AegirBio AB (SUBGEN) AI Stock Analysis

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AegirBio AB

(Nasdaq OMX AB:SUBGEN)

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Rating:37Underperform

Price Target:SEK 0.02▼(-7.69% Downside)

Action:downgraded

Date:11/13/26

The overall score is at the minimum of 37, reflecting a high-risk profile across all evaluated components. The most significant factor is the company's severe cash burn and deep unprofitability, despite a massive increase in revenue. This is compounded by a bearish technical trend with the stock in a sustained downtrend and a negative P/E ratio that underscores the lack of earnings. The high debt load adds further financial risk, making the stock extremely speculative.

Positive Factors

Strong Revenue ExpansionThe sharp TTM revenue increase indicates improving commercial traction and expanding business scale. If sustained, stronger sales can provide operating leverage, support broader market development, and create a foundation for reducing the gap between current revenue growth and eventual profitability.

Negative Factors

Severe and Persistent LossesVery large operating and net losses show that revenue growth is not yet translating into a sustainable earnings model. With costs rising faster than the business is scaling, the company faces a prolonged path to breakeven and may need significant operational improvement before profits become durable.

AegirBio AB (SUBGEN) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 62.13M
Dividend Yield: ―
Average Volume (3M): 20.34M
Price to Earnings (P/E): -0.2
Beta (1Y): 5.55
Revenue Growth: ―
EPS Growth: ―
Country: Sweden
Employees: 251
Sector: Technology
Sector Strength: 61
Industry: Software - Infrastructure

AegirBio AB Business Overview & Revenue Model

Company Description

Subgen AI AB develops artificial intelligence-based models and applications to control data for government and businesses. The company engages in the provision of information society services aimed at delivering financial and related knowledge tools...

How the Company Makes Money

Publicly verifiable, up-to-date detail on AegirBio AB’s specific revenue model (e.g., current product portfolio sold, pricing structure, customer mix, revenue breakdown by segment/geography, and named commercial partnerships) is not available in the...

AegirBio AB Financial Statement Overview

Summary

Financial performance is critically weak. While TTM revenue has exploded to 222.5M, the company is deeply unprofitable with a -76.6% EBIT margin and a -154.7M net loss. Cash flow is a severe concern, with -105.1M in operating cash flow, indicating the core business is burning cash rapidly. The balance sheet shows high leverage with a debt-to-equity ratio of 1.08, offsetting the benefit of a recent capital injection.

Income Statement

35Negative

Balance Sheet

45Neutral

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	222.52M	204.39M	203.76M	92.00K	1.71M	13.28M
Gross Profit	55.14M	75.16M	-14.27M	44.00K	-23.71M	5.51M
EBITDA	-139.30M	-104.63M	-27.02M	-34.67M	-351.78M	-74.20M
Net Income	-154.66M	-88.88M	-49.63M	-59.70M	-362.83M	-92.33M
Balance Sheet
Total Assets	989.68M	617.77M	32.61M	53.10M	66.87M	404.37M
Cash, Cash Equivalents and Short-Term Investments	59.47M	18.74M	283.00K	12.14M	14.59M	34.03M
Total Debt	471.15M	102.41M	45.48M	32.72M	7.58M	9.83M
Total Liabilities	553.98M	200.62M	71.25M	54.55M	27.04M	33.95M
Stockholders Equity	435.71M	418.65M	-38.65M	-1.45M	39.83M	370.42M
Cash Flow
Free Cash Flow	-136.49M	-20.59M	-12.58M	-47.52M	-49.06M	-109.37M
Operating Cash Flow	-105.12M	-12.56M	-12.57M	-41.99M	-49.00M	-109.37M
Investing Cash Flow	-48.39M	-66.47M	-15.55M	-5.54M	-65.00K	1.60M
Financing Cash Flow	179.58M	89.26M	16.24M	45.05M	29.26M	130.25M

AegirBio AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.03

Price Trends

50DMA0.03Negative

100DMA0.04Negative

200DMA0.11Negative

Market Momentum

MACD-0.00Negative

RSI19.11Positive

STOCH42.39Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SUBGEN, the sentiment is Negative. The current price of 0.03 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.11, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 19.11 is Positive, neither overbought nor oversold. The STOCH value of 42.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SUBGEN.

AegirBio AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:SUBGEN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:GENI	91Outperform	SEK 480.62M	14.28	―	4.75%	6.76%	1.88%
SE:CARA	73Outperform	SEK 1.73B	44.80	―	―	―	―
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:SLEEP	60Neutral	SEK 499.84M	41.14	17.62%	2.18%	-17.74%	-79.85%
SE:SEYE	51Neutral	SEK 1.80B	-13.34	―	―	35.21%	40.30%
SE:QCORE	38Underperform	SEK 13.73M	-0.32	―	―	-18.34%	59.68%
SE:SUBGEN	37Underperform	SEK 62.13M	-0.23	-34.88%	―	―	―

* Technology Sector Average

Performance Comparison

SE:SUBGEN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:SUBGEN	AegirBio AB	0.03	-11.37	-99.77%
SE:SLEEP	Sleep Cycle AB	24.30	2.23	10.08%
SE:QCORE	Qlucore AB	0.32	-0.21	-39.62%
SE:GENI	Generic Sweden AB	36.85	-8.78	-19.25%
SE:CARA	Carasent AB	25.65	-2.15	-7.73%
SE:SEYE	Smart Eye AB	45.50	-41.55	-47.73%

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: Nov 13, 2026

AegirBio AB AI Stock Analysis