PILA PHARMA AB (PILA) AI Stock Analysis

• Market Cap: kr54.00M
• Dividend Yield: N/A
• Average Volume (3M): 235.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 1
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.37
• Shares Outstanding: 45,682,120
• 10 Day Avg. Volume: 194,482
• 30 Day Avg. Volume: 235,519
• PEG Ratio: -0.37
• Price to Book (P/B): 4.82
• Price to Sales (P/S): 63.25
• P/FCF Ratio: -7.76
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: kr1.00 ▼(-54.55% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance (large ongoing losses and sustained cash burn) and bearish technicals (below all key moving averages with negative momentum). A clean, debt-free balance sheet and improved equity base provide some stability, while valuation remains hard to support due to negative earnings and no dividend data.

Positive Factors

Low leverage

A zero-debt balance sheet materially reduces refinancing and interest-rate risk, giving management financial flexibility to prioritize R&D and clinical timelines. Over a multi-month horizon this lowers solvency risk and makes external financing options less urgent or costly.

Stronger equity base

A materially larger equity base improves the company's solvency buffer and extends runway versus prior periods. This reduces immediate dilution pressure, supports ongoing trial investments, and provides a firmer capital foundation for executing its development plan over the next several months.

Focused pipeline

Having a clearly defined lead asset focused on TRPV1 antagonism for diabetes/obesity concentrates resources and strategic clarity. Given the structural, long-term demand for metabolic therapies, a successful clinical readout could create durable commercial optionality and strategic partnership interest.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow signals ongoing reliance on external financing to fund operations and clinical development. Over a 2–6 month horizon this elevates execution risk: funding delays or higher-cost raises can slow trials, force scope reductions, or dilute shareholders.

Widening net losses

Growing operating losses indicate the company has not yet reached operating leverage and remains in a cash-consuming development phase. Continued widening losses will erode equity buffers over time and increase dependence on capital markets, constraining strategic optionality and R&D pacing.

Very small, volatile revenue base

A tiny, inconsistent revenue stream provides minimal internal funding and little commercial validation. Combined with limited operational scale, the company faces structural constraints to self-fund development or commercialization, making progress sensitive to financing and partnership outcomes.

PILA PHARMA AB Business Overview & Revenue Model

Company Description

PILA PHARMA AB (publ) operates as a clinical stage pharmaceutical company in Sweden. It is developing XEN-D0501, a TRPV1 antagonist that has completed two phase 2a clinical trials for type 2 diabetes. PILA PHARMA AB (publ) was incorporated in 2014 and is based in Malmö, Sweden.

How the Company Makes Money

PILA PHARMA AB generates revenue primarily through the development and commercialization of its pharmaceutical products targeting metabolic disorders. The company's revenue model includes out-licensing its drug candidates to larger pharmaceutical companies, which involves upfront payments, milestone payments, and royalties on future sales. Additionally, PILA may engage in collaborative research agreements and partnerships to fund its R&D activities, where partners contribute resources and funding in exchange for certain rights to the developed products. The success of PILA's revenue streams is heavily dependent on the successful progression of its drug candidates through clinical trials and regulatory approval processes.

PILA PHARMA AB Financial Statement Overview

Summary

Overall financial profile is weak: small and volatile revenue, deeply negative profitability (net loss widened to -16.9m in 2025), and persistent negative operating/free cash flow (2025 FCF -9.2m). The main offset is a low-risk capital structure with zero debt and a stronger equity position in 2025, supporting near-term solvency despite ongoing losses.

Income Statement

Revenue is small and volatile, with a rebound in 2025 (1127k; +17.7% YoY) after declines in 2023–2024. Profitability is weak: 2025 shows deeply negative gross profit and very large operating losses, with net loss widening to -16.9m versus -11.2m in 2024. Margins are consistently negative across most years, indicating the business is still firmly in a cash-consuming, loss-making phase with limited operating leverage so far.

Balance Sheet

The balance sheet is relatively clean on leverage, with zero total debt in 2024–2025 and a 0.0 debt-to-equity ratio, reducing financial risk. Equity increased materially to 14.8m in 2025 from 5.3m in 2024, supporting solvency. The key weakness is persistent heavy losses (negative returns on equity in prior years), which can pressure the equity base over time if losses continue.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative every year shown (2025: -9.2m; 2024: -7.8m; 2023: -4.9m), indicating ongoing cash burn. While 2025 free cash flow improved versus 2024 (+11.7%), it remains deeply negative, and cash outflows have not stabilized at a sustainably lower level. The overall picture suggests continued reliance on external funding until losses narrow materially.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	957.89K	1.13M	775.00K	1.46M	1.88M	719.23K
Gross Profit	179.89K	-6.82M	-8.12M	1.46M	1.88M	680.94K
EBITDA	-7.04M	-15.57M	-10.11M	-8.81M	-26.76M	-17.16M
Net Income	-11.26M	-16.86M	-11.24M	-9.93M	-26.78M	-17.21M
Balance Sheet
Total Assets	3.48M	16.22M	6.22M	8.46M	10.89M	31.81M
Cash, Cash Equivalents and Short-Term Investments	1.08M	15.90M	4.89M	5.95M	7.24M	28.21M
Total Debt	0.00	0.00	0.00	773.08K	0.00	0.00
Total Liabilities	2.32M	1.43M	963.00K	1.79M	1.36M	1.51M
Stockholders Equity	1.16M	14.78M	5.26M	6.66M	9.53M	30.30M
Cash Flow
Free Cash Flow	-8.22M	-9.19M	-7.82M	-4.85M	-9.09M	-9.36M
Operating Cash Flow	-8.22M	-9.19M	-7.82M	-4.85M	-9.09M	-9.36M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	6.76M	20.19M	6.76M	3.56M	-11.88M	35.67M

PILA PHARMA AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PILA, the sentiment is Negative. The current price of 2.2 is above the 20-day moving average (MA) of 1.23, above the 50-day MA of 1.57, and below the 200-day MA of 2.30, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 41.86 is Neutral, neither overbought nor oversold. The STOCH value of 52.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PILA.

PILA 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%
SPAGO	47 Neutral	kr83.36M	-1.64	-106.95%	―	-48.15%	51.95%
PILA	44 Neutral	kr54.00M	―	-601.02%	―	―	―
NXTCL	44 Neutral	kr147.71M	-1.48	-52.45%	―	2.56%	52.76%
EXPRS2	43 Neutral	kr20.72M	-1.19	-88.65%	―	8.46%	11.73%
BIOSGN	42 Neutral	kr89.23M	-1.86	-201.21%	―	―	49.09%
LPGO	41 Neutral	kr3.88M	-3.06	-213.85%	―	―	―