olivLaw · European equity research
Immunovia AB (publ) IMMNOV.ST
Sweden · Nasdaq Stockholm · ISIN SE0006091997 · Vertical: Listed companies from Sweden
Immunovia AB develops simple blood tests for early detection of pancreatic cancer in people at high risk, with the aim of improving patient survival. In 2024 the company sharply reduced its activity and its revenues stayed minimal, with the workforce falling to 9, so the planned US launch now depends on new resources and partnerships.
At the close of 05 Nov 2026, Immunovia AB (publ) (IMMNOV.ST) stock was 0.04 SEK (−6.95% on the day), with market capitalisation 13.0 m SEK, beta 0.52, 52-week range 0.03–0.34 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)
- 29.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.02 – 0.11
- in the lower half of the band · %B 0.16 · band width 125.6%
- SMA 50 / 200
- 0.10 / 0.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −41.9% | −0.6% | −41.2 pp | — |
| 3 months | −78.6% | −4.2% | −74.5 pp | — |
| 6 months | −81.7% | +4.3% | −86.0 pp | — |
| Year to date | −83.5% | +7.5% | −91.0 pp | — |
| 1 year | −87.6% | +9.9% | −97.5 pp | −8.5% |
| 3 years | −84.1% | +49.8% | −134.0 pp | +12.3% |
| 5 years | −99.9% | +42.8% | −142.7 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.2 m | 1.8 m | 1.7 m | 752.0 k |
| Revenue YoY | unavailable | +49.7% | −6.0% | −55.6% |
| Net income | -168.1 m | -309.4 m | -76.5 m | -145.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -7.43 | -7.95 | -0.93 | -0.41 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -13,961.1% | -17,172.0% | -4,518.4% | -19,403.6% |
| Free cash flow | -176.8 m | -147.1 m | -96.8 m | -78.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.5 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 64.7 m SEK
- Total assets
- 88.2 m SEK
- Debt / equity
- unavailable
- Current ratio
- 5.12x
- ROE
- -382.1%
- ROA
- -240.7%
- FCF margin
- -10,425.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.2 m | 1.8 m | 1.7 m | 752.0 k | esef· 28 Oct 2026verified |
| Operating income | -191.2 m | -296.5 m | -109.4 m | -80.4 m | esef· 28 Oct 2026verified |
| Depreciation & amortisation | -24.9 m | 141.7 m | 13.4 m | 2.3 m | esef· 28 Oct 2026verified |
| EBITDA | -166.2 m ≈ | -154.7 m ≈ | -96.0 m ≈ | -78.1 m ≈ | esef· 28 Oct 2026derived |
| Interest expense | -18.2 m | 19.3 m | 1.9 m | 66.1 m | esef· 28 Oct 2026verified |
| Pre-tax income | -168.1 m | -309.4 m | -76.5 m | -145.9 m | esef· 28 Oct 2026verified |
| Income tax | 0 | 0 | 0 | 0 | esef· 28 Oct 2026verified |
| Net income | -168.1 m | -309.4 m | -76.5 m | -145.9 m | esef· 28 Oct 2026verified |
| Diluted EPS | -7.43 | -7.95 | -0.93 | -0.41 | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 106.0 m | 76.8 m | 25.3 m | 77.5 m | esef· 28 Oct 2026verified |
| Receivables | 9.6 m | 3.7 m | 3.3 m | 2.9 m | esef· 28 Oct 2026verified |
| Inventories | 2.0 m | 0 | 0 | 119.0 k | esef· 28 Oct 2026verified |
| Current assets | 115.6 m | 80.5 m | 28.6 m | 80.4 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 47.9 m | 15.1 m | 2.0 m | 965.0 k | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 110.1 m | 0 | 0 | 0 | esef· 28 Oct 2026verified |
| Total assets | 300.6 m | 98.7 m | 33.0 m | 88.2 m | esef· 28 Oct 2026verified |
| Current liabilities | 24.1 m | 29.9 m | 15.7 m | 15.7 m | esef· 28 Oct 2026verified |
| Equity | 243.8 m | 67.0 m | 11.6 m | 64.7 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | — | — | 82.3 m | 347.4 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -175.6 m | -147.1 m | -96.8 m | -78.4 m | esef· 28 Oct 2026verified |
| Capex | 1.3 m | 0 | 0 | 0 | esef· 28 Oct 2026verified |
| Free cash flow | -176.8 m ≈ | -147.1 m ≈ | -96.8 m ≈ | -78.4 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -1.6 m | 3.2 m | 0 | 5.7 m | esef· 28 Oct 2026verified |
| Financing cash flow | -5.1 m | 114.7 m | 44.8 m | 136.8 m | esef· 28 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: 5 of at least 6
- score weight coverage: 33.3% 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: 13.0 m SEK
Key indicators
Coverage and freshness
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -19,403.6% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -14.5% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -601.8% | 0 (on a fixed band) | 25% |
| 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· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 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
Immunovia AB (publ) (IMMNOV.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 752.0 k SEK in 2025; YoY growth -55.6%; net margin -19,403.6%; ROE -382.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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: 5.1x
What contradicts it
- Net margin: -19,403.6%
- Revenue CAGR 3Y: -14.5%
- Interest coverage: -1.2x
- FCF yield: -601.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, 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% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for IMMNOV.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
Immunovia AB develops simple blood tests for early detection of pancreatic cancer in people at high risk, with the aim of improving patient survival. In 2024 the company sharply reduced its activity and its revenues stayed minimal, with the workforce falling to 9, so the planned US launch now depends on new resources and partnerships 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Product developmenthigh
The product could fail to meet market or quality requirements, which would require costly rework 1.
- Reimbursementhigh
If the test is not included in national guidelines or reimbursement programmes, sales could remain very limited 1.
- Key person dependencymedium
The departure of key people from the organisation could affect project execution 1.
- Fundinghigh
If additional financing is not secured, development activity could be slowed or stopped 1.
- Commercial partnershipmedium
The lack of a strategic partner could delay the US launch 1.
Investment thesis
What would need to be true (bull case)
- If the next-generation test confirms clinical validity, the US launch could transform the commercial position of the company 1.
- The move to the ELISA platform could lower production costs and speed expansion 1.
- A strategic partner with an existing sales force could quickly give access to clinics and the American market 1.
What to watch
- Results of clinical validation studies2025
- Targeted US launch of the testsecond half of 2025
- Announcement of a strategic commercial partner2025
- Progress on insurer reimbursementnext 10-K
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
Immunovia is a diagnostics company based in Lund, Sweden, focused on developing and commercialising simple blood tests that detect proteins and antibodies linked to pancreatic cancer in high-risk individuals 1. Its stated mission is to raise survival through early detection. The business model is distributed, with staff in Sweden and the US and research carried out with Proteomedix in Zürich 1.
For the next-generation test the company moved from its in-house IMMray platform to the commercially available ELISA platform, which allows faster and less costly production 1. For the rest of 2025 the focus stays on demonstrating the clinical validity of the test 1.
Operating revenue was very small in 2024, and much of the funding came from share issues and other sources rather than product sales 1. The company relies on partnerships with research centres, clinics and key opinion leaders for access to samples and data 1.
Segments
Next-generation pancreatic cancer test
The test targets people at high risk of pancreatic cancer and is being clinically validated, making it the main value driver of the company 1.
IMMray test (earlier platform)
The in-house IMMray platform was replaced by ELISA in developing the new test, which is cheaper and faster to produce 1.
Market context
The company prioritises the US, where it sees a very large potential market, the test could be launched as a laboratory-developed test, and diagnostic prices are higher than in Europe or Asia 1. Access, however, depends on reimbursement from public and private insurers, for which further clinical data is needed 1.
The 2025 plan includes a targeted US launch in the second half of the year and the search for a strategic partner with an existing sales force 1.
Trends
- Interest in early cancer detectiontailwind
Growing interest in early diagnosis and minimally invasive tests could support demand for products like those of Immunovia 1.
- Reimbursement requirementsheadwind
If insurers do not cover the test, clinical adoption could be limited, which makes clinical evidence essential 1.
- Higher US diagnostic pricesmixed
Higher diagnostic prices in the US could improve margins if the launch succeeds 1.
- Industry partnershipsmixed
Collaboration with large diagnostics manufacturers could lower commercial costs but limits the company's control over sales 1.
Competitive position
The provided sources do not name direct competitors. The company is implicitly compared with other developers of oncology diagnostic tests targeting the same high-risk patient group, without specific data in the documents reviewed 1.
The stated advantage rests on access to samples through partnerships with research centres and key opinion leaders, and on the regulatory timeline for the US 1.
- Proteomedix
Research partner based in Zürich, not described as a competitor in the source 1.
- Large diagnostics manufacturers
Potential commercial partners with existing sales forces, which could also become competitors in the market 1.
- US oncology test developers
Companies active in the same diagnostic market, not specifically identified in the source 1.
- Laboratories offering laboratory-developed tests
Indirect competition for US market share, not detailed in the documents 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202426 Oct 2026
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Immunovia AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.