Enorama Pharma AB (ERMA) AI Stock Analysis

Enorama Pharma AB

(Nasdaq OMX AB:ERMA)

Select Model

Rating:48Neutral

Price Target:SEK 0.83▼(-0.24% Downside)

Action:reiterated

Date:10/21/26

The score is held down primarily by very weak financial performance (persistent losses, ongoing cash burn, and negative equity). Technical indicators are somewhat supportive (price above key moving averages with neutral momentum), but valuation remains unattractive/undetermined due to negative earnings and no dividend data.

Positive Factors

Low financial leverageEffectively zero debt reduces near-term interest and refinancing pressure, giving the company more flexibility than a similarly loss-making business with substantial leverage. This balance-sheet feature can help preserve strategic options while management works to improve commercialization and profitability.

Negative Factors

Persistent unprofitabilityPersistent operating and net losses show that the current business has not yet established a sustainable earnings model. Deeply negative margins indicate sales are insufficient to cover the cost base, leaving profitability dependent on a material improvement in scale, pricing, or operating efficiency.

Enorama Pharma AB (ERMA) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 62.65M
Dividend Yield: ―
Average Volume (3M): 231.23K
Price to Earnings (P/E): -1.0
Beta (1Y): 1.01
Revenue Growth: -87.19%
EPS Growth: 29.58%
Country: Sweden
Employees: 4
Sector: General
Sector Strength: 55
Industry: Medical - Pharmaceuticals

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 based i...

Enorama Pharma AB Financial Statement Overview

Summary

Financials are very weak: persistent operating and net losses, a sharp TTM revenue contraction (~34%) with deeply negative margins, and consistently negative operating cash flow/free cash flow. While debt is low, stockholders’ equity turned negative in 2025 and remains negative in TTM, signaling elevated funding/continuity risk.

Income Statement

8Very Negative

Balance Sheet

18Very Negative

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.45M	2.74M	15.77M	1.36M	6.85M	11.04M
Gross Profit	-42.79M	-61.78M	3.70M	-3.90M	-616.00K	2.13M
EBITDA	-54.13M	-61.65M	-20.41M	-40.18M	-37.22M	-25.56M
Net Income	-59.68M	-75.14M	-43.81M	-44.61M	-41.78M	-28.54M
Balance Sheet
Total Assets	6.95M	8.26M	15.89M	34.38M	48.72M	50.93M
Cash, Cash Equivalents and Short-Term Investments	2.10M	3.04M	2.08M	6.15M	4.14M	12.20M
Total Debt	0	0	0	436.00K	1.91M	3.79M
Total Liabilities	57.39M	31.71M	8.09M	14.85M	17.20M	29.58M
Stockholders Equity	-50.44M	-23.45M	7.80M	19.54M	31.52M	21.35M
Cash Flow
Free Cash Flow	-53.05M	-59.26M	-35.70M	-41.35M	-32.96M	-31.99M
Operating Cash Flow	-53.05M	-59.26M	-35.70M	-41.35M	-32.96M	-30.16M
Investing Cash Flow	0	0	0	0	0	-1.82M
Financing Cash Flow	51.67M	50.69M	35.29M	41.86M	25.34M	39.51M

Enorama Pharma AB Technical Analysis

Technical Analysis SentimentPositive

Last Price0.83

Price Trends

50DMA0.78Positive

100DMA0.58Positive

200DMA0.60Positive

Market Momentum

MACD0.05Positive

RSI50.89Neutral

STOCH23.14Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ERMA, the sentiment is Positive. The current price of 0.83 is above the 20-day moving average (MA) of 0.81, above the 50-day MA of 0.78, and above the 200-day MA of 0.60, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 50.89 is Neutral, neither overbought nor oversold. The STOCH value of 23.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ERMA.

Enorama Pharma AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:ERMA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ERMA	48Neutral	SEK 62.65M	-1.04	―	―	-87.19%	29.58%
SE:ONCO	47Neutral	SEK 721.66M	-2.14	―	―	87.23%	35.27%
SE:ENZY	44Neutral	SEK 551.01M	-12.24	―	―	-2.36%	23.44%
SE:ORX	42Neutral	SEK 163.96M	-0.44	-115.03%	―	-97.68%	-83.26%

* General Sector Average

Performance Comparison

SE:ERMA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:ERMA	Enorama Pharma AB	0.84	-1.96	-70.00%
SE:ORX	Orexo AB	4.70	-22.75	-82.90%
SE:ONCO	Oncopeptides AB	1.67	-3.75	-69.16%
SE:ENZY	Enzymatica AB	2.27	0.32	16.41%
SE:DICOT	Dicot Pharma AB	0.22	-0.23	-51.66%
SE:CINPHA	Cinclus Pharma Holding AB	11.98	-4.96	-29.28%

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.

Date of analysis: Oct 21, 2026

Enorama Pharma AB AI Stock Analysis