OncoZenge AB (ONCOZ) AI Stock Analysis

• Market Cap: kr80.21M
• Dividend Yield: N/A
• Average Volume (3M): 35.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.22
• Revenue Growth: N/A
• EPS Growth: 20.55%
• Country: SE
• Employees: 1
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.78
• Shares Outstanding: 14,048,068
• 10 Day Avg. Volume: 29,683
• 30 Day Avg. Volume: 35,930
• PEG Ratio: -0.07
• Price to Book (P/B): -139.70
• Price to Sales (P/S): 30.78
• P/FCF Ratio: 0.00
• 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): -1
• Revenue Forecast (FY): kr10.00M

• Rating: 47 Neutral
• Price Target: kr6.00 ▲(8.89% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is held down primarily by very weak financial performance (persistent losses, ongoing cash burn, and a 2025 balance sheet deterioration with negative equity and new debt). Technical indicators are moderately supportive with the price trading above key moving averages and a positive MACD, but valuation remains constrained because the company is loss-making (negative P/E).

Positive Factors

Niche oncology supportive-care focus

OncoZenge's clear strategic focus on oncology supportive care and a lead candidate targeting oral mucositis addresses a predictable, recurring complication of cancer therapy. That structural clinical need supports durable demand if regulatory and reimbursement milestones are reached.

Initial revenue generation in 2025

Recording SEK 2.7m of revenue in 2025 versus prior near-zero levels suggests early commercial activity or milestone receipts. This demonstrates some capacity to monetize assets beyond R&D, which durably de-risks an otherwise pre-revenue profile if clinical progress continues.

Signs of reduced losses versus peak levels

Smaller losses in 2025 compared with 2022 indicate improving operating performance or tighter cost management. If sustained, this structural improvement can lengthen runway, reduce funding frequency, and create a clearer path toward margin recovery as commercialization or scale-up occurs.

Negative Factors

Weakened balance sheet, negative equity

Negative shareholders' equity and new debt materially increase solvency and refinancing risk. This structural deterioration reduces financial flexibility, raises cost of capital, and heightens the likelihood of dilutive or onerous financing decisions, impairing long-term funding of trials and commercialization.

Persistent operating cash burn

Consistent negative operating cash flow (≈ -SEK 13.1m in 2025) and weak free cash flow signal continued reliance on external financing. This is a durable constraint on execution, increasing dilution risk and limiting the company's ability to invest in manufacturing, trials, or commercial scale without new capital.

Small, volatile revenue and deep losses

Low, inconsistent revenue combined with deeply negative EBIT underscores a long path to breakeven and heavy dependence on successful product approval and market uptake. The single-product focus and margin deficits create a structural sustainability risk absent clear commercialization progress.

OncoZenge AB Business Overview & Revenue Model

Company Description

OncoZenge AB is a Swedish pharmaceutical company focused on the development and commercialization of innovative treatments for cancer. Leveraging advanced research in oncology, the company aims to address unmet medical needs by offering novel therapeutic solutions that improve patient outcomes. OncoZenge operates within the biotechnology and pharmaceutical sectors, concentrating on the development of proprietary drug formulations and delivery systems designed to enhance the efficacy and safety of cancer therapies.

How the Company Makes Money

OncoZenge AB generates revenue primarily through the development and commercialization of its proprietary cancer treatments. The company may earn income from licensing agreements with other pharmaceutical companies, allowing them to market and distribute OncoZenge's products in various regions. Additionally, OncoZenge might engage in partnerships or collaborations with research institutions and industry peers to co-develop new therapies, potentially leading to shared revenues. The company may also seek funding through grants, research subsidies, or investment from private and public sources to support its research and development activities.

OncoZenge AB Financial Statement Overview

Summary

Financials are very weak: revenue is small and volatile, profitability is deeply negative with a large operating/net loss, and cash flow shows ongoing operating cash burn. Balance sheet risk increased materially in 2025 with equity turning negative and new debt introduced, implying higher solvency and funding risk.

Income Statement

Revenue remains very small and volatile (SEK 2.7m in 2025 vs near-zero levels in prior years), with a sharp revenue decline in 2025 versus 2024. Profitability is weak: 2025 shows a large operating loss (EBIT about -SEK 15.9m) and net loss (about -SEK 15.9m) with deeply negative margins, indicating the business is still in a heavy investment/burn phase and not close to breakeven. A modest positive is that losses in 2025 are smaller than the 2022 loss level, but overall earnings quality and margin profile remain very challenged.

Balance Sheet

The balance sheet weakened materially in 2025, with shareholders’ equity turning negative (about -SEK 0.6m) alongside the introduction of debt (SEK 7.5m). This shift increases financial risk and reduces flexibility versus prior years (2020–2024 showed no debt and positive equity). Total assets are moderate (about SEK 15.3m in 2025), but the negative equity position is the key concern and suggests the capital structure is under strain.

Cash Flow

Cash generation is consistently negative, with operating cash flow still meaningfully outflowing in 2025 (about -SEK 13.1m), consistent with ongoing operating losses. Free cash flow is also weak (negative in most historical years), and 2025 shows no free cash flow reported despite negative operating cash flow, which adds uncertainty around cash conversion and investing needs. Overall, the statements point to continued cash burn and likely reliance on external funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.66M	1.00K	3.00K	0.00	0.00
Gross Profit	-4.84M	1.00K	3.00K	0.00	0.00
EBITDA	-15.87M	-8.69M	7.27M	2.77M	-4.89M
Net Income	-15.94M	-8.69M	-15.90M	-46.65M	-3.89M
Balance Sheet
Total Assets	15.34M	11.43M	20.34M	36.89M	85.23M
Cash, Cash Equivalents and Short-Term Investments	3.71M	3.86M	12.63M	29.14M	51.22M
Total Debt	7.50M	0.00	0.00	0.00	0.00
Total Liabilities	15.92M	1.48M	1.70M	2.92M	4.90M
Stockholders Equity	-587.00K	9.95M	18.64M	33.97M	80.32M
Cash Flow
Free Cash Flow	0.00	-8.76M	-17.08M	-22.08M	-10.12M
Operating Cash Flow	-13.06M	-8.76M	-17.08M	-22.08M	-4.77M
Investing Cash Flow	0.00	0.00	570.00K	0.00	-5.36M
Financing Cash Flow	12.91M	0.00	0.00	0.00	51.34M

OncoZenge AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.51
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ONCOZ, the sentiment is Negative. The current price of 5.51 is below the 20-day moving average (MA) of 5.88, below the 50-day MA of 5.77, and below the 200-day MA of 6.05, indicating a bearish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 47.00 is Neutral, neither overbought nor oversold. The STOCH value of 9.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ONCOZ.

OncoZenge AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SPRINT	79 Outperform	kr203.65M	1.48	-264.12%	―	-17.80%	-11.96%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCOZ	47 Neutral	kr80.21M	-2.16	-202.18%	―	―	20.55%
MODTX	43 Neutral	kr32.47M	-1.03	-457.91%	―	―	-19.35%
EXPRS2	43 Neutral	kr17.93M	-1.19	-88.65%	―	8.46%	11.73%
LPGO	41 Neutral	kr4.00M	-3.06	-213.85%	―	―	―