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Hansa Biopharma AB
(HNSA)
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Rating:56Neutral
Price Target:
kr48.00
▲(10.85% Upside)
Action:Reiterated
Date:07/25/26
The score is held back primarily by very weak financial performance (sharp TTM revenue decline, heavy losses, sustained cash burn, and negative equity with high debt). Offsetting this, the latest earnings call was notably positive due to the SERB deal and strong clinical/regulatory progress toward a December 2026 PDUFA, and technicals show solid upward momentum with price above key moving averages. Valuation remains challenged because profitability is negative and no dividend yield is provided.
Positive Factors
SERB deal strengthens liquidity
The SERB transaction materially improves funding capacity ahead of potential U.S. approval, extending runway for commercialization and development. The upfront also reduces immediate dependence on additional financing while Hansa transitions regional rights and prepares its launch infrastructure.
Negative Factors
Persistent losses and cash burn
Sustained negative operating and free cash flow indicates that the business is not yet self-funding and remains reliant on external capital or transaction proceeds. Large losses may constrain investment flexibility if commercialization takes longer or expenses remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
SERB deal strengthens liquidity
The SERB transaction materially improves funding capacity ahead of potential U.S. approval, extending runway for commercialization and development. The upfront also reduces immediate dependence on additional financing while Hansa transitions regional rights and prepares its launch infrastructure.
Read all positive factors
Hansa Biopharma AB (HNSA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.71B
Dividend YieldN/A
Average Volume (3M)762.44K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth-3.57%
EPS Growth8.84%
CountrySE
Employees131
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-7.86
Shares Outstanding101,763,220
10 Day Avg. Volume660,633
30 Day Avg. Volume762,437
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)-31.35
Price to Sales (P/S)12.55
P/FCF Ratio-5.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr103.00Price Target Upside137.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.24
Revenue Forecast (FY)kr467.18M
Hansa Biopharma AB Business Overview & Revenue Model
Company Description
Hansa Biopharma AB (publ) is a biopharmaceutical firm dedicated to developing immunomodulatory therapies. Leveraging its unique enzyme technology platform, the company targets treatments that facilitate organ transplants and address rare autoimmun...
How the Company Makes Money
Hansa Biopharma makes money primarily through (1) product revenue from sales of its approved therapy imlifidase (Idefirix) in markets where it is commercialized, and (2) collaboration and partnering income where applicable (e.g., payments tied to ...
Hansa Biopharma AB Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call contained several strong strategic and clinical positives — notably the EUR 150M out‑licensing deal (EUR 110M upfront), robust ConfideS and PAES efficacy data supporting improved kidney function and reduced dialysis dependence, and clear U.S. launch preparations with meaningful QoQ sales momentum. Offsetting these positives were near‑term commercial and financial headwinds: slight YoY revenue decline, materially higher SG&A and a widened operating loss, accounting and transition uncertainty related to the SERB transaction, and a higher observed rate of AMR that requires management despite being treatable. On balance, the transformative financing, convincing Phase III/confirmatory data, and launch readiness materially outweigh the short‑term operating and transition challenges, supporting a constructive outlook heading into the regulatory decision period.Positive Updates
Major Out‑licensing Deal and Cash Inflow
Closed EUR 150M out‑licensing agreement with SERB Pharmaceuticals covering EU/UK/CH/NO/LI/IS and MENA; EUR 110M upfront received post‑quarter. Pro forma Q2 cash including the upfront would be ~SEK 1.8 billion (~$185M), materially strengthening the balance sheet and extending runway ahead of potential U.S. approval.
Negative Updates
Slight Revenue Decline Year‑over‑Year
Total revenue Q2 2026 SEK 48.1M, a 2% decrease versus Q2 2025 (SEK 49.1M); product sales down 2% YoY to SEK 46.8M, reflecting flat near‑term commercial performance in Europe despite QoQ improvement.
Read all updates
Q2-2026 Updates
Positive
Negative
Major Out‑licensing Deal and Cash Inflow
Closed EUR 150M out‑licensing agreement with SERB Pharmaceuticals covering EU/UK/CH/NO/LI/IS and MENA; EUR 110M upfront received post‑quarter. Pro forma Q2 cash including the upfront would be ~SEK 1.8 billion (~$185M), materially strengthening the balance sheet and extending runway ahead of potential U.S. approval.
Read all positive updates
Company Guidance
The company reiterated actionable near‑term guidance: it is five months from a PDUFA on December 19, 2026 and expects to be launch‑ready for potential U.S. availability in Q1 2027, will pursue conversion from conditional to full EMA approval next year (positive PAES topline; EUR 5m milestone on EMA acceptance), plans to apply for NTAP later this year, and is targeting an IND for HNSA‑5487 before year‑end while continuing to profile and ready the top ~100 U.S. transplant centers (≈80% of volume) via a field team covering all ~200 centers and presenting data at TTS (Sept), ASHI (Oct) and ASN (Oct); financially Q2 revenue was SEK 48.1m (product sales SEK 46.8m; down 2% YoY from SEK 49.1m/47.8m but up 39% vs Q1 2026), SG&A SEK 119m (up 12% vs Q1’s SEK 106m; +SEK 28m vs Q2 2025 SEK 91m), R&D SEK 68m (29% or SEK 28m favorable YoY), operating loss SEK 174m (vs SEK 155m), cash used in operations SEK 104m (vs SEK 112m), cash SEK 553m (≈$57m) excluding the EUR 110m SERB upfront which brings pro‑forma cash to ≈SEK 1.8bn (≈$185m), and headcount 153 (vs 140 in Q2 2025, 122 in Q1 2026); clinical metrics supporting the plan include ConfideS eGFR 51.5 vs 19.3 ml/min (Δ32.2 ml/min; p<0.0001), dialysis‑dependency 5 vs 17 (p=0.0007), patient survival 97% vs 100%, AMR 57% vs 46% with no graft loss from AMR, and an estimated U.S. addressable market of ~$2bn (100,000 on the waitlist, 7,000 with CPRA>98%, ~27,000 transplants/year, ~9,000 kidneys discarded annually).Hansa Biopharma AB Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 189.46M | 222.26M | 171.32M | 134.09M | 154.53M | 33.88M |
| Gross Profit | 108.59M | 138.71M | 87.76M | 70.95M | 116.05M | 18.45M |
| EBITDA | -569.21M | -483.82M | -642.07M | -714.55M | -554.26M | -538.83M |
| Net Income | -770.15M | -534.11M | -807.24M | -831.72M | -611.13M | -548.28M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.17B | 800.64M | 1.02B | 1.69B | 1.01B |
| Cash, Cash Equivalents and Short-Term Investments | 552.81M | 701.08M | 405.28M | 732.06M | 1.50B | 888.96M |
| Total Debt | 1.03B | 933.82M | 1.08B | 866.77M | 791.09M | 35.38M |
| Total Liabilities | 1.59B | 1.25B | 1.39B | 1.19B | 1.08B | 255.24M |
| Stockholders Equity | -520.24M | -88.99M | -589.83M | -167.88M | 602.91M | 757.57M |
Cash Flow | ||||||
| Free Cash Flow | -546.24M | -549.17M | -675.00M | -755.94M | -506.06M | -483.57M |
| Operating Cash Flow | -527.70M | -549.17M | -674.88M | -755.65M | -502.73M | -481.17M |
| Investing Cash Flow | -18.54M | 0.00 | -116.00K | -284.00K | 229.31M | -2.40M |
| Financing Cash Flow | 744.87M | 847.96M | 346.81M | -7.54M | 1.12B | -4.86M |
Hansa Biopharma AB Technical Analysis
Positive
43.30
Price Trends
37.77
Positive
34.24
Positive
33.43
Positive
Market Momentum
2.26
Negative
64.78
Neutral
67.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HNSA, the sentiment is Positive. The current price of 43.3 is above the 20-day moving average (MA) of 42.43, above the 50-day MA of 37.77, and above the 200-day MA of 33.43, indicating a bullish trend. The MACD of 2.26 indicates Negative momentum. The RSI at 64.78 is Neutral, neither overbought nor oversold. The STOCH value of 67.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:HNSA.
Hansa Biopharma AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr497.63M | 2.60 | 63.09% | ― | ― | ― | |
56 Neutral | kr4.71B | -5.89 | ― | ― | -3.57% | 8.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | kr933.28M | -8.88 | -58.12% | ― | ― | 1.42% | |
49 Neutral | kr201.11M | -4.07 | -13.41% | ― | -68.66% | -137.27% | |
43 Neutral | kr1.60B | -3.22 | -99.58% | ― | -87.22% | -70.29% | |
40 Underperform | kr172.73M | -0.02 | -736.08% | ― | -98.81% | 80.33% |
* General Sector Average
SE:HNSA
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Hansa Biopharma AB Corporate Events
Hansa Biopharma CEO to Present at Pareto Securities’ 2026 Healthcare Conference
Aug 27, 2026
Hansa Biopharma will showcase its strategy and pipeline at Pareto Securities’ 17th Annual Healthcare Conference 2026 in Stockholm, where CEO Renée Aguiar-Lucander is scheduled to deliver a corporate presentation and join a panel discuss...
Hansa Biopharma Calls Extraordinary Meeting to Reshape Board and Governance
Aug 21, 2026
Hansa Biopharma has called an Extraordinary General Meeting for September 22, 2026, at its Lund headquarters, offering both in-person and advance voting options for shareholders, including procedures for proxy and nominee-registered investors. The...
Hansa Biopharma Prepares for Potential U.S. ADS Listing and Global Share Offering
Aug 21, 2026
Hansa Biopharma AB has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a potential initial public offering of American Depositary Shares in the United States, alongside a possible concurre...
Hansa Biopharma Marks First Commercial Idefirix Kidney Transplant in Australia
Aug 18, 2026
Hansa Biopharma has recorded the first commercial use of its IgG-cleaving enzyme therapy Idefirix in Australia, enabling a living donor kidney transplant for a highly sensitized patient in line with national regulatory approval. Idefirix is design...
Hansa Biopharma bolsters finances with €115m Idefirix deal as clinical data strengthen transplant outlook
Jul 22, 2026
Hansa Biopharma reported second-quarter 2026 revenues of 48.1 MSEK, essentially flat year-on-year, with Idefirix product sales at 46.8 MSEK and a 29% decline in first-half product revenue versus 2025. Despite a larger operating loss, the company e...
Hansa Biopharma sets Q2 2026 results release and investor call
Jul 8, 2026
Hansa Biopharma will publish its interim report for the January to June 2026 period on 22 July 2026 and host a quarterly conference call the same day at 14:00 CEST, 8:00 AM EDT. The call, led by key members of the executive team, will review finan...
Hansa Biopharma to Highlight Kidney Desensitization Technology at Wedbush PacGrow Renal Summit
Jul 2, 2026
Hansa Biopharma will spotlight its work in desensitizing highly sensitized kidney transplant candidates at the Wedbush PacGrow Renal Summit in Boston. COO and U.S. President Maria Törnsén is set to join Massachusetts General HospitalR...
Hansa Biopharma seals €115m Idefirix licensing deal with SERB
Jul 1, 2026
Hansa Biopharma has closed a €115 million exclusive licensing deal with SERB Pharmaceuticals for the development and commercialization of Idefirix in solid organ transplantation across the EU, UK, Switzerland, Norway, Liechtenstein, Iceland ...
Hansa Biopharma’s Phase 3 Kidney Transplant Data Earns Prime Spot at ATC 2026
Jun 24, 2026
Hansa Biopharma has built its business around immunoglobulin G antibody-cleaving technologies that can rapidly modulate the immune response. Its flagship product, imlifidase/IDEFIRIX, is conditionally approved in multiple European markets and othe...
Hansa Biopharma Names Veteran Biotech Executive Adam Cutler as New CFO
Jun 15, 2026
Hansa Biopharma has appointed Adam Cutler as its new Chief Financial Officer and member of the Executive Committee, effective June 22, 2026, succeeding Evan Ballantyne, who will retire after supporting a brief transition. Cutler brings more than 2...
Hansa Biopharma Sets New York Capital Markets Day to Highlight Idefirix and U.S. Launch Plans
Jun 12, 2026
Hansa Biopharma will host a Capital Markets Day in New York on June 25, 2026, for investors and analysts, with in-person and live online access. The event will spotlight kidney transplantation in highly sensitized patients, featuring leading medic...
Hansa Biopharma Strengthens Growth Push With New Business Development VP
Jun 10, 2026
Hansa Biopharma AB, a Swedish biopharmaceutical company specializing in IgG-cleaving immunomodulatory therapies for complex immune disorders, continues to build on a portfolio that includes the commercial-stage kidney transplant drug imlifidase an...
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.