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Oncopeptides AB
(ONCO)
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Rating:48Neutral
Price Target:
kr2.00
▲(21.21% Upside)
Action:Reiterated
Date:08/28/26
The score is held back primarily by weak financial performance: substantial operating/net losses, meaningful leverage (debt-to-equity ~1.70x), and heavy ongoing cash burn (FCF about -200.2m). Technicals provide partial support with price above key short- to mid-term moving averages and positive MACD, but the very high RSI signals overbought risk. Valuation remains challenging due to negative earnings and no provided dividend yield.
Positive Factors
Revenue Growth
Revenue growth indicates improving commercial traction and market reach. If sustained, higher sales can provide operating leverage and gradually improve the company’s ability to absorb its substantial fixed research, development, and commercial costs.
Negative Factors
Severe Cash Burn
Deeply negative operating and free cash flow show that the business is consuming substantial cash relative to its current revenue scale. Continued burn increases dependence on external financing and may constrain investment in product development and commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth indicates improving commercial traction and market reach. If sustained, higher sales can provide operating leverage and gradually improve the company’s ability to absorb its substantial fixed research, development, and commercial costs.
Read all positive factors
Oncopeptides AB (ONCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr719.99M
Dividend YieldN/A
Average Volume (3M)2.83M
Price to Earnings (P/E)―
Beta (1Y)0.15
Revenue Growth87.23%
EPS Growth35.27%
CountrySE
Employees75
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.94
Shares Outstanding381,148,130
10 Day Avg. Volume4,953,777
30 Day Avg. Volume2,829,457
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)-18.53
Price to Sales (P/S)15.35
P/FCF Ratio-4.90
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)-0.46
Revenue Forecast (FY)kr148.45M
Oncopeptides AB Business Overview & Revenue Model
Company Description
Oncopeptides AB (publ) is a biotechnology firm dedicated to developing medical therapies for cancer, serving markets across the United States, Europe, and worldwide. Its foremost experimental compound, melflufen, is a distinct peptide-drug conjuga...
How the Company Makes Money
Oncopeptides makes money primarily through sales of its oncology medicines in markets where it has commercialization rights, generating product revenue from distributors, hospitals, and specialty pharmacies (depending on the market structure). Add...
Oncopeptides AB Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong commercial and scientific progress alongside clear financial and market execution challenges. Highlights include robust year-over-year revenue growth (+125% FY, +88% Q4), an exceptionally high gross margin (97%), disciplined cost reductions, a focused pipeline advancement with compelling preclinical glioblastoma data and a planned Phase 0 study, plus a rights issue to shore up liquidity. Lowlights comprise continued operating losses, a need for additional capital (SEK 200m rights issue), delayed cash flow positivity (moved from 2026 to 2027), market disruptions in Spain (doctor strike), slower-than-expected growth in Germany, and uncertain timelines for international partnerships. Overall, positive operational and scientific momentum is balanced by material funding needs and commercialization execution risks.Positive Updates
Strong Revenue Growth
Full-year net sales more than doubled to SEK 71.1 million, representing a 125% increase versus 2024; fourth-quarter net sales rose to SEK 18.6 million, an 88% increase year-over-year.
Negative Updates
Need for Additional Capital and Cash Constraints
Cash at year-end was SEK 82 million and the company required a rights issue (up to SEK 200 million) to bridge commercial operations and enable the glioblastoma window study, indicating continuing liquidity needs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full-year net sales more than doubled to SEK 71.1 million, representing a 125% increase versus 2024; fourth-quarter net sales rose to SEK 18.6 million, an 88% increase year-over-year.
Read all positive updates
Company Guidance
Oncopeptides guided that it will launch a rights issue of up to SEK 200 million (SEK 190 million guaranteed, with HealthCap and management/board intending to participate) to materially strengthen liquidity and bridge commercialization toward positive cash flow in 2027 (pushed from 2026); FY2025 net sales more than doubled to SEK 71.1 million (+125% vs 2024) with Q4 sales SEK 18.6 million (+88% YoY), gross profit SEK 68.7 million (gross margin 97%), EBIT improved to -SEK 224.7 million (from -SEK 283 million), year-end cash SEK 82 million, operating expenses down 16% in Q4 and 7% for the full year, sales & marketing SEK 137.2 million (flat vs prior year), G&A SEK 57.4 million (down from 60.8), and R&D SEK 103 million (down from 121.2); management said the proceeds will primarily fund continued European commercialization of Pepaxti (SEK 1.5 billion European market potential, market exclusivity until 2037, >600 patients treated since EMA approval) and to finance a cost-efficient ~10‑patient window‑of‑opportunity (Phase 0) study using melflufen to confirm blood‑brain‑barrier passage ahead of an intended glioblastoma clinical trial in 2026.Oncopeptides AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 83.35M | 71.12M | 31.65M | 35.22M | 8.36M | 118.30M |
| Gross Profit | 80.49M | 59.00M | 28.98M | 36.30M | 8.35M | 65.17M |
| EBITDA | -205.75M | -219.26M | -261.81M | -231.62M | -319.62M | -1.40B |
| Net Income | -221.10M | -249.59M | -284.61M | -249.11M | -337.95M | -1.43B |
Balance Sheet | ||||||
| Total Assets | 271.89M | 134.84M | 244.19M | 238.38M | 385.32M | 439.38M |
| Cash, Cash Equivalents and Short-Term Investments | 205.15M | 82.25M | 178.54M | 173.44M | 344.51M | 364.30M |
| Total Debt | 130.80M | 139.39M | 141.72M | 126.16M | 9.54M | 14.19M |
| Total Liabilities | 195.11M | 193.73M | 189.91M | 181.60M | 91.03M | 228.51M |
| Stockholders Equity | 76.78M | -58.89M | 54.28M | 56.78M | 294.29M | 210.87M |
Cash Flow | ||||||
| Free Cash Flow | -200.16M | -222.88M | -260.57M | -279.61M | -423.02M | -1.52B |
| Operating Cash Flow | -200.16M | -222.88M | -260.57M | -279.49M | -420.51M | -1.52B |
| Investing Cash Flow | 0.00 | 0.00 | 496.00K | -116.00K | -2.51M | -339.00K |
| Financing Cash Flow | 300.76M | 128.55M | 263.81M | 106.89M | 392.40M | 1.03B |
Oncopeptides AB Technical Analysis
Positive
1.65
Price Trends
1.66
Positive
1.62
Positive
2.38
Negative
Market Momentum
0.08
Negative
61.19
Neutral
51.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ONCO, the sentiment is Positive. The current price of 1.65 is below the 20-day moving average (MA) of 1.74, below the 50-day MA of 1.66, and below the 200-day MA of 2.38, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 61.19 is Neutral, neither overbought nor oversold. The STOCH value of 51.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ONCO.
Oncopeptides AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr504.68M | 2.60 | 63.09% | ― | ― | ― | |
73 Outperform | kr347.15M | 4.51 | 94.09% | ― | 135.48% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | kr719.99M | -2.28 | ― | ― | 87.23% | 35.27% | |
48 Neutral | kr466.87M | -4.11 | -18.05% | ― | ― | 15.97% | |
43 Neutral | kr1.56B | -3.22 | -99.58% | ― | -87.22% | -70.29% | |
40 Underperform | kr177.57M | -0.02 | -736.08% | ― | -98.81% | 80.33% |
* General Sector Average
SE:ONCO
Oncopeptides AB
1.78
-2.74
-60.65%
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5.14%
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SE:SPRINT
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432.79%
Oncopeptides AB Corporate Events
Oncopeptides lifts Q2 sales 62% and moves to double Pepaxti market in Europe
Aug 27, 2026
Oncopeptides reported strong commercial momentum in the second quarter of 2026, with net sales rising 62 percent year-on-year to SEK 31.1 million and first-half sales up 74 percent to SEK 56.5 million. Despite an operating loss, the company ended ...
Oncopeptides to Present Q2 2026 Results as Oncology Commercialization Expands
Aug 20, 2026
Oncopeptides AB, a Stockholm‑listed biotech focused on targeted cancer therapies, is expanding commercialization of its flagship oncology drug across Europe and select international markets. With proprietary platforms and a lean footprint of...
Oncopeptides Secures Slovenian List Price for Pepaxti in First CEE Expansion Step
Aug 17, 2026
Oncopeptides has secured a maximum allowed list price for its multiple myeloma drug Pepaxti in Slovenia, a key reference pricing market in Central and Eastern Europe, establishing a regulatory basis for subsequent market access and reimbursement t...
Oncopeptides Updates Share and Vote Structure After Incentive Share Conversion
Jun 30, 2026
Oncopeptides AB has adjusted its share structure following the conversion of 209,640 class C shares into ordinary shares to serve its Board RSU 2025 incentive program. After the transaction, the company reports a total of 395,287,003 shares outsta...
Oncopeptides Enrolls First Patient in Pioneering Glioblastoma PDC Trial
Jun 17, 2026
Oncopeptides has enrolled the first patient in its OP-701 (INSULA) “Window-of-Opportunity” study, the company’s inaugural clinical trial of a Peptide Drug Conjugate in glioblastoma. The move advances its brain cancer program from...
Oncopeptides seeks EMA approval to move Pepaxti into earlier-line multiple myeloma treatment
Jun 12, 2026
Oncopeptides has submitted a Type II variation application to the European Medicines Agency seeking to expand the label of its multiple myeloma drug Pepaxti from fourth-line to third-line and later treatment, targeting adult patients who have rece...
Oncopeptides launches German real-world study to bolster Pepaxti’s myeloma profile
Jun 8, 2026
Oncopeptides has enrolled the first patient in its MARINA real-world evidence study in Germany, evaluating Pepaxti (melflufen) plus dexamethasone in adults with relapsed, refractory multiple myeloma who have received at least three prior lines of ...
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.