olivLaw · European equity research
Cinclus Pharma Holding AB (publ) CINPHA.ST
Sweden · Nasdaq Stockholm · ISIN SE0020388577 · Vertical: Listed companies from Sweden
Cinclus Pharma Holding AB is a Swedish drug developer in late clinical stage, developing linaprazan glurate for erosive reflux disease and H. pylori infection. The company entered phase III in 2025 and signed a European commercialisation partnership with Zentiva, which makes the outcome of this study its main milestone. Revenue for 2025 was 57.47 MSEK, higher than the prior year but far below operating costs, and the company remains dependent on financing.
At the close of 06 Nov 2026, Cinclus Pharma Holding AB (publ) (CINPHA.ST) stock was 12.08 SEK (+5.04% on the day), with market capitalisation 562.6 m SEK, beta 0.48, 52-week range 10.82–19.46 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 11.05 – 13.24
- in the lower half of the band · %B 0.47 · band width 18.0%
- SMA 50 / 200
- 12.37 / 13.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.22
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.0% | −0.6% | −8.4 pp | — |
| 3 months | −1.6% | −4.2% | +2.5 pp | — |
| 6 months | +0.5% | +4.3% | −3.8 pp | — |
| Year to date | −37.3% | +7.5% | −44.8 pp | — |
| 1 year | −30.9% | +9.9% | −40.8 pp | −6.8% |
| 3 years | unavailable | +49.8% | unavailable | +12.1% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -215.1 m | -168.0 m | -184.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -8.20 | -4.54 | -3.95 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | -178.4 m | -75.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 487.3 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 369.4 m SEK
- Total assets
- 546.6 m SEK
- Debt / equity
- unavailable
- Current ratio
- 3.92x
- ROE
- -39.8%
- ROA
- -32.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Research & development | 166.7 m | 136.7 m | 198.4 m | esef· 26 Oct 2026verified |
| Operating income | -201.0 m | -169.6 m | -199.6 m | esef· 26 Oct 2026verified |
| Interest expense | 17.2 m | 28.1 m | 13.9 m | esef· 26 Oct 2026verified |
| Pre-tax income | -214.6 m | -167.3 m | -183.7 m | esef· 26 Oct 2026verified |
| Net income | -215.1 m | -168.0 m | -184.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -8.20 | -4.54 | -3.95 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 88.0 m | 566.7 m | 487.3 m | esef· 26 Oct 2026verified |
| Current assets | 94.1 m | 600.5 m | 536.9 m | esef· 26 Oct 2026verified |
| Total assets | 94.4 m | 601.0 m | 546.6 m | esef· 26 Oct 2026verified |
| Current liabilities | 164.4 m | 45.5 m | 136.8 m | esef· 26 Oct 2026verified |
| Total liabilities | 171.2 m | 45.7 m | — | esef· 08 May 2025verified |
| Equity | -76.8 m | 555.3 m | 369.4 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 26.2 m | 37.0 m | 46.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -209.2 m | -178.4 m | -74.6 m | esef· 26 Oct 2026verified |
| Capex | — | 0 | 1.1 m | esef· 26 Oct 2026verified |
| Free cash flow | — | -178.4 m ≈ | -75.8 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | — | 0 | -1.4 m | esef· 26 Oct 2026verified |
| Financing cash flow | 122.9 m | 655.2 m | -1.8 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 562.6 m SEK
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -14.4x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.5% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cinclus Pharma Holding AB (CINPHA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -39.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.9x
What contradicts it
- Interest coverage: -14.4x
- FCF yield: -13.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 219.9 bn | 26.6 | 19.4% | 11.9% | +4.1% | +19% / +36% |
| BOL.STBoliden Ab | 141.8 bn | 15.1 | 13.3% | 10.1% | +4.8% | +11% / +80% |
| CAST.STCastellum Aktiebolag | 66.4 bn | 70.8 | 1.2% | 9.8% | −2.6% | +26% / +6% |
| AAK.STAak Ab (publ) | 47.4 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 43.3 bn | 59.6 | 19.5% | 32.5% | +21.3% | +18% / +58% |
| ASKER.STAsker Healthcare Group AB | 30.0 bn | 60.9 | 9.8% | 2.9% | +11.7% | −17% / unavailable |
| BRAV.STBravida Holding AB | 29.3 bn | 23.8 | 13.7% | 4.4% | −4.9% | +79% / +118% |
| ALLEI.STAlleima AB | 22.7 bn | 33.9 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.5 bn | — | -21.0% | — | unavailable | +19% / +19% |
| AQ.STAQ Group AB | 19.9 bn | 29.5 | 14.9% | 7.5% | +6.0% | +15% / +121% |
| ATT.STAttendo AB (publ) | 19.5 bn | 24.1 | 15.1% | 4.3% | +0.1% | +55% / +276% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.9 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.2 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.6 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 10.8 bn | 47.4 | 31.3% | 3.2% | +10.1% | +16% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +57% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.0 | 15.1% | 6.9% | −7.4% | +34% / +107% |
| CEVI.STCellaVision AB | 4.7 bn | 31.0 | 18.0% | 20.2% | +4.9% | +21% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.1 | 13.0% | 2.2% | +16.7% | +1% / +24% |
| ACTI.STActive Biotech AB (publ) | 4.5 bn | — | -84.5% | — | unavailable | −38% / −79% |
| BHG.STBHG Group AB | 4.4 bn | 30.4 | 2.5% | 1.4% | +6.2% | −20% / +108% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.2 | 4.1% | 10.1% | +24.9% | −9% / +86% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +15% / −52% |
1- and 3-year price returns: for CINPHA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cinclus Pharma Holding AB is a Swedish drug developer in late clinical stage, developing linaprazan glurate for erosive reflux disease and H. pylori infection. The company entered phase III in 2025 and signed a European commercialisation partnership with Zentiva, which makes the outcome of this study its main milestone. Revenue for 2025 was 57.47 MSEK, higher than the prior year but far below operating costs, and the company remains dependent on financing.
SWOT
Strengths
- A mechanism of action different from standard treatments and phase II results considered promising for healing erosions.
- Patent protection and regulatory data exclusivity, giving a timing advantage over generic competitors.
- A partnership with a European pharmaceutical group for commercialisation, which reduces the burden of building an own sales network.
Weaknesses
- High dependence on a single product, meaning a failure in phase III would have a severe impact on the company.
- Persistent operating losses and negative cash flow, which make the company dependent on new sources of financing.
- Revenue is still small and irregular, depending largely on partner payments and development milestones.
Opportunities
- If phase III confirms the phase II results, the company could extend approval to other forms of reflux and to H. pylori infection.
- The large global GERD market could allow significant sales if the drug is approved in several regions.
- Extending partnerships to other markets beyond Europe and China could reduce financial risk.
Threats
- A negative or unsatisfactory result in phase III studies could halt product development.
- Competition from standard treatments and other new drugs could limit adoption of the product.
- If financing cannot be obtained on acceptable terms, the company could be forced to cut projects.
Risks
- Clinical trial resultshigh
Phase III is decisive, and a weak result could compromise approval and the value of the programme.
- Need for additional financinghigh
Losses and cash burn could force the company to seek new capital on less favourable terms.
- Dependence on a single producthigh
The whole growth strategy rests on linaprazan glurate, which makes the company vulnerable to any technical or regulatory problem.
- Delays and higher costsmedium
Patient recruitment or problems with external suppliers could delay studies and raise costs.
- Market acceptance and reimbursementmedium
Even if the product is approved, payers could refuse reimbursement or negotiate low prices.
Investment thesis
What would need to be true (bull case)
- Phase II data showing high healing compared with a reference PPI, if confirmed in phase III, could open an important market.
- Patent protection and data exclusivity offer a lasting advantage if the product reaches the market.
- The partnership with a European pharmaceutical group could speed up commercialisation and reduce the company's financial risk.
What would break the thesis
- The company depends on a single product still in trials, and a failure in phase III could leave it without clear alternatives.
- Continuing losses and the need for new capital could dilute current shareholders if financing is obtained on unfavourable terms.
- Current revenue is small and irregular, which makes near-term commercial performance hard to assess.
What to watch
- Overall phase III results for linaprazan glurate in erosive GERDsecond half 2026
- Development of revenue and income from the Zentiva agreementQ1 2027
- Need for additional financing and the level of available liquiditynext 10-K
- Status of long-term studies and the plan for the regulatory approval filing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cinclus Pharma Holding AB (publ) is a late-stage clinical pharmaceutical company developing small molecules for acid-related diseases, mainly gastroesophageal reflux disease (GERD) and Helicobacter pylori infection. Its lead candidate, linaprazan glurate, belongs to a new drug class called Potassium Competitive Acid Blocker (PCAB), with a mechanism different from the proton pump inhibitors widely used today, according to the 2025 annual report 1. The company was founded in 2014, is headquartered in Stockholm, and averaged 19 full-time employees in 2025 1.
In 2025 revenue came partly from the licence agreement with Zentiva k.s. for commercial rights in Europe, covering an advance, regulatory and commercial milestone payments and future royalties, with part of the advance spread over the phase III period under IFRS 15 1. Revenue also included royalties from the Chinese partner Jiangsu Sinorda Biomedicine 1. The net result for 2025 was negative, and cash flow from operating activities was -74.6 MSEK 1.
The company has marketing authorisation in China for a partner, and for its main market, erosive GERD, it aims to file for approval for patients with severe reflux 1. Any progress on the commercial plan depends on phase III results, which are expected in the second half of 2026 1.
Segments
Erosive GERD (linaprazan glurate)
The main indication is erosive reflux disease, where the company hopes to offer a more effective treatment for patients who respond poorly to proton pump inhibitors. In phase II the company reported a healing rate of 93% at the best dose, compared with 38% for a comparator PPI 1.
H. pylori (combined with antibiotics)
The second indication is H. pylori infection, treated with linaprazan glurate in combination with antibiotics. Over time the company also aims to reduce antibiotic use in this treatment, but this indication is planned after the main one 1.
Market context
According to the report, about 130 million adults in the United States and Europe suffer from GERD, and the global market has been dominated by proton pump inhibitors, which do not adequately help the most severely ill patients 1. This leaves room for alternative treatments, but the actual size of the erosive segment is not quantified in the source.
Phase III was started at about 100 selected clinical sites in 7 countries in Central Europe, including Romania, and the company expects overall results in the second half of 2026 1. A positive outcome could open the path to approval, but no confirmed commercial timeline exists yet.
Trends
- Demand for alternatives to proton pump inhibitorstailwind
The limits of PPIs in severe cases create demand for new mechanisms such as PCAB, which could benefit the company if phase III data confirm the earlier results.
- Rising prevalence of refluxtailwind
Factors such as obesity, sedentary work, stress and diet make reflux a chronic problem for a growing group of people, which could increase long-term demand.
- Cost pressure on health systemsheadwind
Possible budget restrictions by payers and pressure to cut costs could limit the price and access to a new treatment even if the drug is approved.
- Strengthening of commercial partnershipsmixed
Agreements with large pharmaceutical companies can reduce commercial risk, but they also shift part of the control over sales and financial terms to partners.
Competitive position
The company enters a market dominated by proton pump inhibitors, which set the current treatment standard, and competes indirectly with other drugs in the same therapeutic class. The report does not name direct competitors, but stresses that linaprazan glurate would be the first in the PCAB class to be developed for a major indication, with a competitive position not yet confirmed.
- Proton pump inhibitors (PPIs)
The standard treatment class for GERD, which dominates the market and is used as the reference in the company's studies; no single company is identified in the source.
- Other PCAB-class medicines
Possible new drugs in the same mechanism class, about which the source gives no details.
- H. pylori therapies
Existing combination treatments with antibiotics, which linaprazan glurate could in future complement or replace.
- Jiangsu Sinorda Biomedicine
Chinese partner that obtained rights for the Chinese market and from which the company receives royalties.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cinclus Pharma Holding AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.