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Hansa Biopharma AB
(HNSA)
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Rating:55Neutral
Price Target:
kr38.00
▼(-12.24% Downside)
Action:Reiterated
Date:10/25/26
The score is held back primarily by weak financial performance (large losses, persistent cash burn, and negative equity with high debt). Offsetting this, the latest earnings call was meaningfully positive due to the major SERB deal/cash inflow, strong clinical data, and defined near-term regulatory and launch timeline. Technicals are neutral, and valuation support is limited given negative earnings and no dividend yield provided.
Positive Factors
Strategic Partnership and Liquidity
The SERB transaction provides substantial funding ahead of potential U.S. approval and extends operating runway. This strengthens Hansa’s ability to finance commercialization, regulatory work and pipeline development while reducing immediate dependence on additional external capital.
Negative Factors
Persistent Losses and Cash Burn
Deep operating losses and consistently negative cash generation show that the business has not yet reached a self-funding scale. Continued investment in commercialization and development may require substantial financing unless revenue growth and operating leverage improve materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic Partnership and Liquidity
The SERB transaction provides substantial funding ahead of potential U.S. approval and extends operating runway. This strengthens Hansa’s ability to finance commercialization, regulatory work and pipeline development while reducing immediate dependence on additional external capital.
Read all positive factors
Hansa Biopharma AB (HNSA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.00B
Dividend YieldN/A
Average Volume (3M)480.69K
Price to Earnings (P/E)―
Beta (1Y)0.52
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. Volume341,132
30 Day Avg. Volume480,685
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.16
Revenue Forecast (FY)kr467.47M
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 commercialization of its lead therapy and through collaboration-related income. (1) Product sales: Revenue is generated from sales of imlifidase (Idefirix) in markets where it is approved and launched,...
Hansa Biopharma AB Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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 | -705.50M | -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
38.30
Positive
36.77
Positive
34.36
Positive
Market Momentum
0.21
Negative
59.36
Neutral
58.58
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 35.69, above the 50-day MA of 38.30, and above the 200-day MA of 34.36, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 59.36 is Neutral, neither overbought nor oversold. The STOCH value of 58.58 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | kr471.41M | 2.46 | 63.09% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr4.00B | -5.01 | ― | ― | -3.57% | 8.84% | |
50 Neutral | kr267.87M | -5.42 | -13.41% | ― | -68.66% | -137.27% | |
49 Neutral | kr942.15M | -8.51 | -58.12% | ― | ― | 1.42% | |
48 Neutral | kr375.74M | -0.77 | -128.54% | ― | -87.22% | -70.29% | |
39 Underperform | kr35.68M | -0.01 | -439.98% | ― | -99.33% | 64.90% |
* General Sector Average
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Hansa Biopharma AB Corporate Events
Hansa Biopharma’s Idefirix posts strong one-year outcomes in key post-authorization kidney transplant study
Oct 23, 2026
Hansa Biopharma reported positive results from its European Post-Authorization Efficacy and Safety study of Idefirix in highly sensitized kidney transplant candidates, presented in the High-Impact Clinical Trials session at ASN Kidney Week 2026. T...
Hansa Biopharma’s Idefirix PAES Study Earns High-Impact Spotlight at ASN Kidney Week
Oct 20, 2026
Hansa Biopharma said the European Post-Authorization Efficacy and Safety study of Idefirix (imlifidase) has been selected for an oral presentation in the High-Impact Clinical Trials session at ASN Kidney Week in Denver. The open-label trial covers...
Hansa Biopharma Files IND with FDA for Novel GBS Therapy HNSA-5487
Oct 20, 2026
Hansa Biopharma has submitted an Investigational New Drug application to the U.S. Food and Drug Administration for HNSA-5487, its novel IgG-cleaving enzyme, to support clinical development in Guillain-Barré syndrome. The move builds on prior ...
Hansa Biopharma leadership to highlight kidney transplant focus at U.S. virtual forum
Oct 13, 2026
Hansa Biopharma AB, a Lund-based biopharmaceutical company specializing in IgG-cleaving immunomodulatory therapies for transplantation and autoimmune diseases, is expanding its presence in the U.S. kidney health space. With commercial-stage produc...
Hansa Biopharma CEO to Join Industry Panel at Biotech in Europe Forum
Oct 2, 2026
Hansa Biopharma’s chief executive, Renée Aguiar-Lucander, is set to join the State of the Industry Panel at the 26th Annual Biotech in Europe Forum in Basel, Switzerland, on October 7 at 8:30 CEST. The session, co-chaired by industry an...
Hansa Biopharma Taps Cradle’s AI Platform to Speed Autoimmune Drug Discovery
Oct 1, 2026
Hansa Biopharma has entered into a partnership with Amsterdam-based Cradle to deploy its AI-driven, end-to-end protein design and engineering platform across Hansa’s discovery pipeline. The collaboration is intended to help Hansa design, opt...
Hansa Biopharma Adds Commercial and Financial Heavyweights to Board
Sep 24, 2026
Hansa Biopharma has strengthened its board of directors with the appointment of Shannon Campbell and Gregory Perry, both effective September 22, 2026, until the next Annual General Meeting. Campbell brings extensive U.S. commercial and product-lau...
Hansa Biopharma Adds New Directors and Adopts Long-Term RSU Program at Extraordinary Meeting
Sep 22, 2026
Hansa Biopharma AB held an Extraordinary General Meeting in Lund on September 22, 2026, where shareholders approved changes to the Board of Directors and its remuneration structure, including the appointment of Shannon Campbell and Gregory Perry a...
Hansa Biopharma Joins Global Expansion Panel at LSX Congress USA
Sep 21, 2026
Hansa Biopharma will participate in the LSX Congress USA in Boston, where VP Business Development Fredrik Röök is scheduled to join a panel on global biopharma expansion strategies. The session, titled “Breaking into New Markets: S...
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...
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.
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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.