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Oncopeptides AB
(ONCO)
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Rating:42Neutral
Price Target:
kr1.50
â–Ľ(-69.26% Downside)
Action:Reiterated
Date:07/12/26
The score is primarily held down by weak financial performance—large ongoing operating/net losses, meaningful leverage (debt-to-equity ~1.70x), and heavy negative free cash flow (~-200.2m). Technicals add additional caution with the stock trading below key moving averages and negative MACD. Valuation is also constrained by a negative P/E (loss-making) and no dividend yield data.
Positive Factors
Revenue Growth Momentum
Sustained TTM revenue growth of +17% indicates commercial traction and increasing market adoption of the company’s offerings. Over 2–6 months this durable top-line expansion supports scale, absorbs fixed R&D/commercial costs, and reduces per-unit cash burn, improving runway and strategic optionality.
Negative Factors
Severe Cash Burn and Negative Free Cash Flow
Persistent negative operating and free cash flow (~-200m TTM) creates ongoing financing dependence. Over the next several months this raises liquidity and dilution risk, constrains discretionary investment, and forces management to prioritize near-term funding over long-term strategic options.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
Sustained TTM revenue growth of +17% indicates commercial traction and increasing market adoption of the company’s offerings. Over 2–6 months this durable top-line expansion supports scale, absorbs fixed R&D/commercial costs, and reduces per-unit cash burn, improving runway and strategic optionality.
Read all positive factors
Oncopeptides AB (ONCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr617.07M
Dividend YieldN/A
Average Volume (3M)2.28M
Price to Earnings (P/E)―
Beta (1Y)0.12
Revenue Growth109.22%
EPS Growth27.30%
CountrySE
Employees80
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.94
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)kr149.95M
Oncopeptides AB Business Overview & Revenue Model
Company Description
Oncopeptides AB (publ) is a biotechnology firm dedicated to developing medical therapies for cancer, serving markets across the United States, Europe, and worldwide. Its foremost experimental compound, melflufen, is a distinct peptide-drug conjuga...
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
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 83.35M | 71.12M | 31.65M | 35.22M | 8.36M | 118.30M |
| Gross Profit | 80.49M | 59.00M | 28.98M | 36.30M | 8.35M | 65.17M |
| EBITDA | -205.75M | -219.26M | -261.81M | -231.62M | -319.62M | -1.40B |
| Net Income | -221.10M | -249.59M | -284.61M | -249.11M | -337.95M | -1.43B |
Balance Sheet | ||||||
| Total Assets | 271.89M | 134.84M | 244.19M | 238.38M | 385.32M | 439.38M |
| Cash, Cash Equivalents and Short-Term Investments | 205.15M | 82.25M | 178.54M | 173.44M | 344.51M | 364.30M |
| Total Debt | 130.80M | 139.39M | 141.72M | 126.16M | 9.54M | 14.19M |
| Total Liabilities | 195.11M | 193.73M | 189.91M | 181.60M | 91.03M | 228.51M |
| Stockholders Equity | 76.78M | -58.89M | 54.28M | 56.78M | 294.29M | 210.87M |
Cash Flow | ||||||
| Free Cash Flow | -200.16M | -222.88M | -260.57M | -279.61M | -423.02M | -1.52B |
| Operating Cash Flow | -200.16M | -222.88M | -260.57M | -279.49M | -420.51M | -1.52B |
| Investing Cash Flow | 0.00 | 0.00 | 496.00K | -116.00K | -2.51M | -339.00K |
| Financing Cash Flow | 300.76M | 128.55M | 263.81M | 106.89M | 392.40M | 1.03B |
Oncopeptides AB Technical Analysis
Negative
4.88
Price Trends
1.64
Negative
1.61
Negative
3.02
Negative
Market Momentum
-0.02
Positive
44.04
Neutral
14.84
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 1.64, above the 50-day MA of 1.64, and above the 200-day MA of 3.02, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.04 is Neutral, neither overbought nor oversold. The STOCH value of 14.84 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | kr561.07M | 3.06 | 81.19% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr222.54M | 0.90 | -16.90% | ― | -72.49% | ― | |
44 Neutral | kr134.97M | -222.61 | -1291.15% | ― | ― | 49.74% | |
42 Neutral | kr617.07M | -1.69 | ― | ― | 109.22% | 27.30% | |
42 Neutral | kr88.67M | -1.13 | -79.60% | ― | ― | 51.40% | |
42 Neutral | kr708.40M | -3.56 | -35.03% | ― | ― | 46.92% |
* Healthcare Sector Average
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Oncopeptides AB Corporate Events
Oncopeptides Updates Share and Vote Structure After Incentive Share Conversion
Jun 30, 2026
Oncopeptides AB has adjusted its share structure following the conversion of 209,640 class C shares into ordinary shares to serve its Board RSU 2025 incentive program. After the transaction, the company reports a total of 395,287,003 shares outsta...
Oncopeptides Enrolls First Patient in Pioneering Glioblastoma PDC Trial
Jun 17, 2026
Oncopeptides has enrolled the first patient in its OP-701 (INSULA) “Window-of-Opportunity” study, the company’s inaugural clinical trial of a Peptide Drug Conjugate in glioblastoma. The move advances its brain cancer program from...
Oncopeptides seeks EMA approval to move Pepaxti into earlier-line multiple myeloma treatment
Jun 12, 2026
Oncopeptides has submitted a Type II variation application to the European Medicines Agency seeking to expand the label of its multiple myeloma drug Pepaxti from fourth-line to third-line and later treatment, targeting adult patients who have rece...
Oncopeptides launches German real-world study to bolster Pepaxti’s myeloma profile
Jun 8, 2026
Oncopeptides has enrolled the first patient in its MARINA real-world evidence study in Germany, evaluating Pepaxti (melflufen) plus dexamethasone in adults with relapsed, refractory multiple myeloma who have received at least three prior lines of ...
Oncopeptides to spotlight Pepaxti data and PDC strategy at EHA 2026
May 27, 2026
Oncopeptides AB will showcase an extensive data package on its peptide-drug conjugate melflufen (Pepaxti) at the European Hematology Association Congress in Stockholm in June 2026. The company will present five scientific abstracts covering mechan...
Oncopeptides Accelerates CEE Expansion for Pepaxti via Exclusive Salus Distribution Deal
May 26, 2026
Oncopeptides AB has signed an exclusive agreement with Salus Group affiliate SALUS Veletrgovina to distribute and commercialize its multiple myeloma drug Pepaxti across 11 Central and Eastern European countries, including Poland, the Czech Republi...
Oncopeptides AGM Backs Incentive Schemes and Expands Capital-Raising Mandate
May 21, 2026
Oncopeptides’ Annual General Meeting approved the 2025 annual report, discharged the board and CEO from liability, confirmed the allocation of results, and re-elected key board members, including Chairman Per Wold-Olsen, alongside the compan...
Oncopeptides’ Pepaxti Shows Strong Phase 2 Data in Myeloma Patients With Renal Impairment
May 20, 2026
Oncopeptides has reported Phase 2 BRIDGE study results showing that its cancer drug Pepaxti, combined with dexamethasone, can be safely and effectively used in relapsed, refractory multiple myeloma patients with moderate-to-severe renal impairment...
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...
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.