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): 1.26
• Revenue Growth: N/A
• EPS Growth: 25.14%
• Country: SE
• Employees: 27
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.65
• Shares Outstanding: 41,742,340
• 10 Day Avg. Volume: 602,659
• 30 Day Avg. Volume: 297,696
• PEG Ratio: -0.17
• Price to Book (P/B): 2.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.19
• 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: 42 Neutral
• Price Target: kr24.00 ▼(-23.08% Downside)

The score is primarily held down by weak financial performance (no revenue, sizable losses, and significant ongoing cash burn with rising leverage). Technical indicators also reflect a sustained downtrend (price below major moving averages and negative MACD), while valuation offers limited support due to negative earnings and no dividend data.

Positive Factors

Proprietary HyNap formulation technology

Xspray's HyNap platform is a durable technical asset enabling improved bioavailability and differentiated dosage forms for small molecules. As a platform technology it can be applied across multiple assets, supporting repeat partnerships and long‑term value creation if clinical/regulatory progress continues.

Licensing and partner‑centric business model

A partner/licensing revenue model reduces the need for large commercial infrastructure and shifts commercialization risk to collaborators. This scalable approach can generate milestone and royalty streams over time, preserving capital and enabling focus on formulation development rather than large direct sales investments.

Substantial equity cushion on the balance sheet

A sizeable equity base provides a durable financial buffer for a development‑stage biotech, extending runway and supporting continued R&D. This cushion improves optionality for out‑licensing or staged development and reduces immediate solvency pressure while the pipeline remains pre‑commercial.

Negative Factors

Pre‑revenue with large persistent losses

Zero revenue combined with sustained, sizable net losses is a structural weakness: without approved products or recurring partner income, the company must continually fund operations externally. This raises dilution risk and constrains strategic flexibility until commercialization or licensing income materializes.

Severe cash burn and weak cash generation

Large negative operating and free cash flows are a persistent funding drag that shortens runway absent new capital or milestone receipts. Reliance on external financing can force timing‑sensitive decisions, increase dilution risk, and limit ability to invest in multiple programs simultaneously.

Rising leverage increases financial risk

An uptick in leverage from near zero to ~0.23 represents a structural increase in fixed obligations and financial risk. Higher debt narrows financing options, may increase cost of capital, and reduces flexibility to pursue development milestones if cash flows remain negative.

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 makes money by developing and commercializing improved versions of existing cancer drugs. The company's revenue model is based on licensing agreements and collaborations with larger pharmaceutical companies that have the resources and distribution networks to market the drugs. By using its HyNap technology, Xspray creates formulations that offer competitive advantages over original drugs, such as enhanced bioavailability and reduced side effects, making them attractive for licensing. Xspray typically earns upfront payments, milestone payments, and royalties from these partnerships. Additionally, the company may also generate revenue through direct sales if it chooses to commercialize certain products independently.

Xspray Pharma AB Financial Statement Overview

Summary

Xspray Pharma AB faces significant financial challenges typical of early-stage biotechnology firms, such as lack of revenue generation and profitability. The strong equity position and liquidity provide some stability, but the reliance on external funding and increasing debt levels pose future risks. A focus on achieving operational efficiency and revenue generation is critical for improving financial health.

Income Statement

Xspray Pharma AB has consistently reported zero revenue over the years, indicating a lack of commercial operations or product sales. The company has been experiencing increasing losses, with net income significantly negative, which reflects ongoing financial challenges in achieving profitability. The EBIT and EBITDA margins are negative, further emphasizing the lack of operational efficiency and profitability.

Balance Sheet

The balance sheet shows a strong equity position with a high equity ratio, indicating a solid capital base. However, the company has been increasing its debt levels, which is reflected in a rising debt-to-equity ratio. Despite the challenges, a substantial portion of the assets consists of cash and short-term investments, providing some liquidity cushion.

Cash Flow

Xspray Pharma AB has been generating negative operating and free cash flows, indicating cash burn from operations and investments. The company relies heavily on financing activities for cash inflows, which could be a concern if external funding becomes less accessible. No positive growth in free cash flow has been observed, signaling potential sustainability issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.78M	-8.55M	-9.19M	-9.53M	-8.87M	-1.41M
EBITDA	-196.23M	-277.76M	-169.81M	-122.13M	-87.82M	-50.99M
Net Income	-216.42M	-285.52M	-179.67M	-130.27M	-96.70M	-52.30M
Balance Sheet
Total Assets	820.20M	796.34M	765.26M	585.43M	622.90M	605.30M
Cash, Cash Equivalents and Short-Term Investments	197.98M	208.24M	166.30M	120.17M	271.88M	325.60M
Total Debt	148.91M	128.22M	36.81M	2.13M	3.23M	4.86M
Total Liabilities	178.47M	173.25M	71.85M	29.41M	31.15M	22.72M
Stockholders Equity	641.73M	623.10M	693.41M	556.02M	591.75M	582.59M
Cash Flow
Free Cash Flow	-253.43M	-264.51M	-257.38M	-238.47M	-147.57M	-145.00M
Operating Cash Flow	-213.39M	-222.37M	-203.28M	-110.18M	-51.61M	-47.79M
Investing Cash Flow	-46.90M	-42.14M	-65.88M	-135.34M	-105.82M	-96.83M
Financing Cash Flow	383.63M	306.11M	315.59M	93.81M	103.71M	260.35M

Xspray Pharma AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 30.01, above the 50-day MA of 28.99, and below the 200-day MA of 37.46, indicating a bearish trend. The MACD of -0.52 indicates Positive momentum. The RSI at 29.63 is Positive, neither overbought nor oversold. The STOCH value of 29.42 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SANION	76 Outperform	kr3.25B	5.12	167.77%	―	2687.51%	―
CANTA	64 Neutral	kr1.33B	10.54	81.19%	―	―	―
VICO	58 Neutral	kr3.36B	-6.49	-71.87%	―	-91.85%	-6.65%
SYNACT	56 Neutral	kr1.27B	-10.90	-58.41%	―	―	48.14%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCO	49 Neutral	kr892.06M	-2.99	―	―	131.20%	32.28%
XSPRAY	42 Neutral	kr1.04B	-4.26	-35.03%	―	―	25.14%

Xspray Pharma AB Corporate Events

Xspray Pharma Achieves Key Milestones in Q3 2025

Xspray Pharma’s Q3 2025 report highlights significant developments, including achieving bioequivalence for its XS003 product at a reduced dosage compared to the reference drug Tasigna, and securing a license agreement with Handa Therapeutics for commercialization in the US and Asian markets. Additionally, the company raised approximately SEK 161 million through a heavily oversubscribed share issue and extended the maturity of an existing loan, enhancing its financial position.

Xspray Pharma’s XS003 NDA Accepted by FDA with PDUFA Date Set

Xspray Pharma AB announced that the FDA has accepted its New Drug Application for XS003, an improved formulation of nilotinib for treating chronic myeloid leukemia, with a PDUFA date set for June 18, 2026. This development signifies a major milestone for the company, potentially enhancing its market position in the U.S. oncology sector, with expectations of improved patient adherence due to reduced food effect and manufacturing processes already familiar to the FDA.