Immunicum AB (IMMU) AI Stock Analysis

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Immunicum AB

(Nasdaq OMX AB:IMMU)

Select Model

Rating:41Neutral

Price Target:SEK 5.00▼(-3.10% Downside)

Action:reiterated

Date:10/13/26

The score is primarily constrained by zero revenue, continued losses, and significant cash burn. A relatively strong, low-debt balance sheet provides some support, but weak technical momentum and negative earnings-based valuation keep the overall score low.

Positive Factors

Low leverageVery low leverage gives Immunicum greater financial flexibility than many early-stage biotech companies. Limited debt reduces interest and refinancing pressure, allowing more of its available capital to support clinical development and other strategic priorities.

Negative Factors

No recurring revenue baseZero revenue across the latest TTM and two annual periods leaves the company without a consistent commercial funding base. Operations therefore remain dependent on external financing or collaboration-related payments rather than repeatable product sales.

Immunicum AB (IMMU) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 339.37M
Dividend Yield: ―
Average Volume (3M): 22.98K
Price to Earnings (P/E): -2.9
Beta (1Y): 0.42
Revenue Growth: ―
EPS Growth: 15.97%
Country: Sweden
Employees: 19
Sector: Healthcare
Sector Strength: 51
Industry: Biotechnology

Immunicum AB Business Overview & Revenue Model

Company Description

Mendus AB (publ), a biopharmaceutical entity formerly known as Immunicum AB (publ) until its name change in June 2022, specializes in developing immunotherapies and vaccines designed to prevent cancer recurrence. Its primary investigational compound,...

How the Company Makes Money

Immunicum AB has historically not had recurring revenue from marketed products; as a clinical-stage biotechnology company, its ability to generate operating income has primarily depended on external financing and, where applicable, collaboration-rela...

Immunicum AB Financial Statement Overview

Summary

Financial performance is weak overall: zero revenue, substantial ongoing losses, and persistent negative operating and free cash flow outweigh the relative strength of a substantial, low-debt balance sheet.

Income Statement

22Negative

Balance Sheet

64Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0	0	0	28.49M	3.00M	6,000
Gross Profit	-4.55M	-6.29M	-6.52M	28.49M	-1.85M	-1.84M
EBITDA	-106.50M	-113.97M	-120.68M	-94.92M	-128.67M	-128.28M
Net Income	-102.49M	-113.26M	-128.40M	-101.62M	-136.99M	-136.69M
Balance Sheet
Total Assets	621.67M	628.32M	696.36M	755.95M	620.39M	720.98M
Cash, Cash Equivalents and Short-Term Investments	59.88M	64.66M	101.91M	120.78M	41.85M	155.31M
Total Debt	17.93M	18.85M	22.71M	24.49M	78.16M	36.98M
Total Liabilities	76.38M	43.26M	51.22M	51.23M	105.95M	64.24M
Stockholders Equity	545.29M	585.07M	645.15M	704.73M	514.44M	656.74M
Cash Flow
Free Cash Flow	-74.54M	-81.84M	-81.51M	-164.58M	-121.43M	-139.39M
Operating Cash Flow	-73.93M	-81.53M	-79.67M	-162.76M	-109.33M	-138.03M
Investing Cash Flow	196.00K	-734.00K	-1.58M	-442.00K	-12.32M	-1.36M
Financing Cash Flow	74.45M	45.18M	61.52M	242.10M	8.19M	127.03M

Immunicum AB Technical Analysis

Technical Analysis SentimentNegative

Last Price5.16

Price Trends

50DMA6.20Negative

100DMA6.37Negative

200DMA5.67Negative

Market Momentum

MACD-0.23Negative

RSI38.23Neutral

STOCH44.17Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IMMU, the sentiment is Negative. The current price of 5.16 is below the 20-day moving average (MA) of 5.38, below the 50-day MA of 6.20, and below the 200-day MA of 5.67, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 38.23 is Neutral, neither overbought nor oversold. The STOCH value of 44.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IMMU.

Immunicum AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:IMMU against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:CANTA	70Outperform	SEK 469.44M	2.53	63.09%	―	―	―
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SE:ELIC	47Neutral	SEK 174.52M	-7.12	-56.09%	―	―	14.10%
SE:ONCO	47Neutral	SEK 734.17M	-2.21	―	―	87.23%	35.27%
SE:BINV	45Neutral	SEK 250.39M	-0.48	-128.54%	―	-83.67%	-50.29%
SE:IMMU	41Neutral	SEK 339.37M	-2.88	-18.05%	―	―	15.97%
SE:ATORX	39Underperform	SEK 39.61M	-0.01	-439.98%	―	-99.33%	64.90%

* Healthcare Sector Average

Performance Comparison

SE:IMMU and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:IMMU	Immunicum AB	5.16	-1.04	-16.77%
SE:ATORX	Alligator Bioscience AB	0.01	-0.36	-97.27%
SE:BINV	BioInvent International AB	3.58	-28.21	-88.73%
SE:ONCO	Oncopeptides AB	1.72	-2.78	-61.73%
SE:ELIC	Elicera Therapeutics AB	2.52	-3.00	-54.38%
SE:CANTA	Cantargia AB	1.72	-1.34	-43.73%

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 13, 2026

Immunicum AB AI Stock Analysis