SpectraCure AB (SPEC) AI Stock Analysis

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SpectraCure AB

(Nasdaq OMX AB:SPEC)

Select Model

Rating:39Underperform

Price Target:SEK 0.01▼(-7.69% Downside)

Action:reiterated

Date:11/03/26

SpectraCure scores poorly overall, driven primarily by its financial profile: no commercial revenue, a net loss that has more than doubled to about SEK 56m, and annual cash burn above SEK 30m funded from a shrinking equity base that has fallen from SEK 176m in 2021 to SEK 94m. A near debt-free balance sheet (debt/equity ~0.10) and a narrower free cash flow deficit after lower investment spending are genuine positives, but they only extend, rather than remove, the need for additional — likely dilutive — equity financing. Technicals reinforce the caution, with the share price below all key moving averages and negative MACD confirming a sustained downtrend, though an RSI near 31 signals the selling may be stretched. Valuation provides no cushion given negative earnings and no dividend. This remains a speculative, milestone-driven story where any re-rating depends on clinical and regulatory progress rather than current fundamentals.

Positive Factors

Low Balance-Sheet LeverageVery low leverage limits direct debt-related financial risk and preserves flexibility compared with a heavily borrowed medtech company. This can support continued investment in clinical development and commercialization while reducing the burden of interest and refinancing obligations.

Negative Factors

No Meaningful Revenue BaseThe absence of meaningful revenue alongside very large operating and net losses shows that the business has not yet established commercial scale. Without demonstrated sales, future performance remains highly dependent on converting development activity into reimbursed clinical adoption.

SpectraCure AB (SPEC) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 22.68M
Dividend Yield: ―
Average Volume (3M): 8.28M
Price to Earnings (P/E): -0.1
Beta (1Y): -0.29
Revenue Growth: ―
EPS Growth: 16.02%
Country: Sweden
Employees: 13
Sector: Healthcare
Sector Strength: 51
Industry: Medical - Devices

SpectraCure AB Business Overview & Revenue Model

Company Description

SpectraCure AB (publ) specializes in oncology, developing innovative cancer treatments that harness laser light and photodynamic agents. A cornerstone of their research is the IDOSE software, which powers an interstitial photodynamic therapy (PDT) sy...

How the Company Makes Money

SpectraCure’s commercial model is tied to monetizing its PDT treatment platform used in clinical care. Revenue is expected to come primarily from (1) sales of the capital equipment/system installed at clinics (the PDT platform including required hard...

SpectraCure AB Financial Statement Overview

Summary

SpectraCure is a pre-commercial, clinical-stage developer with no revenue in the latest periods and losses that have widened sharply — net loss of roughly SEK 56m (SEK 55.5m TTM) versus SEK 23m in 2024, with EBIT deteriorating to SEK -54.4m. Cash flow is the weakest element: operating cash flow of SEK -32.1m TTM and free cash flow of SEK -32.3m, an unbroken pattern of deepening burn that leaves the company fully dependent on external financing. The sole offset is a clean balance sheet — debt of only SEK 8.9m against SEK 93.6m equity (debt/equity ~0.10) and equity funding ~83% of assets — but equity has eroded 47% since 2021 on accumulated losses, ROE is around -57%, and further dilutive fundraising appears likely at current burn rates.

Income Statement

8Very Negative

Balance Sheet

46Neutral

Cash Flow

13Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0	0	0	318.00K	539.00K	0
Gross Profit	-30.00M	-30.14M	9.77M	-9.22M	3.58M	1.39M
EBITDA	-24.23M	-51.81M	-20.42M	-18.81M	-22.27M	-20.43M
Net Income	-55.53M	-56.08M	-23.00M	-20.44M	-25.33M	-23.34M
Balance Sheet
Total Assets	112.52M	104.47M	121.00M	144.83M	162.42M	190.52M
Cash, Cash Equivalents and Short-Term Investments	7.63M	13.53M	18.27M	56.95M	93.18M	129.69M
Total Debt	8.91M	3.01M	5.14M	6.72M	2.70M	4.90M
Total Liabilities	18.94M	10.92M	14.15M	14.97M	12.12M	14.84M
Stockholders Equity	93.58M	93.55M	106.86M	129.86M	150.30M	175.68M
Cash Flow
Free Cash Flow	-32.28M	-43.67M	-37.10M	-34.45M	-33.08M	-27.09M
Operating Cash Flow	-32.14M	-24.03M	-21.83M	-18.68M	-22.96M	-18.60M
Investing Cash Flow	-18.84M	-19.64M	-15.28M	-15.56M	-11.35M	-8.49M
Financing Cash Flow	49.37M	38.92M	-1.57M	-1.99M	-2.20M	-453.00K

SpectraCure AB Technical Analysis

Technical Analysis SentimentNeutral

Last Price0.01

Price Trends

50DMA0.02Negative

100DMA0.03Negative

200DMA0.05Negative

Market Momentum

MACD-0.00Negative

RSI39.93Neutral

STOCH66.67Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SPEC, the sentiment is Neutral. The current price of 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.02, and below the 200-day MA of 0.05, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 39.93 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SPEC.

SpectraCure AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:SPEC against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:PAX	60Neutral	SEK 1.45B	-309.35	-1.22%	―	34.05%	-144.96%
SE:BACTI.B	53Neutral	SEK 509.89M	85.28	1.93%	―	-0.51%	―
SE:BRAIN	53Neutral	SEK 443.05M	-12.40	-22.23%	―	0.04%	34.45%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SE:SDOS	40Underperform	SEK 31.07M	-3.59	―	―	-19.44%	-475.48%
SE:SPEC	39Underperform	SEK 22.68M	-0.11	-57.15%	―	―	16.02%
SE:SCIB	39Underperform	SEK 150.38M	-0.71	-303.61%	―	54.94%	47.64%

* Healthcare Sector Average

Performance Comparison

SE:SPEC and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:SPEC	SpectraCure AB	0.01	-0.12	-90.08%
SE:PAX	Paxman AB	67.50	6.90	11.39%
SE:SCIB	SciBase Holding AB	9.58	-10.31	-51.83%
SE:BACTI.B	Bactiguard Holding AB	15.35	-0.55	-3.46%
SE:BRAIN	BrainCool AB	1.15	0.61	113.81%
SE:SDOS	ScandiDos AB	0.44	-0.62	-58.49%

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: Nov 02, 2026

SpectraCure AB AI Stock Analysis