Spago Nanomedical AB (SPAGO) AI Stock Analysis

• Market Cap: kr79.06M
• Dividend Yield: N/A
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: -48.15%
• EPS Growth: 51.95%
• Country: SE
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.01
• 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: 45 Neutral
• Price Target: kr0.11 ▲(7.00% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is primarily held back by weak financial performance (ongoing losses, volatile low revenue, and continued cash burn) despite the benefit of zero debt. Technicals also remain weak with the price below major moving averages and subdued momentum, while valuation is pressured by a loss-making profile and no indicated dividend support.

Positive Factors

Debt-free balance sheet

Having zero reported debt materially lowers financial distress risk for an R&D-biotech. This durable strength increases flexibility to time financing or partnerships, reduces fixed cash outflows, and lengthens effective runway versus peers with leverage.

Improving net loss trend

A multi-year reduction in net losses signals operational progress and potentially lower future cash burn. If sustained, this trend can reduce future financing needs, improve negotiating leverage for partners, and reflects increasing efficiency in advancing clinical programs.

Focused pipeline with defined lead programs

A clear, focused pipeline centered on imaging (SpagoPix) and theranostics (Tumorad) concentrates resources on distinct, addressable markets. This specialization supports targeted clinical development, clearer partnership discussions, and strategic differentiation versus unfocused early-stage peers.

Negative Factors

Persistent negative operating cash flow

Sustained negative operating cash flow demonstrates the company consumes cash to fund R&D and operations. Over time this necessitates external financing, increasing dilution or covenant risk, and can force prioritization or slowing of clinical programs if funding access tightens.

Small, volatile and declining revenue

Material revenue decline and volatility indicate there is no stable commercial cashflow to offset R&D spend. For a pre-commercial biotech this heightens dependence on capital markets or partners, increasing execution risk and making multi-year planning more uncertain.

Erosion of equity and negative returns on equity

Declining equity and persistently negative ROE reflect ongoing value erosion from losses. This weakens balance-sheet resiliency, can increase future funding costs or dilution, and signals limited track record of creating shareholder value absent a material efficacy or commercial milestone.

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

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Spago Nanomedical AB Financial Statement Overview

Summary

Overall financials reflect an early-stage biotech profile: very weak profitability and margins with small, volatile revenue, plus persistently negative operating cash flow and reliance on external funding. The key offset is a debt-free balance sheet, which lowers near-term financial risk, though equity/assets have declined and returns on equity remain 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 2025	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 41.11 is Neutral, neither overbought nor oversold. The STOCH value of 36.06 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SPAGO	45 Neutral	kr79.06M	-1.64	-106.95%	―	-48.15%	51.95%
NXTCL	44 Neutral	kr143.25M	-1.48	-52.45%	―	2.56%	52.76%
NICA	43 Neutral	kr118.10M	-1.34	-294.38%	―	186.74%	73.17%
MODTX	43 Neutral	kr35.15M	-1.03	-457.91%	―	―	-19.35%
BIOSGN	42 Neutral	kr87.82M	-1.86	-120.13%	―	―	49.09%
LPGO	41 Neutral	kr4.85M	-3.06	-213.85%	―	―	―