Xspray Pharma AB (SE:XSPRAY)
:XSPRAY
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Xspray Pharma AB
(XSPRAY)
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Rating:42Neutral
Price Target:
kr14.00
▼(-55.13% Downside)
Action:Reiterated
Date:06/12/26
The score is primarily constrained by weak financial performance (no revenue, sizable ongoing losses, and continued cash burn) and a strong bearish technical setup (price below all major moving averages with very weak momentum). The balance sheet’s equity cushion and moderate leverage provide some offset, but rising debt and loss-making status keep the overall risk profile elevated.
Positive Factors
Asset-light licensing model
Xspray’s model focuses on developing reformulated oncology drugs and monetizing via licensing, milestones and royalties rather than building a sales force. This asset-light, partner-driven approach reduces capital intensity, preserves flexibility and aligns incentives with commercialization partners—durable advantages for a small R&D‑centric biotech.
Negative Factors
No revenue, persistent losses
The company reports no product revenue and substantial recurring net losses, indicating the business is precommercial and reliant on financing or deals. Without top‑line cash inflows, operational sustainability depends on successful licensing or capital raises, which presents ongoing execution and dilution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light licensing model
Xspray’s model focuses on developing reformulated oncology drugs and monetizing via licensing, milestones and royalties rather than building a sales force. This asset-light, partner-driven approach reduces capital intensity, preserves flexibility and aligns incentives with commercialization partners—durable advantages for a small R&D‑centric biotech.
Read all positive factors
Xspray Pharma AB (XSPRAY) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr741.60M
Dividend YieldN/A
Average Volume (3M)297.70K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue GrowthN/A
EPS Growth46.92%
CountrySE
Employees27
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.20
Shares Outstanding47,416,573
10 Day Avg. Volume602,659
30 Day Avg. Volume297,696
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)2.00
Price to Sales (P/S)0.00
P/FCF Ratio-5.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.7
Revenue Forecast (FY)kr91.20M
Xspray Pharma AB Business Overview & Revenue Model
Company Description
Xspray Pharma AB (publ), a pharmaceutical firm based in Solna, Sweden, specializes in developing protein kinase inhibitors for precise cancer treatments. Their current drug pipeline includes HyNap-Nilo, aimed at chronic myeloid leukemia; HyNap-Sor...
How the Company Makes Money
Xspray Pharma’s primary way of generating value is by developing reformulated drug candidates and then seeking to commercialize them through licensing and/or partnerships rather than building a large in‑house sales organization. Revenue, when gene...
Xspray Pharma AB Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
48
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -4.16M | -5.58M | -8.55M | -9.19M | -9.53M | -8.87M |
| EBITDA | -142.95M | -156.27M | -277.76M | -169.81M | -122.13M | -87.82M |
| Net Income | -164.52M | -171.44M | -285.52M | -179.67M | -130.27M | -96.70M |
Balance Sheet | ||||||
| Total Assets | 736.39M | 769.35M | 796.34M | 765.26M | 585.43M | 622.90M |
| Cash, Cash Equivalents and Short-Term Investments | 120.72M | 153.75M | 208.24M | 166.30M | 120.17M | 271.88M |
| Total Debt | 147.85M | 170.11M | 128.22M | 36.81M | 2.13M | 3.23M |
| Total Liabilities | 167.03M | 164.70M | 173.25M | 71.85M | 29.41M | 31.15M |
| Stockholders Equity | 569.36M | 604.65M | 623.10M | 693.41M | 556.02M | 591.75M |
Cash Flow | ||||||
| Free Cash Flow | -164.71M | -222.35M | -264.51M | -257.38M | -238.47M | -147.57M |
| Operating Cash Flow | -157.51M | -193.16M | -222.37M | -203.28M | -110.18M | -51.61M |
| Investing Cash Flow | -15.55M | -29.19M | -42.14M | -65.88M | -135.34M | -105.82M |
| Financing Cash Flow | 168.31M | 168.29M | 306.11M | 315.59M | 93.81M | 103.71M |
Xspray Pharma AB Technical Analysis
Negative
31.20
Price Trends
23.82
Negative
24.49
Negative
29.26
Negative
Market Momentum
-2.66
Positive
27.66
Positive
26.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:XSPRAY, the sentiment is Negative. The current price of 31.2 is above the 20-day moving average (MA) of 20.19, above the 50-day MA of 23.82, and above the 200-day MA of 29.26, indicating a bearish trend. The MACD of -2.66 indicates Positive momentum. The RSI at 27.66 is Positive, neither overbought nor oversold. The STOCH value of 26.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:XSPRAY.
Xspray Pharma AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | kr537.50M | 3.34 | 81.19% | ― | ― | ― | |
62 Neutral | kr1.75B | 7.97 | 167.77% | ― | 26.85% | -18.05% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr3.24B | -6.82 | -49.96% | ― | -41.17% | -0.30% | |
47 Neutral | kr630.65M | -1.97 | ― | ― | 109.22% | 27.30% | |
46 Neutral | kr621.83M | -5.59 | -58.41% | ― | ― | -12.27% | |
42 Neutral | kr741.60M | -3.97 | -35.03% | ― | ― | 46.92% |
* Healthcare Sector Average
SE:XSPRAY
Xspray Pharma AB
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-22.71
-59.22%
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Xspray Pharma AB Corporate Events
Xspray Pharma Schedules Investor Call After FDA Letter on Nilopki
Jun 5, 2026
Xspray Pharma will host an English-language conference call on June 8, 2026, to address the complete response letter it has received from the U.S. Food and Drug Administration regarding its cancer drug candidate Nilopki. The call, led by CEO Blake...
Xspray Pharma Hit by FDA Setback on Nilopki but Keeps HyNap Strategy on Track
Jun 4, 2026
Xspray Pharma has received a Complete Response Letter from the U.S. Food and Drug Administration for its New Drug Application for Nilopki, an optimized formulation of nilotinib for chronic myeloid leukemia. The FDA cited the need for a clearer one...
Xspray Pharma Staff Fully Take Up Warrants as Key U.S. Oncology Launches Near
Jun 3, 2026
Xspray Pharma has secured full employee participation in its two market-priced long-term incentive programs, LTIP 2025/2028 and LTIP 2026/2029, with all offered warrants and stock options taken up at subscription prices nearly double the current s...
Xspray Pharma AGM Approves Incentive Programs and New Share Issue Mandate
May 12, 2026
Xspray Pharma AB’s annual general meeting approved the company’s 2025 financial statements, discharged the board and CEO from liability, and decided to retain earnings by not paying a dividend. Shareholders also re-elected the entire b...
Xspray Pharma Boosts Share Capital After Oversubscribed Rights Issue
Apr 30, 2026
Xspray Pharma AB announced a change in its share capital structure following the completion of a rights issue and an expanded over-allotment issue that was upsized due to strong investor demand. The total number of outstanding shares and votes has...
Xspray Pharma Secures Funding and FDA Momentum as Losses Narrow in Q1 2026
Apr 28, 2026
Xspray Pharma reported no net sales and a reduced quarterly loss for the first three months of 2026, while maintaining a strong equity ratio and stable cash position. The company continued to prioritize research and development as it advances its ...
Xspray Pharma Raises SEK 113 Million in Oversubscribed Rights and Over-Allotment Issues
Apr 23, 2026
Xspray Pharma has completed an oversubscribed rights issue, with subscriptions reaching about 258 percent of the offered shares, prompting the board to fully utilize an over-allotment issue. Together, the rights and over-allotment issues will rais...
Xspray Wins FDA Nod on Nilopki Name, Sets Stage for Dual CML Drug Launch in U.S.
Apr 14, 2026
Xspray Pharma has secured U.S. FDA acceptance of Nilopki as the trade name for its nilotinib-based drug candidate XS003, an improved amorphous formulation of Tasigna for treating chronic myeloid leukemia. Developed on the company’s HyNap pla...
Xspray Pharma convenes 2026 AGM, sets voting rules and agenda
Apr 9, 2026
Xspray Pharma AB has called its shareholders to an annual general meeting in Stockholm on 12 May 2026, outlining how investors can participate either in person, by proxy or through advance voting. The notice details registration deadlines, procedu...
Xspray Pharma launches SEK 83m rights issue to fund oncology pipeline
Mar 31, 2026
Xspray Pharma has published a disclosure document for a rights issue of approximately SEK 83 million with preferential rights for existing shareholders, which has been registered with the Swedish Financial Supervisory Authority and made available ...
Xspray Pharma’s Rights Issue Oversubscribed and Over-Allotment Expanded
Mar 26, 2026
Xspray Pharma has strengthened the financing of its ongoing SEK 83 million rights issue by securing additional subscription undertakings of SEK 44 million from new investors, plus a SEK 2 million subscription intention from an existing shareholder...
Xspray Pharma Publishes Comprehensive Annual Report for 2025
Mar 26, 2026
Xspray Pharma has published its Annual Report 2025, providing shareholders and stakeholders with a comprehensive overview of the company’s performance, strategy, market environment, and governance during the year. The report outlines the fir...
Xspray Pharma Launches SEK 83 Million Rights Issue to Fund Oncology Drug Launches
Mar 24, 2026
Xspray Pharma has resolved to carry out a rights issue of approximately SEK 83 million, with a potential SEK 20 million over-allotment, giving existing shareholders preferential rights at a 19 percent discount to the theoretical ex-rights price an...
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.