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Xspray Pharma AB
(XSPRAY)
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Rating:45Neutral
Price Target:
kr11.00
▲(2.42% Upside)
Action:Reiterated
Date:10/03/26
The score is primarily weighed down by weak financial performance (no revenue, ongoing losses, and persistent cash burn), partially offset by a relatively stronger balance sheet with moderate leverage. Technicals are mixed with a short-term rebound but a longer-term downtrend, and valuation remains constrained by negative earnings and no indicated dividend yield.
Positive Factors
HyNap formulation platform
HyNap gives Xspray a defined technology platform for developing improved versions of established medicines, including potential bioavailability and food-effect benefits. This creates multiple product opportunities and supports licensing or partnering economics beyond a single drug candidate.
Negative Factors
No commercial revenue
The absence of reported revenue shows that Xspray has not yet established a commercial earnings base. Until a candidate is approved and generates licensing, royalty, or product income, the company’s valuation support and ability to self-fund development remain dependent on future execution.
Read all positive and negative factors
Positive Factors
Negative Factors
HyNap formulation platform
HyNap gives Xspray a defined technology platform for developing improved versions of established medicines, including potential bioavailability and food-effect benefits. This creates multiple product opportunities and supports licensing or partnering economics beyond a single drug candidate.
Read all positive factors
Xspray Pharma AB (XSPRAY) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr530.12M
Dividend YieldN/A
Average Volume (3M)91.44K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue GrowthN/A
EPS Growth44.46%
CountrySE
Employees24
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.86
Shares Outstanding47,416,573
10 Day Avg. Volume136,176
30 Day Avg. Volume91,445
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)2.00
Price to Sales (P/S)0.00
P/FCF Ratio-5.44
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)-6.2
Revenue Forecast (FY)kr95.00M
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-Sor...
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) l...
Xspray Pharma AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -2.78M | -5.58M | -8.55M | -9.19M | -9.53M | -8.87M |
| EBITDA | -132.72M | -156.27M | -274.69M | -169.81M | -122.13M | -87.82M |
| Net Income | -159.44M | -171.44M | -285.52M | -179.67M | -130.27M | -96.70M |
Balance Sheet | ||||||
| Total Assets | 811.18M | 769.35M | 796.34M | 765.26M | 585.43M | 622.90M |
| Cash, Cash Equivalents and Short-Term Investments | 179.91M | 153.75M | 208.24M | 166.30M | 120.17M | 271.88M |
| Total Debt | 147.30M | 170.11M | 128.22M | 36.81M | 2.13M | 3.23M |
| Total Liabilities | 173.68M | 164.70M | 173.25M | 71.85M | 29.41M | 31.15M |
| Stockholders Equity | 637.50M | 604.65M | 623.10M | 693.41M | 556.02M | 591.75M |
Cash Flow | ||||||
| Free Cash Flow | -161.72M | -222.35M | -264.51M | -257.38M | -238.47M | -147.57M |
| Operating Cash Flow | -150.34M | -193.16M | -222.37M | -203.28M | -110.18M | -51.61M |
| Investing Cash Flow | -19.73M | -29.19M | -42.14M | -65.88M | -135.34M | -105.82M |
| Financing Cash Flow | 276.11M | 168.29M | 306.11M | 315.59M | 93.81M | 103.71M |
Xspray Pharma AB Technical Analysis
Neutral
10.74
Price Trends
11.52
Negative
14.71
Negative
20.44
Negative
Market Momentum
>-0.01
Negative
54.82
Neutral
57.37
Neutral
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 10.74 is above the 20-day moving average (MA) of 9.91, below the 50-day MA of 11.52, and below the 200-day MA of 20.44, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.82 is Neutral, neither overbought nor oversold. The STOCH value of 57.37 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | kr38.58B | 56.45 | 15.54% | ― | <0.01% | -6.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr292.60M | -5.63 | -13.41% | ― | -68.66% | -137.27% | |
48 Neutral | kr87.82M | -2.28 | -106.23% | ― | -97.37% | 25.28% | |
46 Neutral | kr2.52B | -4.54 | -53.71% | ― | -48.40% | -1.06% | |
45 Neutral | kr530.12M | -2.82 | -26.00% | ― | ― | 44.46% |
* Healthcare Sector Average
SE:XSPRAY
Xspray Pharma AB
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Xspray Pharma AB Corporate Events
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...
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 re...
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 wil...
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 ...
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 ...
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 dat...
Xspray Pharma Bolsters Finances as FDA Decisions Loom for Nilopki and Dasynoc
Aug 5, 2026
Xspray Pharma reported another loss-making quarter in Q2 2026 with no net sales, but improved earnings before tax compared with the prior year and a strengthened balance sheet, as cash and cash equivalents rose to SEK 179.9 million. Operating cash...
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.