Xspray Pharma AB (XSPRAY) AI Stock Analysis

• Market Cap: kr1.05B
• 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: 44 Neutral
• Price Target: kr27.00 ▼(-13.46% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily held down by weak financial performance (no revenue, persistent losses, and intensifying cash burn) alongside increased debt levels. Technicals add a modest offset with near-term stabilization, but the broader trend remains negative. Valuation is constrained by the lack of earnings and no dividend support.

Positive Factors

Proprietary HyNap formulation platform

HyNap is a platform technology that improves bioavailability and enables differentiated dosage forms. A reusable platform creates durable competitive advantage across multiple small‑molecule candidates, supports repeat partnerships and licensing, and scales technical know‑how over years.

Focus on reformulating established drugs

Targeting established small molecules reduces discovery risk and shortens development timelines versus novel drug discovery. This strategy increases probability of regulatory progress, makes out‑licensing and milestone revenue more attainable, and is structurally attractive to partners.

Sizable equity base provides financial buffer

Equity of ~604.6M versus assets gives a meaningful capital buffer, supporting ongoing R&D and partnership activity without immediate insolvency risk. This balance sheet strength preserves strategic optionality for 2–6 months and improves ability to absorb near‑term setbacks.

Negative Factors

No revenue and sustained net losses

Absence of commercial revenue for multiple years means operations rely entirely on financing or partner deals. Persistent losses erode equity over time and reduce self‑funding ability, increasing dependency on external capital and dilutive financings unless commercial sales commence.

Worsening operating cash flow / heavy cash burn

Rapidly widening negative operating cash flow signals escalating burn from development activities. This creates structural runway pressure, forces frequent financing or deal‑making, and can constrain R&D pacing and negotiation leverage with partners over the medium term.

Rising debt increases leverage and fixed obligations

Material increase in debt raises fixed repayment and covenant risk, reducing financial flexibility. Higher leverage amplifies refinancing and interest‑rate exposure and limits ability to fund R&D or weather trial delays without additional dilutive or restrictive financing.

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

Financial profile remains weak: no revenue reported (2020–2025), recurring large net losses, and heavy ongoing cash burn with operating cash flow deteriorating to -193.2M in 2025. A sizable equity base provides some buffer, but rising debt (to 170.1M in 2025) increases funding and balance-sheet 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: Negative
• Last Price: 31.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 25.69, above the 50-day MA of 27.01, and below the 200-day MA of 36.42, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 45.66 is Neutral, neither overbought nor oversold. The STOCH value of 11.12 is Positive, 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	59 Neutral	kr2.10B	9.60	167.77%	―	2687.51%	―
SYNACT	56 Neutral	kr954.61M	-10.42	-58.41%	―	―	48.14%
CANTA	55 Neutral	€1.05B	7.07	81.19%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCO	49 Neutral	kr614.36M	-4.37	―	―	131.20%	32.28%
XSPRAY	44 Neutral	kr1.05B	-7.05	-35.03%	―	―	25.14%
VICO	44 Neutral	kr2.79B	-5.68	-71.87%	―	-91.85%	-6.65%

Xspray Pharma AB Corporate Events

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.