olivLaw · European equity research
Nanologica AB (publ) NICA.ST
Sweden · Nasdaq Stockholm · ISIN SE0005454873 · Vertical: Listed companies from Sweden
Nanologica AB is a Swedish life science tools company that produces silica purification media for preparative chromatography, used to purify insulin and GLP-1 analogues. Its relevance grows as demand for these medicines expands, but the company remains loss-making with very small revenue.
At the close of 05 Nov 2026, Nanologica AB (publ) (NICA.ST) stock was 0.16 SEK (+0.00% on the day), with market capitalisation 14.4 m SEK, beta 1.09, 52-week range 0.16–1.68 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)
- 22.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.12 – 0.31
- in the lower half of the band · %B 0.23 · band width 87.5%
- SMA 50 / 200
- 0.28 / 0.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- 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 | −44.9% | −0.6% | −44.3 pp | — |
| 3 months | −64.9% | −4.2% | −60.7 pp | — |
| 6 months | −68.0% | +4.3% | −72.3 pp | — |
| Year to date | −79.2% | +7.5% | −86.7 pp | — |
| 1 year | −87.2% | +9.9% | −97.1 pp | −8.5% |
| 3 years | −98.5% | +49.8% | −148.4 pp | +12.3% |
| 5 years | −98.5% | +42.8% | −141.3 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.6 m | 1.4 m | 14.5 m | 21.1 m |
| Revenue YoY | unavailable | −7.2% | +907.5% | +45.3% |
| Net income | -55.2 m | -75.2 m | -65.6 m | -51.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.84 | -2.08 | -1.32 | -0.58 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -3,551.8% | -5,208.4% | -451.4% | -242.8% |
| Free cash flow | -46.8 m | -37.6 m | -81.0 m | -40.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 22.6 m SEK
- Total assets
- 88.1 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.85x
- ROE
- -106.0%
- ROA
- -44.4%
- FCF margin
- -193.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.6 m | 1.4 m | 14.5 m | 21.1 m | esef· 28 Oct 2026verified |
| Operating income | -50.9 m | -70.0 m | -59.3 m | -46.8 m | esef· 28 Oct 2026verified |
| Depreciation & amortisation | 11.9 m | 19.4 m | 15.5 m | — | esef· 08 May 2025verified |
| EBITDA | -39.0 m ≈ | -50.6 m ≈ | -43.7 m ≈ | — | esef· 08 May 2025derived |
| Interest expense | 5.1 m | 5.7 m | 6.7 m | 4.7 m | esef· 28 Oct 2026verified |
| Pre-tax income | -55.2 m | -75.2 m | -65.6 m | -51.3 m | esef· 28 Oct 2026verified |
| Income tax | 0 | 0 | 35.0 k | 0 | esef· 28 Oct 2026verified |
| Net income | -55.2 m | -75.2 m | -65.6 m | -51.3 m | esef· 28 Oct 2026verified |
| Diluted EPS | -1.84 | -2.08 | -1.32 | -0.58 | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 70.3 m | 10.1 m | 48.4 m | 3.5 m | esef· 28 Oct 2026verified |
| Inventories | 1.2 m | 3.0 m | 32.7 m | 27.7 m | esef· 28 Oct 2026verified |
| Current assets | 116.7 m | 38.5 m | 113.5 m | 67.7 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | — | — | 3.2 m | 3.5 m | esef· 28 Oct 2026verified |
| Total assets | 154.5 m | 77.4 m | 143.1 m | 88.1 m | esef· 28 Oct 2026verified |
| Accounts payable | — | 4.9 m | 13.1 m | 6.9 m | esef· 28 Oct 2026verified |
| Short-term debt | 1.3 m | 0 | — | — | esef· 23 Apr 2024verified |
| Current liabilities | 13.5 m | 11.9 m | 68.7 m | 36.7 m | esef· 28 Oct 2026verified |
| Total liabilities | 81.4 m | 79.3 m | 69.0 m | 65.5 m | esef· 28 Oct 2026verified |
| Equity | 73.2 m | -1.9 m | 74.1 m | 22.6 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 30.0 m | 36.1 m | 49.7 m | 88.4 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -45.2 m | -35.8 m | -80.7 m | -39.8 m | esef· 28 Oct 2026verified |
| Capex | 1.6 m | 1.8 m | 262.0 k | 1.1 m | esef· 28 Oct 2026verified |
| Free cash flow | -46.8 m ≈ | -37.6 m ≈ | -81.0 m ≈ | -40.9 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -7.1 m | -20.4 m | -742.0 k | -1.1 m | esef· 28 Oct 2026verified |
| Financing cash flow | 111.7 m | -4.1 m | 120.2 m | -3.3 m | esef· 28 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: 5 of at least 6
- score weight coverage: 33.3% 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: 14.4 m SEK
Key indicators
Coverage and freshness
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -242.8% | 3 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 138.6% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -284.7% | 0 (on a fixed band) | 25% |
| 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 sheet35/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 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
Nanologica AB (publ) (NICA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 21.1 m SEK in 2025; YoY growth 45.3%; net margin -242.8%; ROE -106.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- Revenue CAGR 3Y: 138.6%
- Current ratio: 1.8x
What contradicts it
- Net margin: -242.8%
- Interest coverage: -10.0x
- FCF yield: -284.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, 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 NICA.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
Nanologica AB is a Swedish life science tools company that produces silica purification media for preparative chromatography, used to purify insulin and GLP-1 analogues. Its relevance grows as demand for these medicines expands, but the company remains loss-making with very small revenue 1.
SWOT
Strengths
Weaknesses
- The company has operating losses and still very small revenue, and profitability has not yet been reached 1.
- Production depends on external partners for large volumes, which adds operational dependence 1.
- Sales are concentrated on a small number of customers, and one major customer in China accounts for a large share 1.
Opportunities
- Demand for insulin, GLP-1 analogues and biosimilars could expand the company's addressable market 1.
- If production and quality remain stable, the company could win larger shares in a market with a capacity shortage 1.
- Launching new products, such as NLAB Idun, could widen the portfolio and the addressable market 1.
Risks
- Continued operating losseshigh
The operating result stayed negative in 2024, and the company depends on shareholder capital to finance its operations 1.
- Customer concentrationhigh
A significant part of sales comes from one major customer in China, and losing this customer could affect revenue 1.
- Uncertain order timingmedium
The long sales cycle and difficulty predicting orders could delay revenue growth 1.
- Production riskmedium
Silica production depends on demanding processes and external partners, and stoppages could interrupt deliveries 1.
- Dilution and shareholder structuremedium
The main shareholder holds a very large stake, and share issues and options can dilute minority shareholders 1.
Investment thesis
What would need to be true (bull case)
- If demand for GLP-1 analogues and biosimilars grows, the company could benefit from a market with insufficient capacity 1.
- Repeat orders from China show the product can be used in industrial production, which could support sales growth 1.
- If production stabilises and costs fall, the company could reach a sales level that supports its operations 1.
What would break the thesis
What to watch
- Quarterly revenue trend and orders from ChinaQ1 2025
- Progress on NLAB Saga® production and yield2025
- Launch of the NLAB Idun product2025
- Repayment of the loan from the main shareholder and the financing plannext 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
Nanologica develops, manufactures and sells advanced consumables for pharmaceutical manufacturers, building on materials science and nanotechnology. Its main product, NLAB Saga®, is a silica purification medium for industrial-scale preparative chromatography, aimed especially at insulin and GLP-1 analogues 1. The company describes itself as a supplier of high-quality goods and services, not as a pharmaceutical company 1.
In 2024 net revenue was 14 538 TSEK, up from 1 443 TSEK in 2023, while operating result stayed negative at -59 255 TSEK 1. Large-scale silica production is carried out by a partner in the United Kingdom and Ireland, while development and customer support are concentrated at the head office in Södertälje 1. The company is listed on Nasdaq Stockholm's main list 1.
Sales started in 2024 were supported by repeat orders from a major customer in China that uses NLAB Saga® in the production of several GLP-1 analogues 1. The company aims to become a profitable business, but currently relies on share issues to finance its operations 1.
Segments
Market context
The global market for silica-based chromatography media for insulin and peptides was estimated at 100 MUSD in 2024, and the company expects it to reach at least 150 MUSD by 2030 1. The total chromatography market for these customers could be at least twice as large and grow 5-10% per year, according to company estimates 1.
The company describes the market as an oligopoly with insufficient capacity, where Kromasil is the recognised leader, followed by Osaka Soda and YMC 1. Nanologica states its products are of comparable quality to the leader, but these market estimates are the company's own and have not been independently verified 1.
Trends
- Expiry of GLP-1 patentstailwind
The expiry of semaglutide protection in China in 2026 could stimulate biosimilars and demand for high-purity silica 1. If more producers enter the market, prices could fall, which could raise volumes and pressure for lower costs 1.
- Growth in insulin and peptide marketstailwind
The company estimates annual growth of around 4% for human insulin through 2028 and rising demand for peptides 1. The limited capacity of existing silica producers could deepen supply shortages 1.
- Price pressure in healthcare systemsmixed
Healthcare systems in Europe and the USA are encouraging biosimilars for savings, which could push manufacturers to cut production costs 1. The company believes this favours products that retain efficiently and last longer 1.
- Dependence on order timingheadwind
The sales cycle usually lasts between 3 and 18 months, and management says it is hard to predict when orders will arrive 1. This uncertainty could delay revenue and keep losses in place for longer 1.
Competitive position
Direct competition comes from a few large-scale producers of high-purity spherical silica: Kromasil, Osaka Soda and YMC, according to the company 1. New suppliers from Asia, such as NanoMicro in China, have also appeared, which shows there is demand for additional suppliers 1.
Entry barriers are high because developing large-scale production of high-purity silica takes a long time 1. Nanologica's advantage, as the company itself states, is the mechanical and chemical stability of NLAB Saga®, but this needs to be confirmed by customers and future commercial results 1.
- Kromasil
Recognised market leader in silica for insulin and peptide purification, according to the company 1.
- Osaka Soda
Main competitor named by the company in the peptide silica segment 1.
- YMC
Main competitor named by the company in the peptide silica segment 1.
- NanoMicro
Newer entrant in the Asian market, from China, mentioned by the company 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Nanologica AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.