Xbrane Biopharma AB (XBRANE) AI Stock Analysis

• Market Cap: kr220.68M
• Dividend Yield: N/A
• Average Volume (3M): 117.17K
• Price to Earnings (P/E): 1.2
• Beta (1Y): 1.89
• Revenue Growth: 4.64%
• EPS Growth: N/A
• Country: SE
• Employees: 65
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.17
• Shares Outstanding: 20,605,349
• 10 Day Avg. Volume: 189,097
• 30 Day Avg. Volume: 117,165
• PEG Ratio: <0.01
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 1.00
• P/FCF Ratio: -1.06
• 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: 53 Neutral
• Price Target: kr11.00 ▲(6.08% Upside)

The score is driven primarily by mixed financial performance: a stronger, debt-free balance sheet and a TTM swing to positive net income are offset by shrinking revenue, ongoing operating losses, and persistent negative free cash flow. Technicals are modestly positive in the short term but weak over the longer trend, while valuation looks optically cheap on P/E but is constrained by sustainability concerns.

Positive Factors

Debt-Free Balance Sheet

Zero reported debt meaningfully reduces financial risk and interest obligations, giving management flexibility to fund development or pursue partnerships without immediate refinancing pressure. This stronger capital structure supports longer runway and strategic options while operations stabilize.

High Gross Margins

A ~70% gross margin indicates the underlying biosimilar manufacturing and pricing economics are attractive, providing structural potential for profitability once fixed costs and operating expenses are controlled. Durable gross profitability supports unit-level returns as volumes scale.

Partnership/Licensing Revenue Model

A business model focused on partnerships, upfronts, milestones and royalties reduces end-to-end commercialization burden and provides access to partners' distribution and regulatory capabilities. Such alliances can deliver non-dilutive funding and accelerate market reach long-term.

Negative Factors

Declining Revenue

A material revenue decline erodes operating leverage and threatens the economics needed to absorb high fixed costs in biologics manufacturing. Sustained top-line contraction would impair scale benefits, limit reinvestment capacity, and increase dependency on external funding or partner deals.

Persistent Cash Burn

Consistent negative operating and free cash flow creates a structural financing need that raises execution risk for clinical development and commercialization. Reliance on financing or partner payments can dilute shareholders or constrain strategic initiatives if cash generation doesn't improve.

Core Operations Loss-Making

Operating losses and negative EBITDA signal earnings quality issues: reported net income appears driven by non-operating items. Long-term value requires converting gross margins into positive operating cash flow; persistent operational deficits threaten sustainable profitability and growth.

Xbrane Biopharma AB Business Overview & Revenue Model

Company Description

Xbrane Biopharma AB (publ), a biotechnology company, develops, manufactures, and sells biosimilars. The company is developing Xlucane, a ranibizumab biosimilar that is in Phase III clinical trials used for the treatment of wet age-related macular degeneration, diabetic macular edema, diabetic related retinopathy, and retinal vein occlusion. Its pre-clinical phase products include Xcimzane for rheumatoid arthritis, axial spondylarthrosis, psoriatic arthritis, and psoriasis and crohn diseases; Xoncane for acute lymphocytic leukemia; Spherotide for prostate cancer, breast cancer, endometriosis, and myoma; and Xdivane for melanoma, lung, head and throat, bladder, and urinary tract cancer, as well as for renal cell carcinoma. The company has a strategic biosimilar development partnership with STADA Arzneimittel AG to evaluate development and commercialization collaborations around its Xcimzane and Xdivane preclinical biosimilars. Xbrane Biopharma AB (publ) was founded in 2008 and is headquartered in Solna, Sweden.

How the Company Makes Money

Xbrane Biopharma generates revenue primarily through the development and commercialization of its biosimilar products. The company's revenue model is centered on securing partnerships and licensing agreements with larger pharmaceutical firms, which may include upfront payments, milestone payments upon achieving development targets, and royalties on sales. Additionally, Xbrane may generate income through collaborations that facilitate the clinical development and regulatory approval of its biosimilar candidates. Significant partnerships with established players in the biopharmaceutical industry can enhance its market reach and provide financial backing, contributing to its overall earnings.

Xbrane Biopharma AB Financial Statement Overview

Summary

Mixed fundamentals: TTM net income swung positive with strong gross margin, and the balance sheet improved to zero debt. However, revenue declined materially, core operations remain loss-making (negative operating profit/EBITDA), and cash flow is consistently negative, indicating ongoing cash burn and weaker earnings quality.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp swing to positive net income (roughly 48% net margin) and still-strong gross profitability (~70% gross margin), indicating meaningful non-operating gains or one-offs helped results. However, the core business remains loss-making with negative operating profit and EBITDA, and revenue declined materially (about -21% in TTM). Annual history (2021–2024) also reflects persistent large operating losses and highly volatile profitability, which tempers confidence in earnings quality and durability.

Balance Sheet

The balance sheet improved notably in TTM with zero reported debt and a sizable equity base relative to assets, reducing financial risk. This is a clear step up from 2023–2024, when leverage was meaningful (debt-to-equity near ~0.9–1.35). The key weakness is that historical returns on equity were deeply negative in prior years due to recurring losses, so the stronger capital structure still needs consistent operating performance to be fully validated.

Cash Flow

Cash generation remains the biggest pressure point: TTM operating cash flow and free cash flow are both meaningfully negative, implying ongoing cash burn despite the reported net income. Cash flow has also been consistently negative across the annual periods provided, suggesting the business continues to require funding to sustain operations and investment. While the burn rate fluctuates year to year, the overall pattern points to elevated financing risk if losses and cash outflows persist.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	209.16M	198.70M	238.73M	57.62M	11.53M	6.82M
Gross Profit	146.28M	180.47M	35.39M	41.04M	-684.00K	2.45M
EBITDA	-23.81M	-181.97M	-282.03M	-149.34M	-167.59M	-213.07M
Net Income	100.53M	-266.22M	-388.17M	-172.23M	-191.01M	-226.79M
Balance Sheet
Total Assets	701.48M	842.43M	653.51M	690.51M	688.43M	463.76M
Cash, Cash Equivalents and Short-Term Investments	93.56M	124.33M	65.40M	193.99M	295.18M	243.14M
Total Debt	0.00	191.72M	231.48M	38.22M	44.38M	6.26M
Total Liabilities	114.43M	633.89M	482.17M	265.63M	256.69M	206.06M
Stockholders Equity	587.05M	208.54M	171.34M	424.89M	431.74M	257.71M
Cash Flow
Free Cash Flow	-179.47M	-185.97M	-423.45M	-254.04M	-296.96M	-242.26M
Operating Cash Flow	-89.22M	-133.73M	-406.68M	-193.92M	-219.61M	-238.41M
Investing Cash Flow	-59.21M	-52.25M	-16.77M	-60.13M	-77.35M	-3.85M
Financing Cash Flow	214.93M	243.62M	298.70M	148.86M	349.37M	322.72M

Xbrane Biopharma AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.37
• 50DMA: Positive
• 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:XBRANE, the sentiment is Negative. The current price of 10.37 is below the 20-day moving average (MA) of 11.34, below the 50-day MA of 10.47, and below the 200-day MA of 24.14, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 45.01 is Neutral, neither overbought nor oversold. The STOCH value of 35.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:XBRANE.

Xbrane Biopharma AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
XBRANE	53 Neutral	kr220.68M	1.19	-16.90%	―	4.64%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
GUARD	46 Neutral	kr37.41M	-0.24	-199.25%	―	―	0.30%
IMMU	46 Neutral	kr355.16M	-2.82	-16.51%	―	―	31.37%
IVACC	45 Neutral	kr296.17M	-2.30	-25.66%	―	127.13%	56.91%
ACE	43 Neutral	kr335.57M	-3.08	-79.60%	―	―	31.62%
ACTI	41 Neutral	kr109.66M	-1.29	-1291.15%	―	―	28.54%

Xbrane Biopharma AB Corporate Events

Xbrane Biopharma Issues Warrants to Secure Financing Amid FDA Approval Delay

Xbrane Biopharma AB has issued 420,517 warrants to Fenja Capital II A/S as part of a conditional financing solution linked to a SEK 60 million loan agreement. This move follows a delay in the US FDA approval of Lucamzi, a proposed biosimilar for Lucentis. The issuance of warrants is a strategic step to address short-term financing needs and reflects market conditions after negotiations with Fenja Capital. The decision will result in a 2% dilution of shares if all warrants are exercised.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma to Re-submit Ranibizumab Biosimilar Application to FDA

Xbrane Biopharma AB announced plans to re-submit its Biologics License Application (BLA) for a ranibizumab biosimilar to the FDA in March 2026, following a Complete Response Letter due to issues at a contract manufacturer’s site. The company is addressing FDA’s corrective action requests and anticipates a six-month review process, aiming for approval by September 2026. This move is part of Xbrane’s commitment to offering a cost-effective treatment for conditions like Age-related Macular Degeneration, potentially strengthening its position in the biosimilar market.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Advances Xdivane Clinical Trial with First Patient Inclusion

Xbrane Biopharma AB announced the inclusion of the first patient in the pivotal clinical trial for Xdivane, a nivolumab biosimilar candidate. This trial, sponsored by Intas Pharmaceuticals Ltd, is crucial for regulatory approval and aims to coincide with the Loss of Exclusivity of the reference product. The initiation of this trial has triggered a €2 million milestone payment to Xbrane, highlighting the potential market impact of Xdivane, which targets a growing market for immune-oncology drugs.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Completes Reverse Stock Split

Xbrane Biopharma AB has completed a reverse stock split at a ratio of 1:125, consolidating 125 existing shares into one new share, resulting in a total of 20,605,348 shares and votes as of October 31, 2025. This move is part of the company’s strategic financial restructuring, which may impact its stock liquidity and shareholder value, reflecting its ongoing efforts to strengthen its market position.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma’s Siavash Bashiri Sells Shares to Repay Loan

Xbrane Biopharma AB announced that Siavash Bashiri, a member of its management team, has sold 14,733 shares to repay a loan taken during the 2024 rights issue. Despite the sale, Bashiri remains a committed long-term employee and shareholder, retaining 18,367 shares, which are his largest private financial investment. This move underscores his continued confidence in Xbrane’s future prospects.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Addresses Stakeholder Concerns Amid FDA Approval Delay

Xbrane Biopharma has addressed numerous stakeholder questions following a delay in FDA approval for its product Lucamzi, known as Ximluci in the U.S., and its Q3 report. The company has provided detailed responses to these inquiries, highlighting its commitment to transparency and stakeholder engagement amid regulatory challenges.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Reports Financial Turnaround Amid Regulatory Challenges

Xbrane Biopharma AB reported a significant financial turnaround for the first nine months of 2025, with a profit of SEK 153.7 million compared to a loss the previous year, largely due to a strategic divestment to Alvotech. Despite challenges such as a delay in FDA approval for Ximluci® and a Complete Response Letter from the FDA, the company strengthened its financial position through a directed share issue and secured additional financing to support its operations. The initiation of a clinical trial for Xdivane™ marks a key step in its product pipeline, underscoring Xbrane’s commitment to advancing its biosimilar offerings.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK15.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.