olivLaw · European equity research
Isofol Medical AB (publ) ISOFOL.ST
Sweden · Nasdaq Stockholm · ISIN SE0009581051 · Vertical: Listed companies from Sweden
Isofol Medical is a Swedish biotech company developing arfolitixorin, a drug candidate for colorectal cancer meant to improve the effect of standard 5-FU chemotherapy. The company is at a critical point after its phase III AGENT study did not meet the objectives agreed with regulators, and its strategy now focuses on further analyses and smaller studies.
At the close of 05 Nov 2026, Isofol Medical AB (publ) (ISOFOL.ST) stock was 1.27 SEK (−11.91% on the day), with market capitalisation 205.3 m SEK, beta 0.43, 52-week range 0.58–1.44 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)
- 63.5
- strong (55–70)
- Bollinger (20, 2)
- 0.64 – 1.45
- in the upper half of the band · %B 0.78 · band width 77.9%
- SMA 50 / 200
- 0.87 / 0.76
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.14 / 0.11
- 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 | +61.2% | −0.6% | +61.9 pp | — |
| 3 months | +54.0% | −4.2% | +58.2 pp | — |
| 6 months | +83.8% | +4.3% | +79.5 pp | — |
| Year to date | +74.5% | +7.5% | +67.0 pp | — |
| 1 year | +82.0% | +9.9% | +72.1 pp | −8.5% |
| 3 years | +62.0% | +49.8% | +12.2 pp | +12.3% |
| 5 years | −84.8% | +42.8% | −127.6 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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 37.1 m | 22.4 m | 12.8 m |
| Revenue YoY | unavailable | −39.6% | −42.9% |
| Net income | -189.0 m | -200.3 m | -159.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -3.07 | -1.59 | -0.99 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -509.2% | -893.7% | -1,248.4% |
| Free cash flow | -160.3 m | -188.4 m | -191.0 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 190.6 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 158.5 m SEK
- Total assets
- 213.5 m SEK
- Debt / equity
- unavailable
- Current ratio
- 4.05x
- ROE
- -67.0%
- ROA
- -52.0%
- FCF margin
- -1,492.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 37.1 m | 22.4 m | 12.8 m | esef· 09 May 2023verified |
| Operating income | -186.5 m | -204.5 m | -167.5 m | esef· 09 May 2023verified |
| Depreciation & amortisation | 1.8 m | 1.6 m | 1.6 m | esef· 09 May 2023verified |
| EBITDA | -184.7 m ≈ | -202.9 m ≈ | -165.8 m ≈ | esef· 09 May 2023derived |
| Interest expense | 2.5 m | 168.0 k | 44.0 k | esef· 09 May 2023verified |
| Pre-tax income | -189.0 m | -200.3 m | -159.8 m | esef· 09 May 2023verified |
| Income tax | 1.0 k | 0 | 0 | esef· 09 May 2023verified |
| Net income | -189.0 m | -200.3 m | -159.8 m | esef· 09 May 2023verified |
| Diluted EPS | -3.07 | -1.59 | -0.99 | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 116.4 m | 379.4 m | 190.6 m | esef· 09 May 2023verified |
| Receivables | 2.3 m | 0 | 0 | esef· 09 May 2023verified |
| Current assets | 139.8 m | 394.6 m | 209.5 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 3.3 m | 1.7 m | 4.0 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 0 | 0 | 0 | esef· 09 May 2023verified |
| Total assets | 148.1 m | 401.4 m | 213.5 m | esef· 09 May 2023verified |
| Accounts payable | 20.9 m | 17.7 m | 7.5 m | esef· 09 May 2023verified |
| Current liabilities | 80.1 m | 83.0 m | 51.7 m | esef· 09 May 2023verified |
| Total liabilities | 81.6 m | 83.1 m | 55.0 m | esef· 09 May 2023verified |
| Equity | 66.6 m | 318.2 m | 158.5 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 61.6 m | 125.9 m | 161.4 m | esef· 09 May 2023derived |
Cash flow · SEK
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -160.3 m | -188.4 m | -191.0 m | esef· 09 May 2023verified |
| Capex | 0 | 0 | 0 | esef· 09 May 2023verified |
| Free cash flow | -160.3 m ≈ | -188.4 m ≈ | -191.0 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | 0 | 0 | 0 | esef· 09 May 2023verified |
| Financing cash flow | 150.0 m | 450.5 m | -1.7 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: 205.3 m 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 | -1,248.4% | 3 (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 | -3,805.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 4.0x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -93.0% | 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· partial3/100 · 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
Isofol Medical AB (publ) (ISOFOL.ST). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 12.8 m SEK in 2022; YoY growth -42.9%; net margin -1,248.4%; ROE -67.0%.
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: 4.0x
What contradicts it
- Net margin: -1,248.4%
- Interest coverage: -3,805.9x
- FCF yield: -93.0%
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% |
| 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 ISOFOL.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
Isofol Medical is a Swedish biotech company developing arfolitixorin, a drug candidate for colorectal cancer meant to improve the effect of standard 5-FU chemotherapy 1. The company is at a critical point after its phase III AGENT study did not meet the objectives agreed with regulators, and its strategy now focuses on further analyses and smaller studies 1.
SWOT
Strengths
- The company has a candidate with demonstrated potential in preclinical and clinical studies, described as the first and only directly acting folate of this kind 1.
- A network of partners in oncology research, manufacturing and patents provides specialised expertise without a large internal structure 1.
- Patent protection covers the substance and uses in several regions, supporting the competitive position over the long term 1.
Weaknesses
- The main phase III study did not meet its efficacy objectives, and the company has no approved products or sales revenue yet 1.
- The company depends on a single candidate and on a partnership with a licensor that may terminate the agreement if obligations are not met 1.
- The organisation was almost fully wound down after the study closure and now operates as a virtual structure with new leadership 1.
Opportunities
- Further analyses of the AGENT data could identify the causes of the result and open the way to new studies 1.
- A laboratory study on doses and administration form could provide useful information for resuming development 1.
- Positive results in the next steps could make the project more attractive to potential licensees in the pharmaceutical industry 1.
Threats
- Competing drugs or research projects with better results could reduce the future value of the candidate 1.
- Failure in further development steps could prevent obtaining the approvals required from regulatory authorities 1.
- The pandemic or other circumstances could delay studies and affect the financing of operations 1.
Risks
- Failure to obtain approvalhigh
Planned studies might not demonstrate sufficient safety and efficacy for authority approval 1.
- Dependence on the Merck licencehigh
If Isofol fails to meet its obligations under the Merck agreement, the licence could be terminated, with major negative effects 1.
- Study delaysmedium
Difficulties recruiting patients, agreeing terms with clinics or retaining participants could delay development 1.
- Dependence on key personnelmedium
The departure of key people or difficulty recruiting new expertise could slow the development of the candidate 1.
- Competition and future valuemedium
Competitors with better effects and faster market access could reduce the future value of the drug 1.
Investment thesis
What would need to be true (bull case)
- If further analyses find a clear cause for the AGENT result, such as an insufficient dose, the candidate could be reconsidered on a firmer basis 1.
- Patent protection until 2038 and a staged development plan could preserve the value of the project if subsequent studies are conclusive 1.
- A positive laboratory study result could attract interest from pharmaceutical licensees 1.
What would break the thesis
- The main study failing to show a significant difference from the standard could mean development is not successfully continued 1.
- The company has no revenue and depends on a single candidate, which could expose investors to losses if the strategy fails 1.
- The licence agreement with Merck and possible delays could postpone or prevent any future commercialisation 1.
What to watch
- Completion of detailed analyses of the AGENT study dataQ2 2023
- Start of the laboratory study on doses and administration formQ2 2023
- Results of the laboratory study and decision on the smaller clinical study2023
- Development of liquidity, as the company considers existing funds sufficientnext 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
Isofol Medical AB (publ) researches and develops a cancer therapy, mainly for colorectal cancer, and its activity consists almost entirely of developing the candidate arfolitixorin 1. The company presents arfolitixorin as the first and only directly acting folate-based candidate that enhances the tumour-inhibiting effect of 5-FU without causing more side effects 1. The company has not yet launched any product on the market and therefore has not generated sales revenue 1.
Segments
Arfolitixorin
The company's only drug candidate is arfolitixorin, intended for cancer treatment, especially colorectal cancer, in combination with 5-FU 1. The company holds an exclusive global licence from Merck for using and commercialising the substance 1.
Development strategy
After the negative AGENT result, the company planned a three-step strategy: detailed data analyses, a laboratory study on doses, and a small clinical study, each conditioned on the outcome of the previous step 1.
Market context
The targeted market is colorectal cancer treatment, where 5-FU is the current standard therapy and arfolitixorin was conceived as an improvement on it 1. The company indicates that only an analysis of possible causes of the study outcome can clarify whether this market remains accessible for the candidate 1.
Trends
- Failure of the phase III studyheadwind
The lack of a statistically significant difference versus the current standard has materially reduced the near-term commercial prospects of the candidate 1.
- Staged development with controlled costsmixed
The step-by-step evaluation strategy limits financial risk and lets the company decide based on results 1.
- Extended patent protectiontailwind
Patents for the use of arfolitixorin in most major cancers are granted until 2038, providing a long-lasting legal framework 1.
- Impact of the pandemicheadwind
The company noted that continued spread of covid-19 could negatively affect the conduct of clinical studies and the compilation of results, especially through delays 1.
Competitive position
The company names as a risk competing drugs or research projects that could achieve better results and reach the market faster 1. The source documents do not identify specific competitors with market shares or product names.
- Merck KGaA
Strategic partner and holder of rights and patents associated with arfolitixorin, which granted the company an exclusive global licence 1.
- Recipharm
Commercial manufacturer of arfolitixorin, involved in preparing production at commercial scale 1.
- Makers of competing drugs
The company mentions existing drugs or research projects that could offer a better effect and faster market access, without naming them 1.
- CRO service providers
Contract research organisations on which Isofol relies to run studies, not direct competitors 1.
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 / Isofol Medical AB (publ) · 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.