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Enorama Pharma AB
(ERMA)
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Rating:49Neutral
Price Target:
kr0.78
▼(-59.16% Downside)
Action:Reiterated
Date:08/26/26
The score is held down primarily by weak financial performance (tiny and declining revenue, deep losses, negative equity, and ongoing cash burn). Technicals provide a partial offset with improving medium-term momentum, but valuation remains unattractive due to losses (negative P/E) and no indicated dividend yield.
Positive Factors
Minimal Debt Burden
Very low leverage limits interest obligations and reduces insolvency risk from debt. This gives Enorama greater balance-sheet flexibility than a similarly loss-making company with substantial borrowings, although funding needs remain.
Negative Factors
Very Small and Declining Revenue
The very small and shrinking revenue base indicates limited commercial traction and weak operating scale. Sustained underperformance makes it harder to absorb fixed costs, fund development internally and establish durable negotiating leverage with partners.
Read all positive and negative factors
Positive Factors
Negative Factors
Minimal Debt Burden
Very low leverage limits interest obligations and reduces insolvency risk from debt. This gives Enorama greater balance-sheet flexibility than a similarly loss-making company with substantial borrowings, although funding needs remain.
Read all positive factors
Enorama Pharma AB (ERMA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr58.48M
Dividend YieldN/A
Average Volume (3M)4.35K
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth-87.19%
EPS Growth29.58%
CountrySE
Employees4
SectorGeneral
Sector StrengthN/A
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-0.91
Shares Outstanding74,588,684
10 Day Avg. Volume2,975
30 Day Avg. Volume4,348
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)-5.66
Price to Sales (P/S)48.45
P/FCF Ratio-2.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Enorama Pharma AB Business Overview & Revenue Model
Company Description
Enorama Pharma AB (publ), a pharmaceutical company, develops, manufactures, and sells medicated chewing gum in Sweden. It offers nicotine chewing gum and nicotine pouches under the NIC-S brand name. The company was incorporated in 2006 and is base...
How the Company Makes Money
Enorama Pharma AB’s primary monetization approach is to develop NRT product candidates (notably nicotine chewing gum) and seek to commercialize them through partnerships and/or licensing arrangements with established pharmaceutical or consumer-hea...
Enorama Pharma AB Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
22
Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.18M | 2.74M | 15.77M | 1.36M | 6.85M | 11.04M |
| Gross Profit | -45.16M | -61.78M | 3.70M | -3.90M | -616.00K | 2.13M |
| EBITDA | -57.68M | -61.65M | -20.41M | -43.05M | -37.22M | -26.28M |
| Net Income | -65.27M | -75.14M | -43.81M | -44.61M | -41.78M | -28.54M |
Balance Sheet | ||||||
| Total Assets | 22.95M | 8.26M | 15.89M | 34.38M | 48.72M | 50.93M |
| Cash, Cash Equivalents and Short-Term Investments | 17.76M | 3.04M | 2.08M | 6.15M | 4.14M | 12.20M |
| Total Debt | 0.00 | 0.00 | 0.00 | 436.00K | 1.91M | 3.79M |
| Total Liabilities | 59.58M | 31.71M | 8.09M | 14.85M | 17.20M | 29.58M |
| Stockholders Equity | -36.63M | -23.45M | 7.80M | 19.54M | 31.52M | 21.35M |
Cash Flow | ||||||
| Free Cash Flow | -45.27M | -59.26M | -35.70M | -41.35M | -32.96M | -31.99M |
| Operating Cash Flow | -45.27M | -59.26M | -35.70M | -41.35M | -32.96M | -30.16M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.82M |
| Financing Cash Flow | 54.65M | 50.69M | 35.29M | 41.86M | 25.34M | 39.51M |
Enorama Pharma AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | kr58.48M | -0.97 | ― | ― | -87.19% | 29.58% | |
48 Neutral | kr772.97M | -2.60 | ― | ― | 87.23% | 35.27% | |
46 Neutral | kr467.25M | -1.52 | -136.72% | ― | -76.75% | -42.26% | |
46 Neutral | kr439.35M | -9.76 | ― | ― | 3.26% | 16.82% |
* General Sector Average
SE:ERMA
Enorama Pharma AB
0.78
-1.92
-70.96%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.