olivLaw · European equity research
Xspray Pharma AB (publ) XSPRAY.ST
Sweden · Nasdaq Stockholm · ISIN SE0009973563 · Vertical: Listed companies from Sweden
Xspray Pharma develops, on the basis of its patented HyNap technology, improved amorphous versions of protein kinase inhibitors (PKIs) used in cancer treatment. The company's relevance grows against a global oncology drug market estimated at 242 bn USD in 2025 and the expiry of numerous substance patents by 2030.
At the close of 05 Nov 2026, Xspray Pharma AB (publ) (XSPRAY.ST) stock was 12.88 SEK (+6.98% on the day), with market capitalisation 495.1 m SEK, beta 0.47, 52-week range 9.20–36.15 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)
- 71.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.64 – 12.32
- above the upper band · %B 1.21 · band width 24.4%
- SMA 50 / 200
- 10.39 / 18.69
- mixed trend
- MACD (12, 26, 9)
- 0.39 / 0.17
- 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 | +15.2% | −0.6% | +15.9 pp | — |
| 3 months | −12.5% | −4.2% | −8.3 pp | — |
| 6 months | −44.8% | +4.3% | −49.2 pp | — |
| Year to date | −59.0% | +7.5% | −66.6 pp | — |
| 1 year | −47.9% | +9.9% | −57.8 pp | −8.5% |
| 3 years | −61.9% | +49.8% | −111.7 pp | +12.3% |
| 5 years | −79.5% | +42.8% | −122.3 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 | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -179.7 m | -285.5 m | -171.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -6.76 | -8.62 | -4.46 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -206.0 m | -226.7 m | -193.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 153.7 m SEK
- Financial debt
- 121.3 m SEK
- Net debt
- -32.4 m SEK
- Equity
- 604.6 m SEK
- Total assets
- 769.3 m SEK
- Debt / equity
- 0.20x
- Current ratio
- 8.44x
- ROE
- -27.9%
- ROA
- -21.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Research & development | 40.3 m | 79.4 m | 10.8 m | esef· 26 Oct 2026verified |
| Operating income | -181.7 m | -287.0 m | -156.9 m | esef· 26 Oct 2026verified |
| Interest expense | 675.0 k | 1.9 m | 16.9 m | esef· 26 Oct 2026verified |
| Pre-tax income | -179.7 m | -285.7 m | -171.5 m | esef· 26 Oct 2026verified |
| Income tax | -17.0 k | -151.0 k | -104.0 k | esef· 26 Oct 2026verified |
| Net income | -179.7 m | -285.5 m | -171.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | -6.76 | -8.62 | -4.46 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 26.6 m | 33.1 m | 38.5 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 166.3 m | 208.2 m | 153.7 m | esef· 26 Oct 2026verified |
| Receivables | 4.2 m | 4.0 m | 3.8 m | esef· 26 Oct 2026verified |
| Inventories | 43.8 m | 20.3 m | 22.3 m | esef· 26 Oct 2026verified |
| Current assets | 217.8 m | 235.1 m | 182.9 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 79.2 m | 71.0 m | esef· 26 Oct 2026verified |
| Total assets | 765.3 m | 796.3 m | 769.3 m | esef· 26 Oct 2026verified |
| Short-term debt | — | 96.0 m | 0 | esef· 26 Oct 2026verified |
| Long-term debt | — | 0 | 121.3 m | esef· 26 Oct 2026verified |
| Current liabilities | 39.9 m | 146.1 m | 21.7 m | esef· 26 Oct 2026verified |
| Equity | 693.4 m | 623.1 m | 604.6 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 26.6 m | 33.1 m | 38.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -203.3 m | -222.4 m | -193.2 m | esef· 26 Oct 2026verified |
| Capex | 2.7 m | 4.4 m | 0 | esef· 26 Oct 2026verified |
| Free cash flow | -206.0 m ≈ | -226.7 m ≈ | -193.2 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -65.9 m | -42.1 m | -29.2 m | esef· 26 Oct 2026verified |
| Financing cash flow | 315.6 m | 306.1 m | 168.3 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: 29.2% 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: 495.1 m SEK
Key indicators
Coverage and freshness
Score by group
29% · 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: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -24.3% | 13 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -9.3x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | 8.4x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -39.0% | 0 (on a fixed band) | 29% |
| 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· partial13/100 · 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
Xspray Pharma AB (publ) (XSPRAY.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 SEK in 2025; ROE -27.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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: 8.4x
What contradicts it
- ROIC: -24.3%
- Interest coverage: -9.3x
- FCF yield: -39.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, 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% |
| 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 XSPRAY.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
Scenarios are not available. input data missing
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
Xspray Pharma develops, on the basis of its patented HyNap technology, improved amorphous versions of protein kinase inhibitors (PKIs) used in cancer treatment. The company's relevance grows against a global oncology drug market estimated at 242 bn USD in 2025 and the expiry of numerous substance patents by 2030.
SWOT
Strengths
- The HyNap technology is patented and has been tested on several already marketed PKIs, with results the company considers good.
- The 505(b)(2) regulatory path allows development to rely on studies of the reference product, which shortens time and reduces costs.
- The company controls its manufacturing equipment and patent portfolio, which gives it flexibility in production and in licence negotiations.
Weaknesses
- The company depends on a limited number of candidate products, and delays in regulatory approval could affect the launch timetable.
- Management has acknowledged that some previously announced launches were postponed, which could weigh on investor confidence.
- Production depends on external contract manufacturers, creating reliance on third parties for quality and delivery.
Opportunities
- The expiry of substance patents for several PKIs could open market windows for improved products.
- Licensing of the patent portfolio, begun with the Handa agreement, could generate additional revenue if further partners are identified.
- The US market, where PKI prices are high, could offer higher margins for the company's products.
Threats
- Generics and other competing products may enter the market and reduce Xspray's market share.
- Rejections or additional requests from the regulator could delay launches.
- Pressure from health authorities on oncology prices could reduce revenue from marketed products.
Risks
- Approval delayshigh
Approval decisions are taken by the regulator, and management has stated it is not giving a date. Delays could postpone expected revenue.
- Dependence on one lead producthigh
Dasynoc plays a central role in the strategy. If its launch or uptake were weak, the impact on the company could be large.
- Patent litigationmedium
The company mentions possible court actions linked to marketing applications, which could delay a launch.
- Dependence on external contract manufacturersmedium
Production of the amorphous substance is carried out at external CMOs, creating risks of interruption or quality issues.
- Leadership transitionlow
A new chief executive takes over during the year, and the transition could influence the pace of execution.
Investment thesis
What would need to be true (bull case)
- If the HyNap technology demonstrates clinical advantages on candidate products, the company could capture market share from originators in a large oncology market.
- The simplified regulatory path and lower development costs could allow the company to launch several products with relatively modest effort.
- Licensing and commercialisation agreements could bring revenue without large proprietary marketing investment.
What would break the thesis
- A history of delays and rejections could suggest that announced timelines are hard to meet, which could weigh on market confidence.
- Generics and other formulations could erode the profile advantage of Xspray's products, especially if authorities or payers do not recognise clinical differences.
- Dependence on a small number of products and external partners could make revenue volatile and hard to forecast.
What to watch
- FDA decision on the first candidate product (Dasynoc) and any additional requests2026
- Appointment and priorities of the new chief executive, starting in June2026
- Progress in development of the nilotinib, axitinib and cabozantinib candidates2027
- New licence or commercialisation agreements for the patent portfolionext 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
Xspray Pharma AB uses its proprietary HyNap technology, which produces an amorphous solid dispersion of the active substance, to develop candidate products that are improved versions of marketed crystalline PKIs. The company aims for these products to have better solubility and bioavailability, more uniform absorption and fewer food and gastric pH interactions. The approval path relies on the FDA's 505(b)(2) route, which shortens development and reduces costs, mainly requiring phase I studies in healthy volunteers. According to the 2025 annual report, the commercial strategy primarily targets the United States.
The business model combines internal development with commercial monetisation through partners. Xspray keeps financial and strategic control over products, while manufacturing is carried out by external contract manufacturers (CMOs), with the company owning the manufacturing equipment. From 2025 the company has also begun monetising its patent portfolio through licences, such as the agreement with Handa Therapeutics for dasatinib in the US market.
The company structures its activity around a limited portfolio of candidate products, led by Dasynoc, for which a US commercialisation partnership exists with EVERSANA. The other candidates in the portfolio, based on nilotinib, axitinib and cabozantinib, are at earlier development stages, according to the strategy presentation in the report.
Segments
Dasynoc (dasatinib)
Dasynoc is the company's lead product, over which Xspray retains financial and strategic control, with US commercialisation supported by EVERSANA. Launch preparation is advanced, with exclusivity questions clarified through the licence agreement with Handa Therapeutics.
Candidates in development (nilotinib, axitinib, cabozantinib)
Besides Dasynoc, the portfolio includes candidates based on nilotinib, axitinib and cabozantinib, at different stages of development. The launch timing depends on decisions by the regulator, which management has described as not schedulable in time.
Patent licensing
The agreement with Handa Therapeutics is the first licence from the patent portfolio, with a royalty of up to double-digit percentage on net sales. The company indicates that further licences will be evaluated case by case on commercial and strategic terms.
Market context
Protein kinase inhibitors are the largest category in oncology, and their US sales are estimated at roughly one third of the total oncology market. More than 90 PKIs are already marketed in the US, of which 23 have substance patents expiring by 2030, which opens launch windows for alternative products.
Trends
- Ageing populationtailwind
Longer life expectancy and falling birth rates, particularly in Europe, the US and Japan, increase demand for treatments for chronic and oncological diseases. This could support demand for targeted long-term therapies.
- Expiry of original patentsmixed
Many substance patents for PKIs expire by 2030, opening launch windows for products with a different patent profile. Competition from generics remains a pressure on prices.
- Rising use of patented medicinestailwind
Use of expensive patented medicines could rise, especially in emerging economies, and medicines for rare diseases are gaining a growing share.
- Pricing and regulatory pressureheadwind
The high cost of oncology treatments draws the attention of health authorities, which could limit prices and access in certain markets.
Competitive position
The main competition comes from originators of already marketed PKIs and from generic manufacturers, who may enter the market after patents expire. Xspray argues that its amorphous products keep their profile advantages even after secondary patents expire, unlike generics that fully copy the original.
Competition also includes other developers of improved formulations for the same molecules, as well as companies licensed for dasatinib that may enter the same market niche. The report does not provide a quantitative analysis of market shares.
- PKI originators (reference drug manufacturers)
Companies holding the original medicines with the same active molecules, whose patent protection influences the timing of Xspray's launches.
- Generic manufacturers
They may enter the market after substance patents expire and can exert price pressure, although they do not offer the same improved amorphous profile.
- Handa Therapeutics
Licensing partner that markets a dasatinib product in the US market and certain Asian markets, with rights limited under the agreement.
- Developers of alternative formulations
Companies working on formulation technologies to improve solubility or absorption of kinase inhibitors, competing in the same technology niche.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Xspray Pharma AB (publ) · 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.