SpectraCure AB (SPEC) AI Stock Analysis

• Market Cap: kr51.39M
• Dividend Yield: N/A
• Average Volume (3M): 1.15M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.75
• Revenue Growth: N/A
• EPS Growth: -108.64%
• Country: SE
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.02
• Shares Outstanding: 565,935,670
• 10 Day Avg. Volume: 1,242,664
• 30 Day Avg. Volume: 1,152,681
• PEG Ratio: 0.03
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.66
• 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: 43 Neutral
• Price Target: kr0.10 ▼(-47.22% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is primarily weighed down by weak financial performance (minimal revenue, deepening losses, and continued negative free cash flow implying ongoing funding needs). Technicals add further pressure with a sustained downtrend and negative MACD. Valuation metrics provide little support due to a negative P/E and no dividend yield data.

Positive Factors

Low Financial Leverage

The company’s low absolute debt reduces solvency and interest burden risk, preserving financial flexibility. Over a multi-month horizon this conservative leverage profile lowers bankruptcy risk and provides a firmer base to fund clinical development or negotiate non-dilutive financing compared with highly leveraged peers.

Proprietary IDOSE Platform

A differentiated, integrated treatment platform for controlled interstitial PDT is a durable competitive asset. The combination of planning, monitoring and delivery creates higher technical switching costs, supports clinical adoption pathways and positions the company to capture follow-on product or service revenue if regulatory and clinical milestones progress.

Material Equity Cushion

Despite shrinkage, the current equity base provides a tangible capitalization buffer to support ongoing R&D and regulatory work over the medium term. This larger equity position relative to debt can facilitate staged financing and strategic partnerships without immediate insolvency pressure, aiding sustained development execution.

Negative Factors

Minimal Revenue and Deepening Losses

The company remains in a pre-commercial phase with little to no scalable revenue, while operating losses have materially increased. Over the next several months this weak revenue base means the business cannot self-fund growth or absorb fixed costs, prolonging dependence on external capital and increasing execution risk.

Accelerating Negative Free Cash Flow

Steepening negative free cash flow signals rising cash burn and shorter operational runway absent financing. This structural cash deficit makes the company more likely to pursue dilutive equity raises or expensive financing, which can constrain strategic options and pressure resources needed for regulatory trials or commercialization efforts.

Erosion of Shareholder Equity Over Time

The material decline in equity over several years indicates repeated financing and/or accumulated losses, which dilutes existing owners and reduces the company’s capital buffer. Structurally, persistent equity erosion undermines long-term resilience and can worsen financing terms or investor appetite for future raises.

SpectraCure AB Business Overview & Revenue Model

Company Description

SpectraCure AB (SPEC) is a medical technology company operating primarily in the field of cancer treatment. The company specializes in developing and commercializing innovative systems for photodynamic therapy (PDT), a minimally invasive treatment approach that uses light-sensitive drugs to target and destroy cancer cells. SpectraCure's core product is its proprietary interstitial PDT (IPDT) system, designed to treat solid tumors such as prostate cancer. The company is committed to advancing cancer care by providing effective and less invasive treatment options.

How the Company Makes Money

SpectraCure AB generates revenue primarily through the development, sales, and licensing of its proprietary photodynamic therapy systems. The company's IPDT system is designed for use in clinical settings, and revenue is earned from selling the system to hospitals and clinics. Additional revenue streams may include service agreements, maintenance contracts, and the sale of consumables required for treatment procedures. SpectraCure may also engage in strategic partnerships with healthcare providers and research institutions to expand the adoption of its technology, potentially leading to collaborative revenue-sharing arrangements. The company's income is influenced by the adoption rate of its technology, clinical trial outcomes, and regulatory approvals that permit market expansion.

SpectraCure AB Financial Statement Overview

Summary

Financial profile is pressured by minimal revenue and persistent, worsening losses (2025 net loss deepened materially vs 2024) alongside consistently negative operating and free cash flow (2025 FCF about -24.0M). The main offset is a relatively low-debt balance sheet versus equity, which reduces leverage risk but does not solve ongoing funding needs if cash burn persists.

Income Statement

The income statement shows a business still in a pre-commercial/early commercialization phase: revenue is minimal to zero in most years (including 2024 and 2025), while losses remain sizable. Profitability has not stabilized—EBIT and net income are consistently negative, and 2025 worsened versus 2024 (net loss deepened from about -23.0M to -56.1M; EBIT also declined materially). A key positive is that losses are not being driven by heavy gross margin compression alone; rather, the main issue is the lack of scalable revenue to absorb operating costs.

Balance Sheet

The balance sheet is relatively conservative from a leverage standpoint: total debt is low (about 3.0M in 2025) versus a large equity base (about 93.6M), implying modest financial leverage. However, the equity base has been shrinking over time (from ~197.2M in 2020 to ~93.6M in 2025), consistent with ongoing losses and cash burn. Overall liquidity/solvency looks supported by low debt, but the trajectory in equity suggests continued funding needs if operating losses persist.

Cash Flow

Cash generation remains weak: operating cash flow is consistently negative across the period, and free cash flow is also negative each year. In 2025, free cash flow was about -24.0M and deteriorated sharply versus the prior year on a growth basis (free cash flow growth around -37.8%), indicating accelerating cash burn. While free cash flow has often been less negative than net income in earlier years (suggesting non-cash charges help reported earnings), the company still relies on external funding absent a clear move toward cash flow break-even.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	318.00K	539.00K	0.00
Gross Profit	-30.14M	9.77M	-9.22M	3.58M	1.39M
EBITDA	-24.22M	-20.42M	-20.97M	-22.27M	-20.43M
Net Income	-56.08M	-23.00M	-20.44M	-25.33M	-23.34M
Balance Sheet
Total Assets	104.47M	121.00M	144.83M	162.42M	190.52M
Cash, Cash Equivalents and Short-Term Investments	13.53M	18.27M	56.95M	93.18M	129.69M
Total Debt	3.01M	5.14M	6.72M	2.70M	4.90M
Total Liabilities	10.92M	14.15M	14.97M	12.12M	14.84M
Stockholders Equity	93.55M	106.86M	129.86M	150.30M	175.68M
Cash Flow
Free Cash Flow	-24.03M	-37.10M	-34.45M	-33.08M	-27.09M
Operating Cash Flow	-24.03M	-21.83M	-18.68M	-22.96M	-18.60M
Investing Cash Flow	-19.64M	-15.28M	-15.56M	-11.35M	-8.49M
Financing Cash Flow	38.92M	-1.57M	-1.99M	-2.20M	-453.00K

SpectraCure AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 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:SPEC, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.10, above the 50-day MA of 0.11, and below the 200-day MA of 0.19, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 35.91 is Neutral, neither overbought nor oversold. The STOCH value of 35.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SPEC.

SpectraCure 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%
SDOS	50 Neutral	kr55.98M	51.83	―	―	―	―
SCIB	44 Neutral	kr218.69M	-1.97	-253.54%	―	36.15%	26.67%
LXB	44 Neutral	kr47.76M	-2.89	-60.20%	―	163.12%	30.50%
SPEC	43 Neutral	kr51.39M	-1.14	-50.21%	―	―	-108.64%
HEART	43 Neutral	kr135.96M	-1.96	―	―	―	―
CMH	41 Neutral	kr269.96K	-0.92	―	―	―	―