olivLaw · European equity research
SynAct Pharma AB SYNACT.ST
Sweden · Nasdaq Stockholm · ISIN SE0008241491 · Vertical: Listed companies from Sweden
SynAct Pharma AB is a Swedish clinical phase 2 company developing drugs that stimulate the body's own immune system to fight inflammatory disease, centred on resomelagon in rheumatoid arthritis. Its relevance rises as the RA market stays large, at about 28.0 bn USD in 2024 across seven major markets.
At the close of 05 Nov 2026, SynAct Pharma AB (SYNACT.ST) stock was 14.98 SEK (−5.67% on the day), with market capitalisation 765.1 m SEK, beta 0.76, 52-week range 10.66–24.20 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)
- 27.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 15.42 – 18.33
- below the lower band · %B -0.15 · band width 17.3%
- SMA 50 / 200
- 17.70 / 17.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.52 / -0.34
- 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 | −13.0% | −0.6% | −12.4 pp | — |
| 3 months | −21.7% | −4.2% | −17.6 pp | — |
| 6 months | −0.4% | +4.3% | −4.7 pp | — |
| Year to date | −33.7% | +7.5% | −41.2 pp | — |
| 1 year | −32.7% | +9.9% | −42.6 pp | −8.5% |
| 3 years | +90.8% | +49.8% | +41.0 pp | +12.3% |
| 5 years | −88.2% | +42.8% | −131.1 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 | -215.8 m | -82.4 m | -110.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -6.64 | -2.08 | -2.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 53.4 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 170.3 m SEK
- Total assets
- 220.5 m SEK
- Debt / equity
- unavailable
- Current ratio
- 3.31x
- ROE
- -57.7%
- ROA
- -45.1%
- 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 |
| Gross profit | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Research & development | 105.1 m | 49.3 m | 85.6 m | esef· 26 Oct 2026verified |
| Operating income | -224.5 m | -90.0 m | -116.5 m | esef· 26 Oct 2026verified |
| Interest expense | 830.0 k | 3.0 m | 3.9 m | esef· 26 Oct 2026verified |
| Pre-tax income | -224.3 m | -90.8 m | -119.0 m | esef· 26 Oct 2026verified |
| Income tax | -8.5 m | -8.4 m | -8.2 m | esef· 26 Oct 2026verified |
| Net income | -215.8 m | -82.4 m | -110.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | -6.64 | -2.08 | -2.17 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 62.4 m | 61.2 m | 53.4 m | esef· 26 Oct 2026verified |
| Current assets | 75.1 m | 94.0 m | 71.3 m | esef· 26 Oct 2026verified |
| Total assets | 228.0 m | 270.5 m | 220.5 m | esef· 26 Oct 2026verified |
| Accounts payable | 9.7 m | 17.3 m | 9.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 24.9 m | 28.5 m | 21.5 m | esef· 26 Oct 2026verified |
| Equity | 176.2 m | 214.2 m | 170.3 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 32.5 m | 39.6 m | 51.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
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: 2 of at least 6
- score weight coverage: 10.4% 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: 765.1 m SEK
Key indicators
Coverage and freshness
Score by group
10% · 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: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | -30.1x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SynAct Pharma AB (SYNACT.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 SEK in 2025; ROE -57.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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: 3.3x
What contradicts it
- Interest coverage: -30.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 SYNACT.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
SynAct Pharma AB is a Swedish clinical phase 2 company developing drugs that stimulate the body's own immune system to fight inflammatory disease, centred on resomelagon in rheumatoid arthritis. Its relevance rises as the RA market stays large, at about 28.0 bn USD in 2024 across seven major markets 1.
SWOT
Strengths
- A portfolio built on a distinct mechanism, with studies in several indications and a clear strategy of proving concept before partnering 1.
- Strong academic collaborations in inflammation-resolution research, with leading researchers in the UK and Brazil 1.
- Potential use as a host-directed therapy for several viral infections, not just a single disease 1.
Weaknesses
- Resomelagon is the only candidate in clinical stage, which makes the company highly dependent on one product 1.
- The EXPAND study did not meet its primary endpoint, and the positive results came from post-hoc analyses 1.
- Recruitment in some studies has been slower than planned, and the nephropathy programme has lower priority as a result 1.
Opportunities
Threats
Risks
- Clinical study failurehigh
Phase 2 studies are costly and uncertain, and earlier positive results do not guarantee success in later stages 1.
- Dependence on one candidatehigh
Resomelagon is the only product in clinical stage, so its failure would directly affect the whole company 1.
- Patient recruitmentmedium
Delays in recruitment can prolong studies and raise costs, as seen in the nephropathy programme 1.
- Dependence on commercial partnersmedium
The business model relies on agreements with large companies, and a lack of suitable partners would delay commercialisation 1.
- Pricing pressure and regulationmedium
Cost-containment measures in the USA and EU may reduce the prices and reimbursement the company could eventually obtain 1.
Investment thesis
What would need to be true (bull case)
- If post-hoc findings from the EXPAND study are confirmed in ADVANCE, the company could demonstrate benefit in a segment of newly diagnosed patients with systemic inflammation 1.
- The rheumatoid arthritis market is large and stable, and a new mechanism that can be combined with existing therapies could find a place on the market 1.
- Expansion into viral infection therapy could create more ways to exploit the same candidate 1.
What would break the thesis
- The primary endpoint of the EXPAND study was not met, and the favourable subgroup could be a chance result 1.
- The company has no commercialised products and depends on future financing and partnerships to continue 1.
- Competition in RA is intense, and the low cost of existing therapies could limit the price of a new product 1.
What to watch
- Results of the phase 2b ADVANCE study and dose choice for phase 32026
- Start of the RESOVIR-2 dengue study, depending on local epidemicsQ2 2026
- Progress of the START study in polymyalgia rheumatica2026
- Start of phase 1 for TXP-11 and any partnership agreements2026
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
SynAct Pharma AB is a clinical phase 2 company focused on drugs that stimulate and strengthen the body's own immunity to fight inflammatory disease, according to its 2025 annual report 1. The company works exclusively on research and product development, with no sales of its own. Its model is to prove clinical concept in phase 2 studies and then sign commercial agreements with larger pharmaceutical companies 1.
The lead candidate is resomelagon (AP1189), an agent that selectively stimulates melanocortin receptors to help resolve chronic or excessive inflammation 1. Another programme, TXP-11, is a peptide intended to prevent organ failure after major surgery, trauma and infections and is in preclinical work 1. The company has not yet commercialised any product, so revenue depends on study success and partnerships 1.
The portfolio is organised into rheumatoid arthritis, polymyalgia rheumatica and idiopathic membranous nephropathy, plus host-directed therapy for viral infections, where resomelagon is tested in respiratory and dengue infections 1. Recruitment for the phase 2b ADVANCE study is complete, while the EXPAND study did not meet its primary endpoint 1.
Segments
Host-directed therapy in viral infections
The RESOVIR and RESPIRE programmes test resomelagon in infections that cause hyperinflammation, including COVID-19, influenza, RSV and dengue fever. RESOVIR-1 included 60 patients, and those treated with resomelagon recovered respiratory function 4.0 days faster than placebo patients 1. RESOVIR-2 and RESPIRE are ongoing, with results not yet confirmed 1.
Polymyalgia rheumatica and membranous nephropathy
The START study tests resomelagon in polymyalgia rheumatica to reduce dependence on glucocorticoids 1. For idiopathic membranous nephropathy, recruitment has fallen short because of a lack of suitable patients, which has given this programme lower priority 1.
Market context
Rheumatoid arthritis affects more than 18 million people worldwide, of whom about 13 million have moderate to severe disease 1. The seven major markets (USA, France, Germany, Italy, Spain, UK and Japan) reached a value of 28.0 bn USD in 2024, and the therapy market is estimated at 34.7 bn USD in 2035 1. The expected annual growth is 2 % over 2025-2035 despite biosimilars 1.
The global autoimmune treatment market could reach 200 bn dollars by 2031, growing at 3.7 % a year, supported by rising incidence and rising treatment costs 1. Patients who do not respond to advanced therapies create strong demand for new mechanisms that can be combined safely 1.
Trends
- Rising drug costsheadwind
Cost-containment initiatives in the USA and EU could affect prices and reimbursement, which could reduce future revenue if resomelagon reaches the market 1.
- Growth in autoimmune diseasetailwind
Rising incidence of autoimmune disease and new product launches support long-term demand for new therapies 1.
- Biosimilars and established therapiesheadwind
Biosimilars and older drugs such as methotrexate are cheap and limit commercial room for new RA products, although the market remains large 1.
- Interest in therapies that resolve inflammationmixed
The lack of options that combine safety and efficacy in advanced RA creates demand for new mechanisms such as the inflammation-resolving approach proposed for resomelagon 1.
Competitive position
Competition includes large pharmaceutical companies developing or marketing JAK inhibitors, anti-TNF biologics and biosimilars, as well as small research firms in inflammatory and autoimmune disease 1. The company notes that many competitors have larger financial and research resources, which could let them launch faster 1.
A stated advantage is a mechanism different from JAK inhibitors and biologic therapies, and the possibility of combining it with advanced therapies without a higher risk 1. This advantage depends on future study results, which are not yet confirmed 1.
- JAK inhibitor makers
Producers of JAK inhibitors, oral drugs that reduce inflammation and are named in the report as main competitors 1.
- Anti-TNF drug makers
Companies with anti-TNF biologic therapies, the first advanced line after DMARDs in many markets 1.
- Biosimilar producers
Firms offering cheaper biosimilar alternatives to biologic drugs, which limit pricing in RA 1.
- Independent inflammatory disease researchers
Small research companies developing therapies in neighbouring areas that could enter the same market 1.
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 / SynAct Pharma AB · 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.