Spago Nanomedical AB (SPAGO) AI Stock Analysis

• Market Cap: kr77.73M
• Dividend Yield: N/A
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: -48.15%
• EPS Growth: 51.95%
• Country: SE
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 661,572,800
• 10 Day Avg. Volume: 1,158,815
• 30 Day Avg. Volume: 1,005,829
• PEG Ratio: 0.05
• Price to Book (P/B): 1.42
• Price to Sales (P/S): 99.92
• 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): -0.04
• Revenue Forecast (FY): kr1.00M

• Rating: 47 Neutral
• Price Target: kr0.12 ▲(23.00% Upside)
• Action: Upgraded Date: 02/09/26
• Date: Action: Upgraded 02/09/26

The score is held down primarily by weak financial performance—ongoing losses, negative margins, and continued cash burn—despite the benefit of a debt-free balance sheet. Technical indicators are modestly supportive in the short term but do not offset the longer-term trend. Valuation is constrained by negative earnings (negative P/E) and no provided dividend yield.

Positive Factors

Debt-free balance sheet

Zero reported debt reduces financial risk and preserves strategic optionality for a pre-commercial biotech. Over 2–6 months this durable low-leverage position helps the company pursue R&D, partnerships, or opportunistic financing without immediate interest burden, supporting program continuity.

Focused nanomedicine pipeline

Owning two differentiated, development-stage assets (MRI contrast and theranostic radionuclide) aligns with structural industry trends toward targeted diagnostics and theranostics. This focused pipeline increases partnership and commercialization options and concentrates R&D resources on high-impact programs.

Narrowing net losses trend

A consistent reduction in net losses over multiple years signals operational progress in cost control or program efficiency. Sustained narrowing reduces future financing needs and improves the company’s ability to extend runway or negotiate partnerships on stronger terms if the trend continues.

Negative Factors

Persistent operating cash burn

Material negative operating cash flows indicate the company is cash-consuming and dependent on external capital to fund operations and trials. Over the medium term this constrains autonomy, increases financing and dilution risk, and could slow program timelines if fresh funding is delayed.

Volatile, declining revenue

Sharp, unpredictable revenue declines undermine the foundation for sustainable operations and suggest weak commercial traction or one-off receipts. Continued volatility increases reliance on external funding and limits reinvestment capacity, hindering long-term program and commercial development.

Eroding equity and negative ROE

Declining equity and sustained negative ROE indicate persistent value erosion from operating losses. This damages investor returns and can raise the cost of capital, making future fundraising more dilutive and potentially constraining strategic choices over the medium term.

Spago Nanomedical AB Business Overview & Revenue Model

Company Description

Spago Nanomedical AB (publ) develops nanomedicines for cancer diagnostics and treatment primarily in Sweden. It is involved in the development of SN132D, a gadolinium-free MRI contrast agent for the treatment of breast and pancreas cancer under the SpagoPix project; and SN201, a radionuclide therapy for treatment of advanced and metastatic cancer under the Tumorad project. The company was formerly known as Spago Imaging AB (publ) and changed its name to Spago Nanomedical AB (publ) in May 2014. Spago Nanomedical AB (publ) was incorporated in 1999 and is based in Lund, Sweden.

How the Company Makes Money

Spago Nanomedical AB generates revenue through the development and commercialization of its nanomedical products, particularly in the oncology space. The company's primary revenue streams include licensing agreements, research and development partnerships, and potential future sales of its nanomedical solutions. Additionally, Spago Nanomedical collaborates with pharmaceutical companies and research institutions, which can provide funding and support for its projects. Revenue is also derived from grants and governmental or institutional funding aimed at advancing innovative cancer treatments and diagnostic tools.

Spago Nanomedical AB Financial Statement Overview

Summary

Overall financials are weak: the income statement shows persistent losses and negative margins with small, volatile revenue (2025 revenue declined sharply vs 2024). Cash flow remains pressured with ongoing operating cash burn and negative/weak free cash flow, implying continued dependence on external funding. The main offsetting positive is a debt-free balance sheet, though equity/assets have declined and ROE is deeply negative.

Income Statement

The income statement remains weak, with consistently negative profitability and very poor margins across the period. While losses have narrowed meaningfully from 2023 to 2025 (net loss improving from about -42.2M to -26.6M), revenue is small and volatile—2025 revenue fell sharply (-71.3% growth rate) versus 2024, and gross profit stayed negative, indicating the business is still far from a sustainable operating model.

Balance Sheet

The balance sheet is a relative strength due to zero debt across all reported years, which reduces financial risk and provides flexibility. However, equity and total assets have declined materially since 2021–2022, and returns on equity are deeply negative in recent years (roughly -0.86 to -1.02), reflecting ongoing losses and erosion of shareholder value despite the low leverage.

Cash Flow

Cash flow is pressured by persistently negative operating cash flow (roughly -18.8M to -44.9M over the period, and -28.3M in 2025), showing the company is still cash-consuming. Free cash flow is negative in most years and deteriorated to 0 in 2025 with a -100% growth rate, and operating cash flow does not cover net income (coverage is consistently negative), highlighting continued reliance on external funding over time.

Breakdown	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	437.00K	1.91M	1.20M	1.05M	660.00K
Gross Profit	-19.38M	-12.36M	-23.28M	-15.60M	-16.78M
EBITDA	-26.39M	-33.40M	-42.22M	-38.73M	-38.69M
Net Income	-26.55M	-32.51M	-42.22M	-39.31M	-39.08M
Balance Sheet
Total Assets	36.68M	39.58M	52.98M	205.95M	191.62M
Cash, Cash Equivalents and Short-Term Investments	29.67M	32.47M	45.22M	62.10M	52.46M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	5.94M	6.35M	11.67M	8.80M	6.81M
Stockholders Equity	30.75M	33.23M	41.32M	197.16M	184.81M
Cash Flow
Free Cash Flow	0.00	-34.90M	-45.06M	-42.02M	-40.20M
Operating Cash Flow	-28.30M	-34.67M	-44.91M	-38.19M	-35.57M
Investing Cash Flow	633.00K	-230.00K	-506.00K	-3.83M	-4.63M
Financing Cash Flow	24.87M	22.15M	28.53M	51.66M	64.21M

Spago Nanomedical AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SPAGO, the sentiment is Negative. The current price of 0.1 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.12, and below the 200-day MA of 0.15, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.59 is Neutral, neither overbought nor oversold. The STOCH value of 46.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SPAGO.

Spago Nanomedical AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXTCL	52 Neutral	kr145.03M	-2.68	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SPAGO	47 Neutral	kr77.73M	-2.13	-106.95%	―	-48.15%	51.95%
NICA	43 Neutral	kr34.55M	-0.69	-294.38%	―	186.74%	73.17%
MODTX	43 Neutral	kr36.73M	-1.38	-166.94%	―	―	-19.35%
BIOSGN	42 Neutral	kr90.17M	-2.21	-201.21%	―	―	49.09%
LPGO	41 Neutral	kr3.39M	-0.08	-213.85%	―	―	―