olivLaw · European equity research
NanoGroup S.A. NNG.WA
Poland · GPW Warszawa · ISIN PLNNGRP00011 · Vertical: Listed companies from Poland
NanoGroup S.A. is a Warsaw-based Polish holding company that coordinates three biotechnology and nanotechnology subsidiaries focused on oncology and transplantology. The company funds its work through share issues and private investment agreements, and its 2023 annual report flags a material uncertainty about going concern.
At the close of 05 Nov 2026, NanoGroup S.A. (NNG.WA) stock was 2.28 PLN (−0.44% on the day), with market capitalisation 46.1 m PLN, beta -0.02, 52-week range 2.28–3.12 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 2.27 – 2.41
- in the lower half of the band · %B 0.08 · band width 6.1%
- SMA 50 / 200
- 2.41 / 2.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- 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 | −7.7% | −0.6% | −7.0 pp | — |
| 3 months | −6.7% | −4.2% | −2.6 pp | — |
| 6 months | −9.0% | +4.3% | −13.3 pp | — |
| Year to date | −14.0% | +7.5% | −21.5 pp | — |
| 1 year | −6.9% | +9.9% | −16.9 pp | +7.1% |
| 3 years | +123.5% | +49.8% | +73.7 pp | +3.3% |
| 5 years | −55.3% | +42.8% | −98.1 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 492.5 k | 139.5 k | 2.0 k |
| Revenue YoY | unavailable | −71.7% | −98.6% |
| Net income | -10.0 m | -838.6 k | -7.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.61 | -0.04 | -0.33 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2,031.6% | -600.9% | -390,778.6% |
| Free cash flow | -2.7 m | -3.7 m | -4.8 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 537.6 k PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 5.2 m PLN
- Total assets
- 8.6 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.56x
- ROE
- -121.9%
- ROA
- -56.7%
- FCF margin
- -239,570.8%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 492.5 k | 139.5 k | 2.0 k | esef· 01 May 2024verified |
| Operating income | -10.6 m | -784.6 k | -7.9 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 64.3 k | 62.2 k | 35.4 k | esef· 01 May 2024verified |
| EBITDA | -10.5 m ≈ | -722.4 k ≈ | -7.9 m ≈ | esef· 01 May 2024derived |
| Interest expense | 108.1 k | 1.4 k | 4.5 k | esef· 01 May 2024verified |
| Pre-tax income | -10.7 m | -783.5 k | -7.9 m | esef· 01 May 2024verified |
| Income tax | -12.0 k | -12.0 k | 0 | esef· 01 May 2024verified |
| Net income | -10.0 m | -838.6 k | -7.9 m | esef· 01 May 2024verified |
| Diluted EPS | -0.61 | -0.04 | -0.33 | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.0 m | 2.5 m | 537.6 k | esef· 01 May 2024verified |
| Inventories | 48.4 k | 46.5 k | 63.4 k | esef· 01 May 2024verified |
| Current assets | 5.1 m | 2.9 m | 836.1 k | esef· 01 May 2024verified |
| Property, plant & equipment, net | 432.1 k | 295.5 k | 485.9 k | esef· 01 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 14.4 m | 15.8 m | 7.3 m | esef· 01 May 2024verified |
| Total assets | 20.3 m | 19.2 m | 8.6 m | esef· 01 May 2024verified |
| Current liabilities | 4.5 m | 1.4 m | 1.5 m | esef· 01 May 2024verified |
| Total liabilities | 11.9 m | 11.4 m | 3.5 m | esef· 01 May 2024verified |
| Equity | 8.4 m | 7.8 m | 5.2 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 15.6 m | 16.8 m | 20.2 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.7 m | -3.7 m | -4.8 m | esef· 01 May 2024verified |
| Capex | 50.0 k | 8.4 k | 75.9 k | esef· 01 May 2024verified |
| Free cash flow | -2.7 m ≈ | -3.7 m ≈ | -4.8 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | -3.9 m | -806.9 k | -3.7 m | esef· 01 May 2024verified |
| Financing cash flow | 749.2 k | 3.0 m | 6.5 m | esef· 01 May 2024verified |
≈ 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: 46.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | -390,778.6% | 0 (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 | -1,749.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.5% | 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 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
NanoGroup Spółka Akcyjna (NNG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 2.0 k PLN in 2023; YoY growth -98.6%; net margin -390,778.6%; ROE -136.5%.
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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -390,778.6%
- Interest coverage: -1,749.0x
- Current ratio: 0.6x
- FCF yield: -10.5%
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 Poland · 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| NNG.WANanoGroup Spółka Akcyjna | 46.1 m | — | -136.5% | -390,778.6% | −98.6% | −22% / +146% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for NNG.WA 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 (PLN)
| 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
NanoGroup S.A. is a Warsaw-based Polish holding company that coordinates three biotechnology and nanotechnology subsidiaries focused on oncology and transplantology. The company funds its work through share issues and private investment agreements, and its 2023 annual report flags a material uncertainty about going concern.
SWOT
Strengths
- A portfolio of projects in oncology and transplantology at advanced development stages, some with published or positively assessed results 1.
- Funding and investment agreements with private partners, providing a source of capital for the next stages 1.
- A clear business model based on development up to the preclinical stage followed by commercialisation through partners, aligned with sector practice 1.
Weaknesses
- The group does not yet earn revenue from selling projects, which makes its dependence on external funding very high 1.
- The annual report includes a material uncertainty about the company's ability to continue as a going concern 1.
- Capitalised development costs are challenged by the supervisor, and some could need to be impaired 1.
Opportunities
Risks
- Going concernhigh
The report flags a material uncertainty tied to the success of the share issue, the execution of investment agreements and consulting results; if financing does not materialise, activity could be slowed 1.
- Impairment of capitalised costshigh
The supervisor recommended impairment for projects with unfinished development; if this requirement applies, reported results and equity could fall significantly 1.
- Dependence on contract conditionsmedium
Payment of some investments depends on meeting technical milestones such as autotransplants and patent filings; failing them could cancel unpaid amounts 1.
- Grant repayment riskmedium
The provision set up for a POIR grant has not yet been released, although final reports were filed; an adverse outcome could create payment obligations 1.
- Geopolitical exposurelow
Cooperation with Chinese partners could be affected by health restrictions or political tensions, which the report acknowledges as a general risk 1.
Investment thesis
What would need to be true (bull case)
- If the NanOX and Polepi projects meet their set technical stages and find partners, the group's value could rise considerably from its current capital base.
- Private investment already contracted suggests some investor confidence, which could ease the next rounds of funding.
- A holding structure with three specialised subsidiaries could allow each project to be monetised separately through licensing or sale.
What would break the thesis
- The absence of sales revenue and the going-concern uncertainty could force shareholder dilution through further share issues.
- If the supervisor requires impairment of capitalised development costs, reported equity could fall substantially.
- Dependence on partners and complex contractual conditions could delay or cancel expected inflows.
What to watch
- Outcome of the series L share issue and payment of the eCapital investment2024
- Supervisor's decision on impairment of capitalised development costs2024
- Final review of POIR grants and release of the related provision2024
- Achievement of technical milestones in investor contracts, deadline end of 20252025
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
NanoGroup S.A. (the Issuer) is the parent of a group developing innovative medical technologies in nanotechnology, focused on oncology and transplantology. The company does not conduct R&D itself but coordinates and oversees three subsidiaries: NanoVelos S.A., NanoSanguis S.A. and NanoThea S.A. 1. The business model takes projects to the preclinical stage and then sells or licenses them to partners who continue development with their own funding 1. According to the report, the group did not yet generate sales revenue from finished projects at the reporting date 1.
The strategy adopted in April 2023 sets a common model in biotechnology: in-house research in the group's own laboratory for early stages, and collaboration with international companies and institutions for later stages 1. As a result, the group's value depends largely on its ability to attract investors or partners for projects such as System NanOX or the Polepi product 1.
The legal structure includes the Issuer registered in Poland at its Warsaw address, and subsidiaries active in nanotechnology and biotechnology product development 1. The consolidated report for 2023 was approved by the management board on 25 April 2024 and audited by an external firm 1.
Segments
NanoVelos S.A. (oncology)
The subsidiary NanoVelos S.A. handles the Polepi product, a nanoparticle system with epirubicin tested in ovarian cancer models. A scientific paper on its efficacy was published in January 2024, and in February 2024 a first batch of 5 litres was produced at a Chinese partner 1.
NanoSanguis S.A. (transplantology)
NanoSanguis S.A. develops the NanOX system for ex vivo organ preservation, including animal-model kidney transplant testing 1. The ENM TARBRAINFECT project was declared fully completed and positively assessed by NCBiR in February 2024 1.
NanoThea S.A.
NanoThea S.A. is the third subsidiary of the group, but the annual report in the source provided does not detail its project portfolio 1.
Market context
The group operates in biotechnology and medical technologies based on nanotechnology, a field the report describes as carrying very high technological and commercial risk 1. The company says its business model is typical for biotechnology in Poland and abroad 1.
Access to funding is the decisive factor: the report shows that projects must find partners or buyers before revenue becomes significant, and until then capital comes from share issues, share sales and grants 1.
Trends
- Investor interest in private projectsmixed
The agreements with eCapital and 5M SQUARE show that private investors may support development stages, if the technical goals set in the contracts can be met 1.
- Pressure from regulatory recommendationsheadwind
The financial supervisor asked for impairment or reconsideration of capitalised development costs for unfinished projects, which could reduce reported assets 1.
- Commercial ties with Chinese partnersmixed
Partnerships with Chinese manufacturers for Polepi provide production access but also introduce the geopolitical risk the report mentions explicitly 1.
- Grants and European programmesmixed
Public programme financing remains important, but repaying grants already received could affect results if reviews conclude unfavourably 1.
Competitive position
The source report does not name competitors. The group places its activity within Polish and international biotechnology, where competition for partners and funding is implicit in the business model described 1.
The declared advantage is a portfolio of preclinical-stage projects in both oncology and transplantology, combined with international collaborations 1. Differentiation, however, depends on proving efficacy, which is not yet commercially demonstrated 1.
- Clairfield International SA
Group that assisted the subsidiaries in finding investors and partners; relevant as an intermediary rather than a direct competitor 1.
- Guangdong Sunho Pharmaceutical
Manufacturing partner for Polepi; not a competitor, but it influences supply capacity 1.
- eCapital sp. z o.o.
Private investor with a staged funding agreement; relevant to project financing 1.
- 5M SQUARE sp. z o.o.
Private investor with a share subscription offer conditional on a patent application milestone 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / NanoGroup S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.