Rankings Pharma & medtech Cessatech
Cessatech
37
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Funding and going concern−10
- Negative CHMP opinion−9
Strengths
- Partner validation+2
How the score is built
From 100 to 37, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of . Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- –
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−25 of −30
- −12MarginNo revenue in H1 2026 (Q2 2025: DKK 1.2m) and an operating result of c. −DKK 3.5 to −3.8m per quarter; the company has never made money.
- −6Market and moatIn the US, CT001 (sufentanil/ketamine nasal spray for children) is sold via 503B manufacturer STAQ Pharma and partner Ventis Pharma without FDA approval, i.e. without market exclusivity and with limited access to the hospital market. Management itself says it will take time to establish the product.
- −7Capital allocationThe company has financed itself with repeated issues (e.g. an 80%-underwritten rights issue of DKK 18.3m) and a loan facility, and equity is only DKK 6.4m vs a market cap of about DKK 174m.
Price
Today's multiples against the company's own history and its peers. · 1 finding−8 of −35
- −8Price vs net asset value and peersThe market cap of approx. DKK 174m corresponds to P/B approx. 27 and an EV of approx. DKK 172m for a company with no revenue, with a negative CHMP opinion in the EU and a non-approved product in the US. There are no multiples to measure against its own history.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−26 of −35
- −10Funding and going concernCash was only DKK 2.35m at 30/6-2026 (5.3m in Q1, 15.1m a year earlier) with spending of about DKK 3m per quarter. Operations rest on an undrawn loan facility of DKK 10m that falls due in 2027, and an expected tax credit; an issue or conversion is close to unavoidable.
- −9Negative CHMP opinionOn 24/7-2026 the CHMP gave a negative opinion on Proveca's PUMA application for CT001/KemSu for children aged 1-17. Proveca has asked for a re-examination, which is binary; the share price fell about 52% in three months.
- −4Regulatory risk in the USSales in the US are built on a 503B manufacturer (STAQ Pharma) instead of an FDA approval; an opioid product (sufentanil) without approval is exposed to changes in the FDA's rules for 503B products and hospitals' purchasing policies.
- −3Partner dependenceThe entire commercial model depends on partners: Proveca (EU and rest of world, marketing authorisation), Ventis Pharma (sales in the US) and STAQ Pharma (production in the US). The company has no sales organisation of its own.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Partner validationProveca, which has four PUMA approvals behind it, paid an upfront amount at signing in 2024 and must pay double-digit royalties on net sales outside the USA.
Caveats
What the score does not capture, or where the data is weak.
No stockanalysis page (404 on both quote/cph and quote/xsat); all figures are from the company's quarterly reports. Market cap calculated by us: 18.58m shares × DKK 9.38 = DKK 174m. Cash of DKK 2.35m at 30/6-2026 excludes an undrawn loan facility of DKK 10m from an investor group via MFO Private Equity (extended to 2027, convertible into shares on market terms) and excludes an expected tax credit in Q4 2026 (amount not disclosed). Revenue 0 in H1 2026; revenue in H2 2025 and hence TTM is not verified (Q2 2025: DKK 1.2m, presumably from Proveca). Dilution over the last 12 months, warrants, largest owners and short interest are not verified. CT001 is sold in the US via the 503B manufacturer STAQ Pharma and the partner Ventis Pharma without FDA approval; the company's economics in the US are not disclosed. There is no analyst coverage.
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