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Immunovia AB
(IMMNOV)
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Rating:43Neutral
Price Target:
kr0.05
▼(-70.00% Downside)
Action:Reiterated
Date:10/31/26
The score is held down primarily by very weak financial performance (deep losses and significant ongoing cash burn) and a strongly bearish technical setup (price below all major moving averages with negative MACD and very low RSI). The earnings call adds some support due to improving commercial traction and encouraging clinical/reimbursement milestones, but near-term financing needs and reimbursement uncertainty materially limit the upside. Valuation provides limited help because losses make P/E less meaningful and there is no dividend support.
Positive Factors
Clinical Validation
The reported sensitivity and specificity provide meaningful clinical support for PancreaSure’s early-detection proposition. This evidence can strengthen regulatory, reimbursement, and provider discussions, while improving the company’s ability to convert clinical credibility into broader adoption over the next several quarters.
Negative Factors
Cash Runway Risk
The limited cash runway creates a durable execution risk because commercialization, clinical studies, and reimbursement efforts must continue before the business reaches self-sustaining scale. Dependence on equity, partnerships, or other capital could constrain strategy and increase funding pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical Validation
The reported sensitivity and specificity provide meaningful clinical support for PancreaSure’s early-detection proposition. This evidence can strengthen regulatory, reimbursement, and provider discussions, while improving the company’s ability to convert clinical credibility into broader adoption over the next several quarters.
Read all positive factors
Immunovia AB (IMMNOV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr33.70M
Dividend YieldN/A
Average Volume (3M)6.13M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth31.66%
EPS Growth79.68%
CountrySE
Employees18
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.17
Shares Outstanding672,666,900
10 Day Avg. Volume4,878,400
30 Day Avg. Volume6,132,852
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.21
Price to Sales (P/S)114.10
P/FCF Ratio-1.00
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)-0.1
Revenue Forecast (FY)kr3.00M
Immunovia AB Business Overview & Revenue Model
Company Description
Immunovia AB (publ), a diagnostic company, develops blood diagnostic for detecting pancreatic cancer in Sweden. It also focuses on the development and commercialization of blood-based testing to detect proteins and antibodies that indicate pancrea...
Immunovia AB Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful commercial, scientific and reimbursement progress: a successful product launch, strong clinical publications and podium presence, an awarded Medicare pricing of USD 897, state approvals in 48 states, targeted hiring of account managers, and a completed rights issue that improved cash position. However, near-term revenue remains limited, full payer coverage is not yet granted, cash runway extends only to Q3 2026 without additional capital, and realized per-test pricing and collections are still uncertain. The company emphasized disciplined spending, planned clinical utility data collection (including a 400-patient registry) and a mid-2026 Medicare submission with rolling data updates to mitigate coverage risk.Positive Updates
Commercial Launch of PancreaSure
PancreaSure commercially launched in September 2025 with initial adoption at high-risk surveillance centers; 6 centers regularly using the test at year-end and 4 new centers added in Q4. UC Health >100 tests performed; strong order activity reported at Northwestern Medicine and HonorHealth.
Negative Updates
Limited Current Revenue from PancreaSure
Q4 revenue was SEK 354,000 (mainly royalty revenue) versus SEK 455,000 in the prior-year period — a decline of ~22.2% year-over-year. Management expects meaningful PancreaSure-driven revenue primarily in 2027.
Read all updates
Q4-2025 Updates
Positive
Negative
Commercial Launch of PancreaSure
PancreaSure commercially launched in September 2025 with initial adoption at high-risk surveillance centers; 6 centers regularly using the test at year-end and 4 new centers added in Q4. UC Health >100 tests performed; strong order activity reported at Northwestern Medicine and HonorHealth.
Read all positive updates
Company Guidance
Management guided that PancreaSure’s targeted advocacy phase (launched Sept 2025) will continue through Q2 2026 with a Medicare coverage submission planned mid‑2026 and meaningful revenue expected in 2027; they’ve hired 3 strategic account managers, received California approval in January, expect New York approval shortly, note approvals in 48 states with all 50 expected by mid‑2026, and have begun billing insurers. Key metrics cited: 5 clinical studies published (CLARITI honored), SEK 140m+ raised for launch, Q4 revenue SEK 354k (vs SEK 455k prior year), Q4 operating loss SEK 16.4m (vs SEK 30.1m), Q4 cash burn SEK 6.6m/month (guidance to return to SEK 8–10m/month), cash SEK 77.5m at Dec‑31 after a SEK 100m rights issue (SEK 69.8m net proceeds) giving runway through Q3 2026, a registry target of ~400 patients in 2026, commercial traction of 4 new centers in Q4 with a pipeline of 6 centers regularly using, 6 in early use, 8 registered and 9 late‑stage prospects (UC Health >100 tests), and a Medicare price established at USD 897 per test.Immunovia AB Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21M | 685.00K | 931.00K | 1.57M | 1.15M | 844.00K |
| Gross Profit | -15.85M | -79.50M | 931.00K | -5.11M | -3.07M | 15.81M |
| EBITDA | -79.94M | -77.18M | -61.27M | -166.56M | -141.58M | -135.47M |
| Net Income | -88.33M | -145.91M | -76.54M | -309.44M | -145.03M | -157.40M |
Balance Sheet | ||||||
| Total Assets | 48.03M | 88.21M | 33.04M | 98.68M | 300.59M | 493.81M |
| Cash, Cash Equivalents and Short-Term Investments | 34.90M | 77.46M | 25.32M | 76.79M | 106.04M | 287.41M |
| Total Debt | 3.27M | 857.00K | 680.00K | 4.29M | 37.57M | 33.26M |
| Total Liabilities | 24.40M | 23.48M | 21.39M | 31.69M | 56.79M | 59.91M |
| Stockholders Equity | 23.64M | 64.73M | 11.65M | 66.99M | 243.80M | 433.90M |
Cash Flow | ||||||
| Free Cash Flow | -82.91M | -78.40M | -96.75M | -148.12M | -177.21M | -176.83M |
| Operating Cash Flow | -77.35M | -78.40M | -96.75M | -147.06M | -175.58M | -152.65M |
| Investing Cash Flow | -5.69M | -5.69M | 0.00 | 3.20M | -1.62M | -23.83M |
| Financing Cash Flow | 89.15M | 136.82M | 44.81M | 114.74M | -5.11M | -5.27M |
Immunovia AB Technical Analysis
Negative
0.16
Price Trends
0.11
Negative
0.15
Negative
0.17
Negative
Market Momentum
-0.01
Positive
25.53
Positive
7.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IMMNOV, the sentiment is Negative. The current price of 0.16 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.11, and below the 200-day MA of 0.17, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 25.53 is Positive, neither overbought nor oversold. The STOCH value of 7.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IMMNOV.
Immunovia AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | kr928.94M | 59.78 | ― | ― | 6.51% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | kr103.68M | -1.44 | -75.51% | ― | 56.06% | 63.95% | |
44 Neutral | kr282.34M | -1.13 | -60.76% | ― | 79.55% | 90.21% | |
43 Neutral | kr33.70M | -0.30 | -279.07% | ― | 31.66% | 79.68% | |
42 Neutral | kr223.04M | -5.29 | -100.09% | ― | 65.82% | 41.28% |
* Healthcare Sector Average
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Immunovia AB Corporate Events
Immunovia Sets Q3 2026 Report Release and Investor Webcast
Oct 30, 2026
Pancreatic cancer diagnostics company Immunovia AB will release its interim report for the third quarter of 2026 on November 2 at 15:00 CET. The Nasdaq Stockholm-listed firm is inviting investors and other stakeholders to a webcast presentation th...
Immunovia Secures Shareholder Backing for Major Rights Issue and Capital Structure Changes
Oct 29, 2026
Immunovia AB held an extraordinary general meeting on 29 October 2026, where shareholders approved changes to the company’s Articles of Association to adjust limits on share capital and the number of shares, in line with a planned rights iss...
Immunovia Sets Final Terms for Discounted Rights Issue to Fund PancreaSure Push
Oct 28, 2026
Immunovia AB has set the final terms for a rights issue of up to 1,057,047,973 units, each comprising two shares and one warrant, at a subscription price of SEK 0.06 per unit. The pricing reflects a discount of about 25 percent to the theoretical ...
Immunovia Builds Case for PancreaSure in Hereditary High-Risk Pancreatic Cancer Market
Oct 5, 2026
Immunovia AB has published peer-reviewed data showing its PancreaSure blood test delivers 77.5% sensitivity and 93.6% specificity in detecting early-stage pancreatic ductal adenocarcinoma among individuals with inherited genetic mutations or a fam...
Immunovia Launches SEK 63 Million Rights Issue to Fund PancreaSure Push
Sep 28, 2026
Immunovia plans a rights issue of units, comprising shares and warrants, to initially raise about SEK 63 million, with roughly 80 percent backed by subscription undertakings and guarantee commitments. The financing will support continued U.S. comm...
Immunovia Calls Extraordinary Meeting to Enable Flexible Rights Issue
Sep 28, 2026
Immunovia AB has called an Extraordinary General Meeting in Lund on 29 October 2026, inviting shareholders of record by 21 October to vote in person or by proxy on several key governance and financing measures. The agenda includes changes to the A...
Immunovia Seeks Medicare Coverage for PancreaSure Pancreatic Cancer Test
Sep 28, 2026
Immunovia AB has taken a significant regulatory step by submitting a formal request for a new Local Coverage Determination for its PancreaSure blood test, seeking Medicare coverage for early detection of pancreatic cancer in high-risk individuals....
Immunovia Survey Shows Strong Demand for Blood-Based Pancreatic Cancer Tests
Aug 13, 2026
Immunovia AB, listed on Nasdaq Stockholm, specializes in blood-based diagnostics for early detection of pancreatic cancer in high-risk individuals. The company collaborates with healthcare providers, experts and patient advocacy groups to expand a...
Immunovia boosts PancreaSure uptake as clinical evidence builds and cash burn stays below guidance
Aug 6, 2026
Immunovia AB reported second-quarter 2026 net sales of 381 KSEK, driven mainly by PancreaSure testing, while operating losses widened to 22.8 MSEK, though cash burn stayed below guidance and liquidity improved to 34.9 MSEK. PancreaSure adoption ac...
Immunovia to Present Q2 2026 Report Amid Push in Pancreatic Cancer Diagnostics
Aug 3, 2026
Immunovia AB, a Nasdaq Stockholm-listed diagnostics specialist, focuses on blood-based tests for early detection of pancreatic cancer and collaborates with healthcare providers and advocacy groups to reach high-risk individuals, especially in the ...
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.