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Vicore Pharma Holding AB (SE:VICO)
:VICO

Vicore Pharma Holding AB (VICO) AI Stock Analysis

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SE:VICO

Vicore Pharma Holding AB

(VICO)

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Neutral 58 (OpenAI - 5.2)
Rating:58Neutral
Price Target:
kr11.50
▲(3.79% Upside)
The score is primarily held back by continued losses and meaningful cash burn despite a strong, low-debt balance sheet. Technicals are supportive with clear upward momentum, but valuation remains challenged due to negative earnings and no stated dividend support.
Positive Factors
Near-zero debt and stronger equity base
Near-zero debt and materially higher equity provide durable financial flexibility to fund clinical trials, adapt timelines, or pursue partnerships without immediate refinancing. This reduces bankruptcy and interest-rate risk and sustains operational continuity over the coming quarters.
Focused AT2R platform with lead candidate C21
A clear AT2R platform and lead asset C21 for severe lung disease create a concentrated scientific expertise and repeatable R&D approach. Platform focus can yield multiple indication shots and licensing opportunities, improving long-term upside and partner appeal beyond a single trial outcome.
2024 revenue inflection
Recognizable revenue in 2024 marks a structural change from prior years of minimal receipts, signaling potential commercialization, milestone receipts, or partner deals. Recurring or contract revenue can reduce sole reliance on equity raises and improve funding optionality over several quarters.
Negative Factors
Persistent negative operating and free cash flow
Consistent negative OCF/FCF (-164.9M in 2024) indicates the business is consuming cash to fund development, creating recurring financing needs. This raises dilution or debt risk, constrains strategic choices, and increases execution pressure across the next 2–6 months.
Sustained net losses and weak margins
Large net losses and sharply negative operating margins mean returns remain negative and the company cannot self-fund growth. Persistent unprofitability heightens dependency on external capital or partnerships and raises long-term execution and valuation risk.
High revenue volatility (large YoY decline metric)
A reported revenue-growth metric of -91.85% signals top-line volatility and inconsistency in commercial or partner receipts. Such instability complicates multi-quarter planning, reduces forecast reliability, and increases the probability of unexpected funding needs or operational adjustments.

Vicore Pharma Holding AB (VICO) vs. iShares MSCI Sweden ETF (EWD)

Vicore Pharma Holding AB Business Overview & Revenue Model

Company DescriptionVicore Pharma Holding AB (publ) engages in the research and development of pharmaceutical products for the treatments for rare lung diseases. The company is developing VP01, a small molecule compound for oral administration that is in phase II clinical trial for the treatment of interstitial lung diseases, idiopathic pulmonary fibrosis (IPF), systemic sclerosis, and COVID-19; and VP02, a formulation and delivery route for an existing immunomodulatory compound, which is preclinical trials to treat patients with IPF. It has a cooperation and development agreement with Emeriti Bio AB; license agreement with Nanologica AB (publ); and a collaboration agreement with Alex Therapeutics AB for the development and clinical validation of a digital therapeutic (DTx) built on the Alex DTx platform. The company was formerly known as Mintage Scientific AB. Vicore Pharma Holding AB (publ) was founded in 2000 and is headquartered in Gothenburg, Sweden.
How the Company Makes MoneyVicore Pharma Holding AB generates revenue primarily through the development and potential commercialization of its pharmaceutical candidates. The company's revenue model is largely dependent on the successful progression of its drug candidates through clinical trials, leading to potential licensing agreements, partnerships, or direct sales of approved therapies. Key revenue streams include milestone payments and royalties from strategic collaborations with larger pharmaceutical companies. Vicore Pharma may also seek funding through grants and public or private investments to support its research and development activities.

Vicore Pharma Holding AB Financial Statement Overview

Summary
Balance sheet strength (near-zero debt and materially higher equity) supports financial flexibility, but this is offset by weak profitability and sustained cash burn. Revenue inflected in 2024, yet net losses and negative operating/free cash flow remain significant constraints.
Income Statement
22
Negative
The company has begun generating meaningful revenue in 2024 (109.3M) after several years of essentially no revenue, which is a positive inflection. However, profitability remains weak: 2024 net income was -168.6M with deeply negative operating profitability, indicating the business is still in a heavy investment/burn phase. Losses have improved versus 2021–2023, but margins remain sharply negative and earnings quality is still pressured by the lack of sustained profitability.
Balance Sheet
78
Positive
The balance sheet is a key strength: debt is effectively zero across the period, keeping financial risk low and flexibility high. Equity has expanded materially (to 1.13B in 2024 from 455.4M in 2023), supporting the asset base (1.20B total assets in 2024). The main weakness is returns: return on equity remains negative due to ongoing losses, although it has improved substantially from 2022–2023 levels.
Cash Flow
30
Negative
Cash generation remains a clear constraint, with negative operating cash flow and negative free cash flow each year; 2024 operating/free cash flow was -164.9M. Cash burn improved versus 2022–2023, but free cash flow declined versus the prior year on a growth basis, highlighting volatility in spending and cash usage. Free cash flow broadly tracks net losses, suggesting losses are translating into real cash burn rather than being largely non-cash.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue7.74M109.35M0.000.000.000.00
Gross Profit7.18M109.35M-3.42M-3.61M-3.60M-3.54M
EBITDA-326.18M-166.64M-317.47M-286.20M-289.82M-143.77M
Net Income-370.92M-168.63M-310.94M-288.42M-296.48M-146.86M
Balance Sheet
Total Assets976.50M1.20B497.84M338.01M451.17M406.51M
Cash, Cash Equivalents and Short-Term Investments936.98M1.16B482.66M261.74M371.20M318.62M
Total Debt0.000.000.0065.00K320.00K140.00K
Total Liabilities68.25M73.78M42.45M48.92M67.85M52.00M
Stockholders Equity908.25M1.13B455.39M289.08M383.32M354.51M
Cash Flow
Free Cash Flow-331.04M-164.95M-448.62M-302.92M-265.17M-122.94M
Operating Cash Flow-331.04M-164.95M-249.58M-299.92M-265.17M-119.94M
Investing Cash Flow-480.29M149.04M-144.46M74.00M-7.00M4.00M
Financing Cash Flow834.07M834.06M470.86M187.04M318.18M176.97M

Vicore Pharma Holding AB Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price11.08
Price Trends
50DMA
10.85
Positive
100DMA
11.09
Positive
200DMA
9.92
Positive
Market Momentum
MACD
0.23
Positive
RSI
45.84
Neutral
STOCH
40.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VICO, the sentiment is Neutral. The current price of 11.08 is below the 20-day moving average (MA) of 11.84, above the 50-day MA of 10.85, and above the 200-day MA of 9.92, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 45.84 is Neutral, neither overbought nor oversold. The STOCH value of 40.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:VICO.

Vicore Pharma Holding AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
64
Neutral
kr1.36B10.7981.19%
58
Neutral
kr3.14B-6.06-71.87%-91.85%-6.65%
58
Neutral
kr1.95B-6.01-36.52%533.73%20.92%
56
Neutral
kr1.11B-9.50-58.41%48.14%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
49
Neutral
kr3.76B-4.15-5.69%21.58%
42
Neutral
kr1.02B-4.17-35.03%25.14%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:VICO
Vicore Pharma Holding AB
11.16
2.24
25.11%
SE:HNSA
Hansa Biopharma AB
36.94
2.98
8.78%
SE:BINV
BioInvent International AB
29.60
2.25
8.23%
SE:SYNACT
SynAct Pharma AB
20.75
6.51
45.72%
SE:XSPRAY
Xspray Pharma AB
24.50
-9.39
-27.70%
SE:CANTA
Cantargia AB
5.47
3.66
202.88%

Vicore Pharma Holding AB Corporate Events

Vicore Pharma to Showcase IPF Program at J.P. Morgan Healthcare Conference
Jan 7, 2026

Vicore Pharma announced that its senior leadership team will present and hold one-on-one meetings at the 44th Annual J.P. Morgan Healthcare Conference in San Francisco on January 15, 2026, with the session also accessible via webcast. Participation in this high-profile investor event underscores the company’s efforts to raise its visibility within the global healthcare investment community and could support partnering and financing opportunities as it advances its ATRAG-based pipeline and lead IPF program, buloxibutid.

The most recent analyst rating on (SE:VICO) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Vicore Pharma Holding AB stock, see the SE:VICO Stock Forecast page.

Vicore Pharma Upgraded to Nasdaq Stockholm Mid Cap Segment
Dec 19, 2025

Vicore Pharma Holding AB will be moved from Nasdaq Stockholm’s Small Cap to the Mid Cap segment following Nasdaq’s annual review of Nordic market capitalization segments, with the reclassification taking effect on January 2, 2026. The move to the Mid Cap segment reflects the company’s increased market value and may enhance its visibility among investors and within the Nordic life sciences sector, potentially supporting broader interest in its clinical pipeline and long-term growth prospects.

Vicore Pharma to Participate in Rare Disease Summit
Dec 5, 2025

Vicore Pharma Holding AB announced its participation in the Oppenheimer Movers in Rare Disease Summit, where they will engage in a fireside chat and one-on-one meetings. This participation highlights Vicore’s ongoing efforts to position itself as a leader in the development of novel treatments for rare diseases, potentially enhancing its visibility and stakeholder engagement in the pharmaceutical industry.

Vicore Pharma Expands Share Capital with USD 48 Million Issue
Nov 28, 2025

Vicore Pharma Holding AB has announced an increase in its number of shares and votes following a directed share issue, raising approximately USD 48 million. This development increases the company’s share capital and strengthens its financial position, potentially enhancing its ability to advance its drug development programs and maintain its competitive edge in the pharmaceutical industry.

Vicore Pharma to Present at Nordic Healthcare Conference
Nov 20, 2025

Vicore Pharma announced its participation in the DNB Carnegie Nordic Healthcare Conference in Oslo, where CFO Hans Jeppsson will present and engage in one-on-one meetings. This participation underscores Vicore’s active engagement with the healthcare investment community, potentially enhancing its visibility and fostering strategic partnerships.

Vicore Pharma to Present at Jefferies Global Healthcare Conference
Nov 17, 2025

Vicore Pharma announced its participation in the Jefferies Global Healthcare Conference in London, where key executives will present and engage in one-on-one meetings. This event provides an opportunity for Vicore to showcase its innovative drug programs and strengthen its industry presence, potentially impacting its market positioning and stakeholder engagement.

Vicore Pharma Raises $48 Million to Expand IPF Trial
Nov 13, 2025

Vicore Pharma Holding AB has successfully raised approximately USD 48 million through a directed share issue, which was oversubscribed by institutional healthcare investors. The funds will primarily be used to expand the Phase 2b ASPIRE trial of buloxibutid in idiopathic pulmonary fibrosis, increasing the sample size to enhance the trial’s statistical power and potential for success. This strategic move aims to position Vicore as a leader in developing disease-modifying treatments for IPF, with the trial’s completion expected in the first half of 2026.

Vicore Pharma Announces USD 40 Million Directed Share Issue to Expand IPF Trial
Nov 12, 2025

Vicore Pharma Holding AB announced a directed share issue to raise approximately USD 40 million through an accelerated bookbuilding process targeting institutional investors. The proceeds will primarily fund the expansion of the Phase 2b ASPIRE trial for buloxibutid, enhancing its potential as a disease-modifying treatment for IPF. This strategic move aims to strengthen Vicore’s financial position, diversify its shareholder base, and support future clinical and commercial activities.

Vicore Pharma to Present at Key Healthcare Conferences
Nov 5, 2025

Vicore Pharma Holding AB announced its participation in two major healthcare conferences in the USA, where the company’s CEO and VP of IR will present and engage in meetings. This participation highlights Vicore’s strategic efforts to engage with investors and stakeholders, potentially enhancing its visibility and positioning in the pharmaceutical industry.

Vicore Pharma Announces 2026 AGM Nomination Committee
Nov 3, 2025

Vicore Pharma Holding AB has announced the formation of its Nomination Committee for the 2026 Annual General Meeting, comprising representatives from its three largest shareholders and the company’s chairman. This committee is tasked with preparing proposals for board elections, remuneration, and auditor appointments for the AGM scheduled for May 6, 2026. The announcement underscores Vicore’s commitment to structured governance and stakeholder engagement as it continues to advance its pharmaceutical innovations.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 08, 2026