olivLaw · European equity research
Vivesto AB VIVE.ST
Sweden · Nasdaq Stockholm · ISIN SE0028925701 · Vertical: Listed companies from Sweden
Vivesto AB is a Swedish pharmaceutical company developing oncology treatments, centred on Apealea, launched in Germany in 2022, and the clinical-stage candidate Cantrixil. Results for 2022 were marked by significant impairments, and the company faces uncertainty over its commercial partnerships.
At the close of 05 Nov 2026, Vivesto AB (VIVE.ST) stock was 7.29 SEK (−1.35% on the day), with market capitalisation 3.6 bn SEK, beta 0.10, 52-week range 6.82–20.67 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)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 6.89 – 7.81
- in the lower half of the band · %B 0.44 · band width 12.6%
- SMA 50 / 200
- 8.16 / 8.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.18 / -0.24
- 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 | −6.7% | −0.6% | −6.0 pp | — |
| 3 months | −17.3% | −4.2% | −13.2 pp | — |
| 6 months | −8.9% | +4.3% | −13.2 pp | — |
| Year to date | −38.0% | +7.5% | −45.5 pp | — |
| 1 year | −63.6% | +9.9% | −73.5 pp | −8.5% |
| 3 years | −56.5% | +49.8% | −106.3 pp | +12.3% |
| 5 years | −96.1% | +42.8% | −138.9 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 |
|---|---|---|
| Revenue | 26.2 m | 1.0 m |
| Revenue YoY | unavailable | −96.1% |
| Net income | -132.7 m | -356.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.30 | -0.72 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -506.7% | -35,144.7% |
| Free cash flow | -146.7 m | -80.8 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 9.5 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 325.4 m SEK
- Total assets
- 355.9 m SEK
- Debt / equity
- unavailable
- Current ratio
- 5.95x
- ROE
- -81.5%
- ROA
- -75.1%
- FCF margin
- -7,960.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 26.2 m | 1.0 m | esef· 09 May 2023verified |
| Operating income | -128.6 m | -355.0 m | esef· 09 May 2023verified |
| Interest expense | 6.5 m | 3.1 m | esef· 09 May 2023verified |
| Pre-tax income | -132.7 m | -356.7 m | esef· 09 May 2023verified |
| Income tax | 0 | 0 | esef· 09 May 2023verified |
| Net income | -132.7 m | -356.7 m | esef· 09 May 2023verified |
| Diluted EPS | -0.30 | -0.72 | esef· 09 May 2023verified |
Balance sheet · SEK
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 7.9 m | 9.5 m | esef· 09 May 2023verified |
| Inventories | 9.9 m | 0 | esef· 09 May 2023verified |
| Current assets | 136.5 m | 150.3 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 17.1 m | 13.0 m | esef· 09 May 2023verified |
| Total assets | 594.3 m | 355.9 m | esef· 09 May 2023verified |
| Short-term debt | 0 | — | esef· 03 May 2022verified |
| Current liabilities | 39.5 m | 25.3 m | esef· 09 May 2023verified |
| Total liabilities | 44.6 m | 30.5 m | esef· 09 May 2023verified |
| Equity | 549.7 m | 325.4 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 442.4 m | 495.4 m | esef· 09 May 2023derived |
Cash flow · SEK
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -145.6 m | -80.5 m | esef· 09 May 2023verified |
| Capex | 1.1 m | 277.0 k | esef· 09 May 2023verified |
| Free cash flow | -146.7 m ≈ | -80.8 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | 118.7 m | -45.3 m | esef· 09 May 2023verified |
| Financing cash flow | -5.8 m | 128.8 m | esef· 09 May 2023verified |
≈ 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: 3.6 bn SEK
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 | -35,144.7% | 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 | -113.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 5.9x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.2% | 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· 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
Vivesto AB (VIVE.ST). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.0 m SEK in 2022; YoY growth -96.1%; net margin -35,144.7%; ROE -81.5%.
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
- Current ratio: 5.9x
What contradicts it
- Net margin: -35,144.7%
- Interest coverage: -113.4x
- FCF yield: -2.2%
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% |
| VIVE.STVivesto AB | 3.6 bn | — | -81.5% | -35,144.7% | −96.1% | −41% / −56% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for VIVE.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
Vivesto AB is a Swedish pharmaceutical company developing oncology treatments, centred on Apealea, launched in Germany in 2022, and the clinical-stage candidate Cantrixil. Results for 2022 were marked by significant impairments, and the company faces uncertainty over its commercial partnerships 1.
SWOT
Strengths
Weaknesses
- The company recorded major impairments in 2022 linked to the Apealea project and the withdrawal from Russia 1.
- Reliance on partners for commercialisation limits control over sales and launch timing 1.
- A single supplier provides the basic chemicals for XR-17 technology, exposing the company to disruptions 1.
Opportunities
Risks
- Clinical trial failurehigh
Many candidates fail in clinical trials, and promising early results do not guarantee final success 1.
- Dependence on Elevarhigh
The partner's withdrawal from Apealea and its intention to transfer rights to third parties create uncertainty over commercialisation 1.
- Single-supplier sourcingmedium
The company uses one supplier for XR-17 raw materials, which could lead to shortages 1.
- Intellectual property protectionmedium
Patents may prove insufficient to prevent competitors from copying the technology 1.
- Situation in Eastern Europemedium
The conflict could have short- and long-term effects on the global economy and capital markets 1.
Investment thesis
What would need to be true (bull case)
- If Apealea expands commercialisation through new partners, the company could capitalise on an early investment spanning more than a decade 1.
- Cantrixil could become an important pillar if clinical studies confirm benefit in new indications 1.
- An expanding oncology market offers a favourable context for technologies that improve drug solubility 1.
What would break the thesis
- The 2022 impairments show that project value can be reduced quickly if commercial prospects change 1.
- The main partner's withdrawal from Apealea could leave the company without a clear commercialisation channel 1.
- Lower biotech deal activity could limit access to financing, especially for a company with modest resources 1.
What to watch
- New partner for Apealea commercialisation and terms of the rights transfer2023
- Results of the phase Ib study of Docetaxel micellar2024
- Decision on the next indication for Cantrixil2023
- Development of Apealea sales in Germany and other European countriesnext 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
Vivesto develops and commercialises oncology drugs using its proprietary XR-17 platform, patented as a New Chemical Entity, designed to improve the solubility of active substances. The main product, Apealea, received EU marketing authorisation at the end of 2018 and was launched in Germany in 2022 1. The company also has Cantrixil, in clinical phase, with indications such as ovarian and bladder cancer under evaluation 1.
Vivesto is listed on Nasdaq Stockholm and Frankfurt Stock Exchange, and its largest owner is Per Arwidsson through Arwidsro Investment AB, with a 24.8 percent stake at year-end 2022 1. The company withdrew from Russia in 2022 after the invasion of Ukraine, which paused distribution of Paclical (Apealea) in that region 1.
The operating structure is small, and the company depends on partners for commercialisation and on a single supplier for the basic chemicals of the XR-17 technology 1. Management describes these dependencies as sources of risk for project continuity.
Segments
Apealea (Paclical)
Apealea, known in Russia as Paclical, is a solvent-free paclitaxel formulation authorised in the EU and launched in Germany in 2022. Global commercialisation was delegated to partner Elevar, which in 2023 announced it would stop the project, and the carrying value was significantly reduced at year-end 2022 1.
Cantrixil
Cantrixil is a clinical-stage candidate for advanced ovarian cancer, acquired from Kazia Therapeutics. The company is evaluating alternative indications, including bladder cancer, before its next clinical study 1.
Docetaxel micellar
Docetaxel micellar is an early project based on the company's formulation technology, evaluated in a phase Ib study led by a Swiss group for prostate cancer 1.
Market context
The global cancer market is growing, with estimated new cases exceeding 16 million per year, driven mainly by rising life expectancy 1. In 2021, 30 new active substances were launched globally, a record level, indicating high activity in developing oncology drugs 1.
Biopharma M&A deal value fell, with total value in 2022 the lowest in five years, which could affect financing and partnering conditions for small companies such as Vivesto 1.
Trends
- Growth in new oncology drugstailwind
Record launches of new active substances show sustained interest in cancer therapies, which can create partnering opportunities.
- Shift toward personalised therapiesmixed
Therapies are increasingly individualised, and many treatments work only for patient subgroups, requiring more targeted studies and higher costs.
- Decline in biotech deal valueheadwind
Total biotech M&A value was the lowest in five years, which could limit small companies' access to capital.
- Geopolitical tensionsheadwind
The conflict in Eastern Europe generated volatility in global markets and led to the withdrawal from Russia, affecting access to certain markets.
Competitive position
Vivesto operates in a highly competitive market, competing with large pharmaceutical companies with established products and distribution channels, as well as early-stage biotech firms 1. Competition may also come from generic alternatives to the company's products 1.
Direct competitors for Apealea and Cantrixil are not named explicitly in the source, but the competitive risk is described generally, relating to the speed and success of other oncology developers 1.
- Large pharmaceutical companies with established oncology products
Competitors described generically in the annual report, with greater distribution channels and financial resources.
- Specialist oncology drug companies
Specialised firms that may develop products faster, cited as a competitive risk.
- Early-stage biotechnology firms
Small companies that may become significant competitors through partnerships with large firms.
- Generic medicine manufacturers
Could offer cheaper alternatives to the company's products after protection expires.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Vivesto AB · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.