. Conducted with iOMEDICO as sponsor a...
Real-World Data Bolsters Oncopeptides’ Pepaxti as Bridging Therapy in Multiple Myeloma
Mar 13, 2026
Oncopeptides AB reported new real-world data from an Italian center showing that Pepaxti, combined with dexamethasone, achieved a 41% overall response rate and a median progression-free survival of nine months in heavily pretreated, relapsed or re...
Oncopeptides Wins Fast-Track Status for First PDC Trial in Glioblastoma
Mar 9, 2026
Oncopeptides has secured fast-track designation from Norway’s medicines regulator for a planned Window-of-Opportunity study of its Peptide Drug Conjugate platform in glioblastoma, following regulatory alignment with Swedish authorities on th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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.