Xspray Pharma AB (XSPRAY) AI Stock Analysis

• Market Cap: kr1.04B
• Dividend Yield: N/A
• Average Volume (3M): 297.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: N/A
• EPS Growth: 25.14%
• Country: SE
• Employees: 27
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.89
• Shares Outstanding: 41,742,340
• 10 Day Avg. Volume: 602,659
• 30 Day Avg. Volume: 297,696
• PEG Ratio: 0.15
• Price to Book (P/B): 2.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.26
• 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): 12.03
• Revenue Forecast (FY): kr157.50M

• Rating: 43 Neutral
• Price Target: kr26.00 ▼(-16.67% Downside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is primarily constrained by weak financial performance driven by zero revenue, persistent losses, and heavy cash burn, with rising debt adding risk. Technicals remain soft with the stock below key longer-term moving averages, while valuation signals are limited by a negative P/E and no dividend support.

Positive Factors

Proprietary HyNap platform

Xspray’s HyNap formulation platform is a durable technical asset that targets improved bioavailability and differentiated dosage forms. A repeatable platform lowers development risk versus new chemical entities, supports multiple reformulation programs, and enhances partnership appeal over the medium term.

Balance sheet equity buffer

A substantial equity base provides a multi-quarter financial cushion, enabling continued R&D and partnership investment without immediate insolvency pressure. This equity buffer increases strategic optionality for licensing, collaborations, or staged commercialization over the next 2–6 months.

Licensing-driven business model

An out‑licensing and royalty-focused model is capital-efficient and aligns incentives with partners who handle late‑stage development and commercialization. This structure can yield milestone and royalty revenue with lower ongoing capex, supporting sustainable growth if clinical/regulatory milestones are achieved.

Negative Factors

No commercial revenue

Absence of commercial sales across multiple years means the firm has not yet validated market demand or payer acceptance for any HyNap product. Without revenues, the company remains dependent on financing and milestones, increasing execution and commercialization risk over the medium term.

Worsening cash burn

Operating cash flow deterioration and deeply negative free cash flow materially shorten runway absent new funding or cost cuts. Persistent cash burn elevates the likelihood of dilutive equity raises or debt financing, which can constrain long‑term investment in programs and slow progress toward commercialization.

Rising leverage

Rapid growth in debt increases fixed financial obligations and refinancing risk, especially given no operating revenue. Higher leverage reduces financial flexibility, raises interest costs, and can pressure strategic choices (licensing vs self‑commercialization) if cash flow does not improve in the coming months.

Xspray Pharma AB Business Overview & Revenue Model

Company Description

Xspray Pharma AB (publ), a pharmaceutical company, develops protein kinase inhibitors for targeted cancer treatments in Sweden. Its product candidates include HyNap-Nilo for the treatment of chronic myeloid leukemia; HyNap-Sora for the treatment of renal cancer and liver cancer, as well as several forms of thyroid cancer; and HyNap-Dasa for the treatment of chronic myeloid leukemia and acute lymphoblastic leukemia. The company was formerly known as Xspray Microparticles AB and changed its name to Xspray Pharma AB (publ) in 2017. Xspray Pharma AB (publ) was incorporated in 2003 and is based in Solna, Sweden.

How the Company Makes Money

Xspray Pharma generates (or expects to generate) revenue primarily by commercializing drug products that use its HyNap formulation technology and by partnering/licensing those product candidates to other pharmaceutical companies. Potential revenue streams include: (1) out‑licensing and collaboration income (e.g., upfront payments, development and regulatory milestone payments, and sales‑based milestones) when Xspray grants partners rights to develop and/or commercialize HyNap‑based products in specific territories; (2) royalties on partner sales if partnered products reach the market; and (3) direct product revenue if Xspray commercializes an approved product itself (typically via sales to distributors/wholesalers or through a commercialization partner depending on geography). Significant earnings drivers are therefore tied to clinical/regulatory progress (triggering milestones), successful approval of reformulated products, and eventual market uptake versus existing branded and generic alternatives. Specific current-period revenue composition and named partnerships are null.

Xspray Pharma AB Financial Statement Overview

Summary

Income statement and cash flow are very weak (no revenue, large recurring losses, and deepening operating/free cash burn). The balance sheet offers some support via a sizable equity base, but the sharp rise in debt through 2024–2025 increases financial risk.

Income Statement

The company reports no revenue across 2020–2025, while losses remain substantial. Profitability deteriorated materially in 2024 (net loss -285.5M) before improving in 2025 (net loss -171.4M), but the business is still far from breakeven and gross profit remains negative each year, indicating ongoing cost-heavy operations without commercial sales.

Balance Sheet

The balance sheet is supported by a sizable equity base (2025 equity 604.6M vs. assets 769.3M), which provides some financial flexibility. However, leverage has increased meaningfully, with debt rising from 2.1M (2022) and 36.8M (2023) to 128.2M (2024) and 170.1M (2025), pushing debt-to-equity up to ~0.28 in 2025. Persistent net losses also imply ongoing pressure on equity over time.

Cash Flow

Cash generation is weak, with operating cash flow consistently negative and worsening in scale versus earlier years (from -47.8M in 2020 to -193.2M in 2025). Free cash flow is also deeply negative and declined further in 2025 (down ~23.8% vs. 2024), implying continued cash burn and likely ongoing reliance on external funding unless spending is reduced or revenue ramps.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-5.58M	-8.55M	-9.19M	-9.53M	-8.87M
EBITDA	-156.27M	-277.76M	-169.81M	-122.13M	-87.82M
Net Income	-171.44M	-285.52M	-179.67M	-130.27M	-96.70M
Balance Sheet
Total Assets	769.35M	796.34M	765.26M	585.43M	622.90M
Cash, Cash Equivalents and Short-Term Investments	153.75M	208.24M	166.30M	120.17M	271.88M
Total Debt	170.11M	128.22M	36.81M	2.13M	3.23M
Total Liabilities	164.70M	173.25M	71.85M	29.41M	31.15M
Stockholders Equity	604.65M	623.10M	693.41M	556.02M	591.75M
Cash Flow
Free Cash Flow	-193.16M	-264.51M	-257.38M	-238.47M	-147.57M
Operating Cash Flow	-193.16M	-222.37M	-203.28M	-110.18M	-51.61M
Investing Cash Flow	-29.19M	-42.14M	-65.88M	-135.34M	-105.82M
Financing Cash Flow	168.29M	306.11M	315.59M	93.81M	103.71M

Xspray Pharma AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 31.20
• 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:XSPRAY, the sentiment is Neutral. The current price of 31.2 is above the 20-day moving average (MA) of 25.94, above the 50-day MA of 26.48, and below the 200-day MA of 36.29, indicating a neutral trend. The MACD of -0.34 indicates Negative momentum. The RSI at 53.51 is Neutral, neither overbought nor oversold. The STOCH value of 29.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:XSPRAY.

Xspray Pharma AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SANION	59 Neutral	kr2.26B	9.60	167.77%	―	2687.51%	―
SYNACT	56 Neutral	kr957.81M	-10.42	-58.41%	―	―	48.14%
CANTA	55 Neutral	€999.42M	7.07	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCO	49 Neutral	kr648.49M	-4.37	―	―	131.20%	32.28%
VICO	44 Neutral	kr2.84B	-5.68	-49.96%	―	-91.85%	-6.65%
XSPRAY	43 Neutral	kr1.04B	-7.05	-35.03%	―	―	25.14%

Xspray Pharma AB Corporate Events

Xspray Pharma Wins FDA Review Slot for Dasynoc Ahead of Planned 2026 Dual Launch

Xspray Pharma has had its resubmitted New Drug Application for Dasynoc, an improved formulation of dasatinib for chronic myeloid leukemia and acute lymphoblastic leukemia, accepted for review by the U.S. Food and Drug Administration under the 505(b)(2) pathway, with a PDUFA decision date set for August 25, 2026. The company, which has conducted additional FDA-requested studies to mitigate medication-error risks and strengthened clinical and commercial readiness through data generation and U.S. specialist engagement, is now planning a coordinated U.S. launch of Dasynoc and XS003 in the second half of 2026 targeting a roughly USD 2.7 billion market, while relying on its third-party manufacturer’s new owner to resolve outstanding GMP observations in time.

The most recent analyst rating on (SE:XSPRAY) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on Xspray Pharma AB stock, see the SE:XSPRAY Stock Forecast page.

Xspray Pharma Resubmits FDA Application for Leukemia Drug Dasynoc

Xspray Pharma has re-submitted its New Drug Application to the U.S. Food and Drug Administration for Dasynoc, its lead amorphous dasatinib candidate for treating chronic myeloid leukemia and acute lymphoblastic leukemia. The move follows a Complete Response Letter issued in October 2025 and incorporates additional data aimed at resolving the regulator’s concerns over medication error risk and manufacturing controls.

The updated filing includes results from a qualitative human factors study showing strong prescriber understanding of new tablet strengths, along with documentation supporting the effectiveness of manufacturing measures. While GMP observations at the company’s third-party plant are being addressed by the newly acquired owner Benta Group, Xspray still targets a second-half 2026 launch for both Dasynoc and XS003-nilotinib, with a new PDUFA date expected no later than August 2026.

The most recent analyst rating on (SE:XSPRAY) stock is a Hold with a SEK27.00 price target. To see the full list of analyst forecasts on Xspray Pharma AB stock, see the SE:XSPRAY Stock Forecast page.

Xspray Pharma installs new CEO as it pivots to commercial growth

Xspray Pharma has appointed Blake Leitch as its new CEO, effective no later than June 1, 2026, bringing more than two decades of global commercial experience from roles at Biocon Biologics, Biogen and Bayer. He will focus on scaling the company’s commercial operations as it transitions into a fully fledged pharmaceutical business with multiple oncology candidates under regulatory review.

Current CEO and company founder Per Andersson will shift to the role of Chief Scientific Officer, dedicating his efforts to accelerating research, advancing the HyNap platform and expanding the pipeline of value-enhanced cancer drugs. The leadership reshuffle is designed to balance commercial and scientific strengths, positioning Xspray to capitalize on its late stage assets and technology as it seeks a stronger foothold in the oncology market.

The most recent analyst rating on (SE:XSPRAY) stock is a Hold with a SEK27.00 price target. To see the full list of analyst forecasts on Xspray Pharma AB stock, see the SE:XSPRAY Stock Forecast page.

Xspray Pharma Narrows 2025 Loss as FDA Sets Review Date for XS003

Xspray Pharma reported no net sales for the fourth quarter and full year 2025, while narrowing its loss before tax to SEK 37.0 million in Q4 and SEK 171.5 million for the year, supported by reduced operating and investing cash outflows. The company ended 2025 with SEK 153.7 million in cash and a solid equity ratio of 78.6%, but continues to be in a pre-revenue, development-intensive phase.

Operationally, the quarter was defined by mixed regulatory signals from the U.S. Food and Drug Administration, which issued a Complete Response Letter for the company’s lead product candidate Dasynoc while accepting the NDA for XS003 and setting a June 18, 2026 PDUFA date. These developments underscore both the regulatory hurdles and the potential future value drivers for Xspray’s oncology pipeline, with upcoming FDA decisions expected to be crucial for its transition toward commercialization.

The most recent analyst rating on (SE:XSPRAY) stock is a Hold with a SEK24.00 price target. To see the full list of analyst forecasts on Xspray Pharma AB stock, see the SE:XSPRAY Stock Forecast page.