Vicore Pharma Holding AB (VICO) AI Stock Analysis

• Market Cap: kr2.82B
• Dividend Yield: N/A
• Average Volume (3M): 520.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.65
• Revenue Growth: -91.85%
• EPS Growth: -6.65%
• Country: SE
• Employees: 33
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.54
• Shares Outstanding: 281,525,600
• 10 Day Avg. Volume: 692,423
• 30 Day Avg. Volume: 520,111
• PEG Ratio: -0.03
• Price to Book (P/B): 2.47
• Price to Sales (P/S): 710.16
• 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): -1.82
• Revenue Forecast (FY): kr8.67M

• Rating: 44 Neutral
• Price Target: kr10.00 ▼(-9.75% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held down primarily by weak financial performance (sharp revenue drop, deep losses, and persistent cash burn) and bearish technicals (below key moving averages with negative MACD). A strong, low-debt balance sheet provides some support, while valuation inputs are not meaningfully helpful due to losses and no dividend data.

Positive Factors

Low leverage / strong balance sheet

The company reports essentially no debt and a materially expanded equity base, providing durable financial flexibility. Low leverage reduces refinancing and interest rate risk and supports continued funding of clinical programs over the next several months without immediate debt pressure.

Platform-focused R&D

A concentrated AT2R platform and a clear lead candidate (C21) create a durable strategic focus. Platform specialization can accelerate learning across programs, enable indication expansion if clinical signals appear, and provide a clearer development path versus unfocused pipelines.

History of equity support

Material equity expansion demonstrates the company has been able to access capital markets to fund operations. That track record of raising equity is a lasting offset to burn, indicating a near-term ability to secure financing without immediate reliance on debt markets.

Negative Factors

Persistent cash burn

Operating cash flow is persistently negative and worsened in 2025, creating a durable funding requirement. Continued cash burn increases dependence on external financing, risks dilution, and constrains the company’s ability to sustain multiple clinical programs without new capital.

Deteriorating operating performance

Revenue volatility and a sharp decline in 2025, coupled with very large operating and net losses, indicate weakening operating fundamentals. This persistent deterioration undermines internal funding capacity, raises execution risk for trials, and lengthens the path to any self-sustaining operations.

Negative returns on capital

Consistently negative returns on equity reflect that deployed capital is not generating positive financial returns today. Over months this implies dilution risk, tougher future capital raises, and pressure on management to deliver clinical milestones to justify further investment.

Vicore Pharma Holding AB Business Overview & Revenue Model

Company Description

Vicore 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 Money

Vicore 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

Overall fundamentals are weak: the income statement reflects sharply declining and volatile revenue with very large losses, and cash flow shows persistent and worsening operating cash burn. The main offset is a strong balance sheet with essentially no debt and expanded equity, but negative returns and ongoing burn raise runway and future funding risk.

Income Statement

Operating performance is weak and deteriorating. Revenue was highly volatile, dropping sharply in 2025 (down ~51% year over year) after an unusually strong 2024, and profitability is deeply negative with very large operating and net losses in 2025 (net margin around -125x revenue). While this profile is not unusual for biotech, the magnitude of losses versus revenue and the recent revenue collapse are clear negatives.

Balance Sheet

Balance sheet leverage is a major strength: reported debt is essentially zero across the period, and equity has expanded materially since 2022, supporting a larger asset base. The key weakness is that returns on shareholder capital are consistently negative due to ongoing losses (return on equity negative in every year, including a meaningfully worse 2025), implying continued reliance on the balance sheet to fund operations.

Cash Flow

Cash generation is weak, with operating cash flow consistently negative each year and worsening again in 2025 (a large cash burn). Free cash flow is also negative in most years, and 2025 shows a severe step-down versus 2024; overall, cash outflows appear to be the ongoing funding requirement. A positive is that in several years cash burn was broadly in line with reported losses, but the persistent negative trend remains the central concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.82M	109.35M	0.00	0.00	0.00
Gross Profit	0.00	109.35M	-3.42M	-3.61M	-3.60M
EBITDA	-454.44M	-166.64M	-317.47M	-286.20M	-289.82M
Net Income	-477.47M	-168.63M	-310.94M	-288.42M	-296.48M
Balance Sheet
Total Assets	1.22B	1.20B	497.84M	338.01M	451.17M
Cash, Cash Equivalents and Short-Term Investments	1.17B	1.16B	482.66M	261.74M	371.20M
Total Debt	0.00	0.00	0.00	65.00K	320.00K
Total Liabilities	124.16M	73.78M	42.45M	48.92M	67.85M
Stockholders Equity	1.10B	1.13B	455.39M	289.08M	383.32M
Cash Flow
Free Cash Flow	0.00	-164.95M	-448.62M	-302.92M	-265.17M
Operating Cash Flow	-374.44M	-164.95M	-249.58M	-299.92M	-265.17M
Investing Cash Flow	-601.81M	149.04M	-144.46M	74.00M	-7.00M
Financing Cash Flow	430.54M	834.06M	470.86M	187.04M	318.18M

Vicore Pharma Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.08
• 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:VICO, the sentiment is Negative. The current price of 11.08 is above the 20-day moving average (MA) of 10.49, above the 50-day MA of 11.03, and above the 200-day MA of 10.25, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 38.02 is Neutral, neither overbought nor oversold. The STOCH value of 28.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:VICO.

Vicore Pharma Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HNSA	56 Neutral	kr3.26B	-4.98	―	―	-5.69%	21.58%
SYNACT	56 Neutral	kr1.01B	-8.74	-58.41%	―	―	48.14%
CANTA	55 Neutral	kr1.12B	7.61	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BINV	47 Neutral	kr1.46B	-4.38	-36.52%	―	533.73%	20.92%
VICO	44 Neutral	kr2.82B	-5.03	-71.87%	―	-91.85%	-6.65%
XSPRAY	44 Neutral	kr1.07B	-5.76	-35.03%	―	―	25.14%

Vicore Pharma Holding AB Corporate Events

Vicore Pharma Publishes Comprehensive Year-End 2025 Report

Vicore Pharma Holding AB has released its year-end report for January to December 2025, outlining its financial performance, development pipeline, and sustainability efforts. The report structure highlights CEO commentary, detailed financial information for both the group and parent company, and key performance measures, signaling a comprehensive disclosure aimed at investors and other stakeholders.

The most recent analyst rating on (SE:VICO) stock is a Hold with a SEK11.50 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 Ramps Up Investor Outreach With Series of March Conferences

Vicore Pharma announced that its senior leadership will engage investors at several upcoming healthcare conferences in the U.S. and Sweden in early March, including events hosted by TD Cowen, Leerink Partners, Jefferies, and Sweden Life Science Day. Through formal presentations and one-on-one meetings, the company aims to raise its visibility in the investment community and highlight progress in its ATRAG pipeline, a move that could support financing prospects and strengthen its positioning in the competitive respiratory and fibrotic disease space.

The most recent analyst rating on (SE:VICO) stock is a Hold with a SEK11.50 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 to Spotlight IPF Program at Oppenheimer Healthcare Conference

Vicore Pharma will participate in the virtual Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 25, where CEO Ahmed Mousa and VP of IR and Communications Megan Richards will deliver a company presentation and hold one-on-one investor meetings. The appearance underscores Vicore’s efforts to raise its profile among healthcare investors as it advances buloxibutid through mid-stage clinical development for idiopathic pulmonary fibrosis, potentially strengthening its positioning in the competitive respiratory drug development space.

The company’s engagement at this high-visibility conference may help communicate the clinical and regulatory progress of its lead ATRAG program to the broader market and key stakeholders. By highlighting the disease-modifying potential of buloxibutid and its FDA designations, Vicore aims to reinforce investor confidence and support for its strategy in addressing serious unmet needs in fibrotic lung disease.

The most recent analyst rating on (SE:VICO) stock is a Hold with a SEK11.50 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 to Showcase IPF Program at J.P. Morgan Healthcare Conference

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

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

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.