olivLaw · European equity research
Hansa Biopharma AB HNSA.ST
Sweden · Nasdaq Stockholm · ISIN SE0002148817 · Vertical: Listed companies from Sweden
Hansa Biopharma develops enzymes that cleave immunoglobulin G, aimed at transplant patients with pre-formed antibodies, autoimmune diseases and gene therapy. The current relevance lies in the BLA filed with the FDA for imlifidase, based on the ConfIdeS study with 64 patients, and in the post-authorization study in Europe with 50 patients.
At the close of 05 Nov 2026, Hansa Biopharma AB (HNSA.ST) stock was 39.80 SEK (+0.15% on the day), with market capitalisation 3.2 bn SEK, beta 0.64, 52-week range 24.88–46.68 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.0
- strong (55–70)
- Bollinger (20, 2)
- 34.31 – 40.37
- in the upper half of the band · %B 0.91 · band width 16.2%
- SMA 50 / 200
- 37.90 / 34.53
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.79 / 0.41
- MACD above 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 | +17.6% | −0.6% | +18.3 pp | — |
| 3 months | +5.2% | −4.2% | +9.3 pp | — |
| 6 months | +39.3% | +4.3% | +34.9 pp | — |
| Year to date | +15.8% | +7.5% | +8.3 pp | — |
| 1 year | +35.3% | +9.9% | +25.4 pp | −8.5% |
| 3 years | +67.6% | +49.8% | +17.8 pp | +12.3% |
| 5 years | −58.3% | +42.8% | −101.1 pp | — |
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 | 134.1 m | 171.3 m | 222.3 m |
| Revenue YoY | unavailable | +27.8% | +29.7% |
| Net income | -831.7 m | -807.2 m | -534.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -15.83 | -12.85 | -6.58 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -620.3% | -471.2% | -240.3% |
| Free cash flow | -755.9 m | -675.0 m | -549.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 701.1 m SEK
- Financial debt
- 927.4 m SEK
- Net debt
- 226.3 m SEK
- Equity
- -89.0 m SEK
- Total assets
- 1.2 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.94x
- ROE
- unavailable
- ROA
- -54.3%
- FCF margin
- -247.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 134.1 m | 171.3 m | 222.3 m | esef· 26 Oct 2026verified |
| Cost of revenue | 63.1 m | 83.6 m | 83.6 m | esef· 26 Oct 2026verified |
| Gross profit | 71.0 m ≈ | 87.8 m ≈ | 138.7 m ≈ | esef· 26 Oct 2026derived |
| Research & development | 411.3 m | 375.7 m | 304.7 m | esef· 26 Oct 2026verified |
| Operating income | -788.5 m | -637.9 m | -520.7 m | esef· 26 Oct 2026verified |
| Interest expense | 105.5 m | 187.2 m | 122.5 m | esef· 26 Oct 2026verified |
| Pre-tax income | -830.8 m | -804.2 m | -531.8 m | esef· 26 Oct 2026verified |
| Income tax | 908.0 k | 3.0 m | 2.3 m | esef· 26 Oct 2026verified |
| Net income | -831.7 m | -807.2 m | -534.1 m | esef· 26 Oct 2026verified |
| Diluted EPS | -15.83 | -12.85 | -6.58 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 52.5 m | 62.8 m | 81.2 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 732.1 m | 405.3 m | 701.1 m | esef· 26 Oct 2026verified |
| Inventories | 1.5 m | 2.6 m | 6.1 m | esef· 26 Oct 2026verified |
| Current assets | 855.2 m | 467.2 m | 796.6 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 6.3 m | 4.7 m | 2.9 m | esef· 26 Oct 2026verified |
| Total assets | 1.0 bn | 800.6 m | 1.2 bn | esef· 26 Oct 2026verified |
| Accounts payable | 87.0 m | 37.6 m | 54.1 m | esef· 26 Oct 2026verified |
| Short-term debt | — | 0 | 136.9 m | esef· 26 Oct 2026verified |
| Long-term debt | 844.9 m | 1.1 bn | 790.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 321.0 m | 255.7 m | 410.7 m | esef· 26 Oct 2026verified |
| Equity | -167.9 m † | -589.8 m † | -89.0 m † | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 52.5 m | 62.8 m | 81.2 m | esef· 26 Oct 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -755.7 m | -674.9 m | -549.2 m | esef· 26 Oct 2026verified |
| Capex | 284.0 k | 116.0 k | 0 | esef· 26 Oct 2026verified |
| Free cash flow | -755.9 m ≈ | -675.0 m ≈ | -549.2 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -284.0 k | -116.0 k | 0 | esef· 26 Oct 2026verified |
| Financing cash flow | -7.5 m | 346.8 m | 848.0 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: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn SEK
Key indicators
Coverage and freshness
Score by group
25% · 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -240.3% | 3 (vs peers) | 25% |
| 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 | -4.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -17.0% | 0 (on a fixed band) | 33% |
| 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 sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 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
Hansa Biopharma AB (HNSA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 222.3 m SEK in 2025; YoY growth 29.7%; net margin -240.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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: 1.9x
What contradicts it
- Net margin: -240.3%
- Interest coverage: -4.3x
- FCF yield: -17.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| HNSA.STHansa Biopharma AB | 3.2 bn | — | — | -240.3% | +29.7% | +18% / +55% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for HNSA.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Hansa Biopharma develops enzymes that cleave immunoglobulin G, aimed at transplant patients with pre-formed antibodies, autoimmune diseases and gene therapy. The current relevance lies in the BLA filed with the FDA for imlifidase, based on the ConfIdeS study with 64 patients, and in the post-authorization study in Europe with 50 patients.
SWOT
Strengths
- The proprietary IgG cleaving platform has clinical and regulatory validation in several indications, and the company already has a conditionally approved product in Europe 1.
- Partnerships with gene therapy companies and research institutions extend the uses of the technology without depending on a single indication 1.
- Clinical evidence from the ConfIdeS study compares favorably with deceased donor transplants at one year, which supports the medical argument 1.
Weaknesses
- Dependence on a small number of products and indications means that negative results, such as those from GOOD-IDES-02, carry significant impact 1.
- Evidence for some indications remains limited to studies with small patient numbers or early-stage trials 1.
- Commercial launch requires market organization and reimbursement in each country, which can slow adoption 1.
Opportunities
- Full approval in Europe and in the US could widen access for sensitized patients who today do not receive an organ 1.
- Results in gene therapy and autoimmune diseases could open new markets if clinical studies confirm the enzymes' effect 1.
- Rising incidence of autoimmune diseases can support demand for treatments that quickly reduce autoantibodies 1.
Threats
- Competition from immunomodulatory therapies and standard desensitization could quickly limit clinical adoption 1.
- If the FDA requests additional data, the approval timeline could be delayed, affecting financing 1.
- Clinical setbacks in other indications could reduce confidence among investors and partners 1.
Risks
- FDA decision on imlifidasehigh
The BLA filed in December 2025 is under the FDA accelerated process, and the outcome is uncertain and could require additional data 1.
- Post-authorization data in Europemedium
Moving from conditional to full approval depends on the PAES study results, expected in mid-2026, and could be delayed if the data are weak 1.
- Failure in anti-GBMmedium
The GOOD-IDES-02 study missed its primary endpoint, and indication expansion depends on evaluating the data before deciding on next steps 1.
- Dependence on partnersmedium
Gene therapy programs depend on external partners such as Sarepta and Genethon, whose priorities may change project timelines 1.
- Market access and reimbursementlow
Even if imlifidase is approved, adoption depends on health systems and reimbursement, which can be slow or restrictive 1.
Investment thesis
What would need to be true (bull case)
- If FDA approval is confirmed, the company could offer the first option with clinical evidence for patients with very high sensitization 1.
- The IgG-cleaving technology can be applied across several areas, from transplant to gene therapy and autoimmune disease, which widens the portfolio's potential 1.
- Partnerships with gene therapy companies could bring external validation and revenue for niche indications 1.
What would break the thesis
- The partial failure in the anti-GBM study shows that clinical benefit is not assured in every indication and that results can be inconsistent 1.
- If the FDA or European authorities request further data, the commercial timeline could be pushed back and financing could become more costly 1.
- Competition from standard treatments and new therapies could quickly limit market share, especially if the cost is high 1.
What to watch
- FDA decision on the imlifidase BLA2026
- PAES study results for imlifidase in Europemid-2026
- Evaluation of GOOD-IDES-02 data and next steps in anti-GBMnext 10-K
- Clinical progress of HNSA-5487 in Guillain-Barré syndrome2027
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
Hansa Biopharma is a biopharmaceutical company whose activity rests on its proprietary immunoglobulin G (IgG) cleaving technology. The lead product, imlifidase (IDEFIRIX), targets highly sensitized patients waiting for a kidney transplant, and the company has started commercial rollout in Europe, where it also runs a post-authorization study to support the move from conditional to full approval 1. In December 2025 the company filed a BLA with the FDA under the accelerated process, based on the ConfIdeS study 1.
The strategy extends beyond transplant to gene therapy and autoimmune diseases. IgG-cleaving enzymes are proposed as a way to reduce anti-AAV antibodies that block gene therapy vectors, and in autoimmune diseases the next-generation candidate HNSA-5487 has been directed toward Guillain-Barré syndrome 1.
Development is organized across several partnered programs, including with Sarepta Therapeutics for DMD gene therapy and with Genethon for Crigler-Najjar syndrome, which spreads risk beyond a single product 1.
Segments
Transplantation
Imlifidase is the main commercial and regulatory product. The ConfIdeS study formed the basis of the BLA, and the post-authorization study in Europe follows graft survival in highly sensitized patients 1.
Gene therapy
The programs with Sarepta and Genethon test imlifidase as a pre-treatment before gene therapy administration to remove anti-AAV antibodies. This is a secondary market with clinical validation still at early stages 1.
Autoimmune diseases
In this area HNSA-5487 is in the planning phase of clinical development for Guillain-Barré syndrome, where standard treatment relies on IVIg or plasmapheresis 1.
Market context
The kidney transplant market for sensitized patients is small but carries high medical need, since many patients wait years for a compatible organ. Dialysis remains the main option before transplant, with five-year survival of about 45 %, which makes removing the immunological barrier clinically valuable 1.
Adjacent markets such as gene therapy for rare diseases and autoimmune conditions with IgG autoantibodies show growing demand, but access depends on clinical validation and reimbursement, which are not yet established 1.
Trends
- Rising autoimmune disease burdentailwind
The incidence of autoimmune diseases is rising and healthcare costs grow with it, which could support demand for new treatments that rapidly reduce pathogenic IgG 1.
- Accelerated and conditional approvalsmixed
The FDA accelerated process and conditional approval in Europe could shorten the path to market, but they oblige the company to deliver solid post-authorization data 1.
- Anti-AAV barriers in gene therapytailwind
Anti-AAV antibodies block a share of patients eligible for gene therapy, creating an opportunity for IgG-cleaving enzymes if partnered clinical work confirms the effect 1.
- Variable clinical resultsheadwind
The GOOD-IDES-02 study in anti-GBM did not reach its primary endpoint at 6 months, and this result could limit indication expansion if later data are unfavorable 1.
Competitive position
The main alternatives for sensitized patients are desensitization with plasmapheresis and IVIg, methods described as demanding and often insufficient. For gene therapy, competition comes from strategies that avoid anti-AAV antibodies, and for autoimmune disease from standard treatments and other enzymes or immunomodulatory therapies 1.
The company's stated advantage is that imlifidase achieved one-year graft function comparable to matched deceased donor transplants, but long-term evidence and market access will determine its real competitive position 1.
- Sarepta TherapeuticsSRPT
Partner in the imlifidase program for pre-treating patients with anti-AAV antibodies before ELEVIDYS, and a relevant actor in DMD gene therapy 1.
- Genethon
French research organization, partner in the GNT-018-IDES study for Crigler-Najjar syndrome; not listed on a US exchange 1.
- Standard IVIg and plasmapheresis treatments
Non-specific approaches used today in desensitization and in Guillain-Barré syndrome, forming the main clinical alternative 1.
- AAV vector and gene therapy producers
Companies developing AAV-based gene therapies that could benefit from reduced antibodies but may also develop their own strategies 1.
News & filings
In the press
- From tanks to space, Norway and Germany forge ahead with ‘Hansa’ defense pactDefense News (US, EN) · 30 Oct 2026 · EN
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 / Hansa Biopharma AB · 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.