olivLaw · European equity research
Oncoinvent ASA ONCIN.OL
Norway · Euronext Oslo Børs · ISIN NO0013711713 · Vertical: Listed companies from Norway
Oncoinvent ASA is a Norwegian radiopharmaceutical company developing Radspherin, an intraperitoneal radium-224 alpha therapy for peritoneal carcinomatosis. The company reported fiscal 2025 revenue of NOK 28.1 million and an after-tax loss of NOK 155.1 million, and an interim analysis of its ovarian cancer phase 2 trial, expected at the end of 2026, could be an important milestone for the clinical program.
At the close of 06 Nov 2026, Oncoinvent ASA (ONCIN.OL) stock was 62.60 NOK (−0.32% on the day), with market capitalisation 7.8 bn NOK, beta 0.17, 52-week range 40.70–141.50 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.2
- weak (30–45)
- Bollinger (20, 2)
- 63.66 – 71.34
- below the lower band · %B -0.14 · band width 11.4%
- SMA 50 / 200
- 86.39 / 62.90
- mixed trend
- MACD (12, 26, 9)
- -5.06 / -5.63
- 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 | −17.0% | −0.6% | −16.3 pp | — |
| 3 months | −23.7% | −4.2% | −19.5 pp | — |
| 6 months | +33.2% | +4.3% | +28.9 pp | — |
| Year to date | +27.5% | +7.5% | +20.0 pp | — |
| 1 year | −22.1% | +9.9% | −32.0 pp | −4.7% |
| 3 years | −94.3% | +49.8% | −144.2 pp | +12.7% |
| 5 years | −99.9% | +42.8% | −142.8 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 | 354.0 k | 2.7 m | 23.0 m |
| Revenue YoY | unavailable | +670.9% | +744.2% |
| Net income | -190.4 m | -140.2 m | -155.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.13 | -5.61 | -1.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -53,785.6% | -5,137.4% | -673.1% |
| Free cash flow | unavailable | -89.7 m | -130.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 177.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 146.3 m NOK
- Total assets
- 205.0 m NOK
- Debt / equity
- unavailable
- Current ratio
- 3.23x
- ROE
- -121.8%
- ROA
- -82.5%
- FCF margin
- -564.3%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 354.0 k | 2.7 m | 23.0 m | esef· 21 Oct 2026verified |
| Operating income | -191.8 m | -141.0 m | -158.3 m | esef· 21 Oct 2026verified |
| Interest expense | 12.0 m | 732.0 k | 843.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | -190.4 m | -140.2 m | -155.1 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -190.4 m | -140.2 m | -155.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.13 | -5.61 | -1.25 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 156.4 m | 133.7 m | 177.6 m | esef· 21 Oct 2026verified |
| Receivables | — | 8.6 m | 9.7 m | esef· 21 Oct 2026verified |
| Current assets | 173.9 m | 142.3 m | 187.3 m | esef· 21 Oct 2026verified |
| Total assets | 174.3 m | 171.0 m | 205.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 46.9 m | 57.9 m | 58.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 46.9 m | 62.7 m | 58.6 m | esef· 21 Oct 2026verified |
| Equity | 54.9 m | 108.3 m | 146.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 1.5 bn | 25.0 m | 124.1 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -225.1 m | -87.9 m | -129.9 m | esef· 21 Oct 2026verified |
| Capex | — | 1.8 m | 119.0 k | esef· 21 Oct 2026verified |
| Free cash flow | — | -89.7 m ≈ | -130.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 3.1 m | 305.0 k | 3.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | 224.9 m | 191.2 m | 119.2 m | esef· 21 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
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.8 bn NOK
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 | -673.1% | 5 (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 | -187.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.7% | 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 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
ONCOINVENT ASA (ONCIN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 23.0 m NOK in 2025; YoY growth 744.2%; net margin -673.1%; ROE -121.8%.
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: 3.2x
What contradicts it
- Net margin: -673.1%
- Interest coverage: -187.8x
- FCF yield: -1.7%
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 Norway · 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 | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| ONCIN.OLOncoinvent Asa | 7.8 bn | — | -121.8% | -673.1% | +744.2% | −0% / −94% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for ONCIN.OL 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 (NOK)
| 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
Oncoinvent ASA is a Norwegian radiopharmaceutical company developing Radspherin, an intraperitoneal radium-224 alpha therapy for peritoneal carcinomatosis. The company reported fiscal 2025 revenue of NOK 28.1 million and an after-tax loss of NOK 155.1 million, and an interim analysis of its ovarian cancer phase 2 trial, expected at the end of 2026, could be an important milestone for the clinical program. 1
SWOT
Strengths
- The lead product has a differentiated receptor-independent mechanism and a half-life that supports efficient logistics and distribution. 1
- The company held a relatively solid cash position at year-end 2025 and a high equity ratio. 1
- The management team includes dedicated roles for clinical, production and regulatory affairs. 1
Weaknesses
- The company has no commercial products of its own yet and depends on the success of early clinical studies. 1
- Operating losses are significant, and additional funding will be needed for the clinical program. 1
- Dependence on a limited number of thorium-228 suppliers exposes the company to supply risk. 1
Opportunities
- If clinical results are favorable, Radspherin could be extended to more indications and body cavities. 1
- Growing industry interest in radiopharmaceuticals could open partnerships or strategic transactions. 1
- A favorable interim analysis in the ovarian cancer phase 2 trial could strengthen the company's position in funding negotiations. 1
Risks
- Clinical trial failurehigh
The company has stated that its planned clinical studies may not prove to be successful, as the program is at an early stage of development. 1
- Isotope supplyhigh
The thorium-228 source depends on a limited number of suppliers, and logistical disruptions could affect clinical and commercial activity. 1
- Additional fundingmedium
Continuing the clinical program requires additional funding, and capital market conditions could influence access to money. 1
- Intellectual propertymedium
The company is exposed to risks in obtaining, maintaining and defending patents, as well as to possible third-party challenges. 1
- Geopolitical and regulatory risklow
Sanctions, trade restrictions and conflicts could affect suppliers, trial sites and collaboration partners. 1
Investment thesis
What would need to be true (bull case)
- If the interim analysis of the ovarian cancer phase 2 trial, expected at the end of 2026, is favorable, the company could demonstrate the value of its differentiated mechanism. 1
- The radiopharmaceutical market is growing, and commercial validation of existing products could attract partner interest. 1
- The Radspherin platform could be extended to several body cavities, which could create further development opportunities. 1
What would break the thesis
What to watch
- Interim analysis of the ovarian cancer phase 2 clinical trial2026
- New equity issues or funding agreements2026
- Progress of the randomized phase 2 trial in peritoneal carcinomatosis2027
- Developments in the thorium-228 supply chainnext 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
Oncoinvent develops cancer treatments for patients with no or inadequate treatment options, from laboratory research to clinical drug development. Its lead product Radspherin uses radium-224 in calcium carbonate microparticles delivered directly into the peritoneal cavity, without relying on tumor receptor targeting. For 2025 the company reported revenue of NOK 28.1 million, mainly from service and rental agreements linked to ArtBio, and total operating expenses of NOK 186.4 million. 1
Segments
Radspherin (intraperitoneal alpha radiopharmaceutical)
Radspherin is the main asset, being evaluated as an adjunct after complete macroscopic tumor resection to address microscopic residual disease in peritoneal carcinomatosis from ovarian and colorectal cancer. A randomized phase 2 trial is ongoing, and the company indicates potential use in several body cavities. 1
Service and rental income (ArtBio)
Part of revenue comes from the service and rental agreement linked to ArtBio, which contributed significantly to group revenue in 2025 compared with the prior year. This source is supplementary and does not replace revenue from an own commercial product, which the company does not yet have. 1
Market context
The radiopharmaceutical therapeutics market could expand from USD 7.3 billion in 2024 to USD 13.5 billion by 2032, according to a forecast cited by the company. Access to alpha-emitting radionuclides has become a central factor for program credibility and timelines, with actinium-225 constrained by scarce parent material and radium-224 dependent on thorium-228 availability. 1
Major industry transactions, such as large pharmaceutical groups acquiring radiopharmaceutical companies, show strategic interest in the field. Commercial validation also comes from approved products such as Pluvicto, whose indication the FDA expanded in March 2025. 1
Trends
- Growth of radiopharmaceutical marketstailwind
Expansion of the radiopharmaceutical therapy segment and commercial validation of existing products could support investor and partner interest in programs such as Radspherin. 1
- Isotope supply chainsmixed
Access to alpha-emitting isotopes has become a key determinant of program timelines, and thorium-228 availability is essential for radium-224. Supply disruptions could affect clinical activity. 1
- Regulatory approval requirementsheadwind
Obtaining approvals from the FDA and European authorities is essential for commercialization, and future earnings are likely to depend largely on timely marketing authorization of Radspherin. 1
- Need for additional fundingheadwind
Cash is considered sufficient for planned activities into 2027, but additional funding will be required to continue the clinical program, which could involve new equity issues. 1
Competitive position
The company operates in a highly competitive sector with many large players and rapid technological change. Competition comes both from companies developing other receptor-targeted radiopharmaceuticals and from standard treatments such as cytoreductive surgery and systemic chemotherapy. 1
The claimed advantage of Radspherin is its receptor-independent mechanism and direct delivery, which could differentiate it from treatments dependent on molecular targets. Whether this translates into clinical results and approvals remains to be seen. 1
- NovartisNVS
Develops and markets Pluvicto and Lutathera, approved radiopharmaceuticals that serve as a commercial benchmark in the field. 1
- Bristol Myers SquibbBMY
Acquired RayzeBio, and an actinium-225 program was temporarily paused in 2024, illustrating supply difficulties for that isotope. 1
- Eli LillyLLY
Acquired POINT Biopharma, a transaction showing large pharmaceutical interest in radiopharmaceutical treatments. 1
- AstraZenecaAZN
Acquired Fusion Pharmaceuticals, another radiopharmaceutical deal indicating competition from large groups. 1
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oncoinvent ASA · 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.