Nanexa AB (NANEXA) AI Stock Analysis

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Nanexa AB

(Nasdaq OMX AB:NANEXA)

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Rating:52Neutral

Price Target:SEK 10.00▼(-3.10% Downside)

Action:reiterated

Date:09/30/26

The score is held back primarily by weak financial performance (continued losses, sharply lower TTM revenue, and ongoing cash burn), despite a low-debt balance sheet. Technicals are a meaningful positive with strong momentum above key moving averages, but an overbought RSI reduces confidence in the near term. Valuation remains challenging given the negative P/E and no dividend support.

Positive Factors

PharmaShell platformThe PharmaShell platform addresses an important pharmaceutical development need by targeting sustained drug release and more convenient dosing. If technical development succeeds, this capability could support differentiated injectable medicines and create durable partnering opportunities across multiple drug programs.

Negative Factors

Sharp revenue declineThe sharp TTM revenue contraction indicates that commercial or development income has not yet developed into a stable growth trajectory. Continued volatility makes planning more difficult and weakens confidence that the platform is currently translating into scalable operating revenue.

Nanexa AB (NANEXA) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 1.97B
Dividend Yield: ―
Average Volume (3M): 1.74M
Price to Earnings (P/E): -76.5
Beta (1Y): 0.20
Revenue Growth: 104.76%
EPS Growth: 37.08%
Country: Sweden
Employees: 17
Sector: Healthcare
Sector Strength: 51
Industry: Drug Manufacturers - Specialty & Generic

Nanexa AB Business Overview & Revenue Model

Company Description

Nanexa AB (publ) is a firm dedicated to developing advanced drug delivery solutions through nanotechnology. The company leverages its proprietary PharmaShell platform, a nanobased system that utilizes atomic layer deposition (ALD) technology for drug...

How the Company Makes Money

Nanexa’s business model is centered on monetizing its drug delivery platform (PharmaShell) through partnering and related development activities. Revenue, when earned, would typically come from: (1) collaboration and licensing arrangements where phar...

Nanexa AB Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement remains loss-making with sharply declining TTM revenue and negative margins (including negative gross profit in the latest period), and cash flow shows ongoing operating cash burn and deeply negative free cash flow. The main offset is a comparatively strong balance sheet with very low leverage, but continued losses and negative ROE keep financial risk elevated.

Income Statement

18Very Negative

Balance Sheet

72Positive

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	33.85M	36.15M	24.36M	29.33M	2.86M	2.37M
Gross Profit	-5.57M	-8.85M	46.69M	59.16M	3.40M	4.31M
EBITDA	-9.07M	-2.92M	-13.69M	-70.79M	-47.47M	-32.92M
Net Income	-24.56M	-11.39M	-24.91M	-76.40M	-58.57M	-36.00M
Balance Sheet
Total Assets	154.68M	138.14M	91.82M	132.26M	170.19M	165.00M
Cash, Cash Equivalents and Short-Term Investments	52.56M	44.57M	10.29M	65.17M	81.18M	105.66M
Total Debt	795.00K	2.20M	3.71M	4.03M	6.27M	3.83M
Total Liabilities	21.81M	36.61M	20.90M	36.43M	61.10M	13.70M
Stockholders Equity	132.87M	101.53M	70.92M	95.83M	109.10M	151.29M
Cash Flow
Free Cash Flow	-27.96M	-26.21M	-54.55M	-76.91M	-43.29M	-50.92M
Operating Cash Flow	-6.44M	-1.46M	-26.43M	-42.66M	-7.87M	-25.13M
Investing Cash Flow	-27.33M	-24.75M	-28.12M	-34.25M	-35.42M	-25.79M
Financing Cash Flow	46.06M	60.49M	-327.00K	60.89M	18.81M	143.89M

Nanexa AB Technical Analysis

Technical Analysis SentimentPositive

Last Price10.32

Price Trends

50DMA8.20Positive

100DMA6.10Positive

200DMA4.95Positive

Market Momentum

MACD0.55Positive

RSI56.06Neutral

STOCH17.94Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NANEXA, the sentiment is Positive. The current price of 10.32 is below the 20-day moving average (MA) of 10.66, above the 50-day MA of 8.20, and above the 200-day MA of 4.95, indicating a neutral trend. The MACD of 0.55 indicates Positive momentum. The RSI at 56.06 is Neutral, neither overbought nor oversold. The STOCH value of 17.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NANEXA.

Nanexa AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:NANEXA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:CAMX	80Outperform	SEK 40.76B	59.09	15.54%	―	<0.01%	-6.75%
SE:NANEXA	52Neutral	SEK 1.97B	-76.50	-22.38%	―	104.76%	37.08%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SE:NICA	46Neutral	SEK 54.25M	0.48	23.67%	―	163.58%	―
SE:ENZY	44Neutral	SEK 551.01M	-12.24	―	―	-2.36%	23.44%
SE:SPAGO	43Neutral	SEK 32.09M	-0.85	-106.23%	―	-97.37%	25.28%
SE:XSPRAY	41Neutral	SEK 559.52M	-3.06	-26.00%	―	―	44.46%

* Healthcare Sector Average

Performance Comparison

SE:NANEXA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:NANEXA	Nanexa AB	10.32	8.51	470.17%
SE:CAMX	Camurus AB	673.00	46.00	7.34%
SE:NICA	Nanologica AB	0.17	-1.10	-86.94%
SE:XSPRAY	Xspray Pharma AB	11.80	-12.80	-52.04%
SE:SPAGO	Spago Nanomedical AB	0.04	-0.11	-72.79%
SE:ENZY	Enzymatica AB	2.27	0.32	16.41%

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: Sep 30, 2026

Nanexa AB AI Stock Analysis