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Xspray Pharma AB (XSPRAY) AI Stock Analysis

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SE:XSPRAY

Xspray Pharma AB

(Nasdaq OMX AB:XSPRAY)

Select Model
Rating:43Neutral
Price Target:SEK 11.00â–¼(-0.18% Downside)
Action:reiterated
Date:11/13/26

The score is driven primarily by zero revenue, ongoing losses, and substantial cash burn, partially offset by low leverage and a relatively strong near-term capital position. Mixed technical signals and a negative P/E ratio provide limited support.

Positive Factors
HyNap formulation platformA technology platform focused on reformulating established medicines can support multiple product candidates rather than relying on one discovery program. Potential bioavailability and food-effect benefits may create partnering or licensing opportunities if development and regulatory objectives are achieved.
Negative Factors
Pre-revenue business modelThe company has not yet demonstrated recurring product revenue, so its ability to fund operations depends on future commercialization, licensing economics, or external financing. Continued pre-revenue status increases execution risk because development spending has not yet translated into operating scale.

Xspray Pharma AB (XSPRAY) vs. iShares MSCI Sweden ETF (EWD)

-80%-60%-40%-20%0%20%40%60%SE:XSPRAY-52.62%EWD+15.64%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
SEK 641.83M
Dividend Yield
―
Average Volume (3M)
127.08K
Price to Earnings (P/E)
-3.2
Beta (1Y)
0.98
Revenue Growth
―
EPS Growth
40.78%
Country
Sweden
Employees
24
Sector
Healthcare
Sector Strength
51
Industry
Biotechnology

Xspray Pharma AB Business Overview & Revenue Model

Company Description

Xspray Pharma AB (publ), a pharmaceutical firm based in Solna, Sweden, specializes in developing protein kinase inhibitors for precise cancer treatments. Their current drug pipeline includes HyNap-Nilo, aimed at chronic myeloid leukemia; HyNap-Sora,...

How the Company Makes Money

Xspray Pharma’s business model is primarily based on monetizing its drug-formulation technology and product candidates rather than operating as a large-scale, fully integrated commercial drug company. The company can generate revenue through (1) lice...

Xspray Pharma AB Financial Statement Overview

Summary

Financial performance is highly speculative: zero revenue, persistent losses, and negative operating and free cash flow outweigh the relative strength of low leverage and substantial equity.

Income Statement

10Very Negative

Balance Sheet

75Positive

Cash Flow

20Very Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue000000
Gross Profit-1.39M-5.58M-8.55M-9.19M-9.53M-8.87M
EBITDA-126.97M-156.27M-274.69M-169.81M-122.13M-87.82M
Net Income-151.44M-171.44M-285.52M-179.67M-130.27M-96.70M
Balance Sheet
Total Assets718.88M769.35M796.34M765.26M585.43M622.90M
Cash, Cash Equivalents and Short-Term Investments88.84M153.75M208.24M166.30M120.17M271.88M
Total Debt96.34M170.11M128.22M36.81M2.13M3.23M
Total Liabilities121.11M164.70M173.25M71.85M29.41M31.15M
Stockholders Equity597.78M604.65M623.10M693.41M556.02M591.75M
Cash Flow
Free Cash Flow-159.36M-222.35M-264.51M-257.38M-238.47M-147.57M
Operating Cash Flow-142.37M-193.16M-222.37M-203.28M-110.18M-51.61M
Investing Cash Flow-18.48M-29.19M-42.14M-65.88M-135.34M-105.82M
Financing Cash Flow51.54M168.29M306.11M315.59M93.81M103.71M

Xspray Pharma AB Technical Analysis

Technical Analysis SentimentNeutral
Last Price11.02

Price Trends

50DMA10.12Positive
100DMA11.68Negative
200DMA17.30Negative

Market Momentum

MACD0.39Negative
RSI51.13Neutral
STOCH46.35Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:XSPRAY, the sentiment is Neutral. The current price of 11.02 is above the 20-day moving average (MA) of 10.82, above the 50-day MA of 10.12, and below the 200-day MA of 17.30, indicating a neutral trend. The MACD of 0.39 indicates Negative momentum. The RSI at 51.13 is Neutral, neither overbought nor oversold. The STOCH value of 46.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:XSPRAY.

Xspray Pharma AB Peers Comparison

Overall Rating

UnderperformOutperform
Sector (51)

Financial Indicators

SE:XSPRAY against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
SE:CAMXSE:CAMX78OutperformSEK 44.75B58.6616.50%―2.96%-4.07%
Sector *51Neutral$7.86B-0.30-43.30%2.27%22.53%-2.21%
SE:XBRANESE:XBRANE46NeutralSEK 241.08M-6.34-11.52%―-38.80%-120.18%
SE:VICOSE:VICO44NeutralSEK 3.09B-5.70-55.97%―-54.97%-1.66%
SE:XSPRAYSE:XSPRAY43NeutralSEK 641.83M-3.20-25.14%――40.78%
SE:SPAGOSE:SPAGO42NeutralSEK 36.09M-1.13-87.37%―-97.52%31.31%

* Healthcare Sector Average

Performance Comparison

-50%0%50%SE:XSPRAYSE:CAMXSE:VICOSE:XBRANESE:SPAGOSE:BIOWKSDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
SE:XSPRAY and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
SE:XSPRAYXspray Pharma AB11.02-12.98-54.08%
SE:CAMXCamurus AB745.00123.0019.77%
SE:VICOVicore Pharma Holding AB10.720.787.85%
SE:XBRANEXbrane Biopharma AB11.451.3913.82%
SE:SPAGOSpago Nanomedical AB0.04-0.07-61.21%
SE:BIOWKSBio-Works Technologies AB2.970.5723.75%

Xspray Pharma AB Corporate Events

Xspray Publishes Disclosure Document for Approximately SEK 90 Million Rights Issue

Nov 13, 2026

Xspray Pharma is a pharmaceutical company developing improved versions of marketed protein kinase inhibitors for oncology through its HyNapâ„¢ platform. It published a disclosure document for a rights issue of ordinary shares amounting to approximately...

Xspray Pharma Announces 2027 AGM Nomination Committee

Nov 10, 2026

Xspray Pharma has published the composition of its nomination committee for the May 2027 Annual General Meeting. The committee comprises Thomas Eldered as chair, Johan Gyllenswärd, Mattias Klintemar, Johan Wadell and Anders Ekblom, who is also chairm...

Xspray Pharma Approves SEK 90 Million Rights Issue

Nov 6, 2026

Xspray Pharma’s board approved a rights issue of approximately SEK 90 million, with preferential rights for existing shareholders, alongside a potential over-allotment issue of approximately SEK 72 million. Subscription undertakings and intentions fr...

Xspray Pharma Faces Dasynoc Regulatory Delay as Funding Plans Advance

Nov 6, 2026

Xspray received an FDA Complete Response Letter for Dasynoc’s New Drug Application, citing good manufacturing practice observations at third-party manufacturer NerPharMa and a need for additional commercial-scale batch data. The FDA raised no concern...

FDA Begins Follow-Up Inspection at Xspray Manufacturer

Nov 5, 2026

The U.S. Food and Drug Administration has begun an unannounced follow-up inspection at NerPharMa’s manufacturing facility in Italy, addressing previously identified current good manufacturing practice observations. The inspection is a key step in the...

Xspray Pharma Targets Q4 2026 FDA Resubmissions for Dasynoc and Nilopki

Oct 2, 2026

Xspray Pharma has reiterated plans to resubmit New Drug Applications for its lead oncology candidates Dasynoc and Nilopki to the U.S. Food and Drug Administration in the fourth quarter of 2026. The company reports that preparations are progressing as...

Xspray Pharma Highlights CML Data Differentiating Dasynoc and Nilopki

Sep 23, 2026

Xspray Pharma will showcase new clinical data on its chronic myeloid leukemia candidates Dasynoc and Nilopki at the ESH-iCMLf John Goldman Conference in Gothenburg, highlighting how its HyNap technology improves drug exposure predictability and reduc...

Xspray Pharma to Showcase Commercial Oncology Strategy at Gothenburg Investor Update

Sep 15, 2026

Xspray Pharma is organizing an Investor Update in Gothenburg on October 2, 2026, held alongside the ESH-iCMLf John Goldman Conference on Chronic Myeloid Leukemia, with participation available both on-site at Gothia Towers and online. The event will f...

Xspray Pharma to Hold Investor Update Alongside Key Leukemia Conference

Sep 15, 2026

Xspray Pharma is organizing an Investor Update in Gothenburg on October 2, 2026, alongside the ESH-iCMLf John Goldman Conference on Chronic Myeloid Leukemia. The event targets investors, shareholders and analysts, offering both on-site and online par...

Xspray Pharma Schedules Call After FDA Response on Lead Cancer Drug Dasynoc

Aug 19, 2026

Xspray Pharma has called a conference call for investors, analysts and media after receiving a Complete Response Letter from the U.S. Food and Drug Administration regarding its New Drug Application for lead drug candidate Dasynoc. Chief executive Bla...

Xspray Pharma Gets FDA Complete Response Letter on Dasynoc, Speeds Manufacturing for 2026 Resubmission

Aug 19, 2026

Xspray Pharma has received a Complete Response Letter from the FDA for its lead oncology candidate Dasynoc, with the agency’s concerns focused on Good Manufacturing Practice observations and the need for additional commercial-scale batch data from th...

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