Rankings Pharma & medtech Curasight
Curasight
33
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−10
- Funding and debt−10
- Capital allocation−8
Strengths
- Partner validation+3
How the score is built
From 100 to 33, 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 30 Sep 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.86 DKK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +76%
- 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? · 4 findings−25 of −30
- −10MarginNo revenue. The operating result was −DKK 57m (TTM), −26.8m in H1 2026 and −11.5m in Q2. There have been losses every year, and they are rising (−19m in 2022, −56m in 2025).
- −8Capital allocationExpensive and frequent financing: rights issue of DKK 47m subscribed only about 47%, directed issue of 16.4m at DKK 7.98 (December 2025), a Fenja facility of DKK 40m at 1.5% interest per month (about 20% a year) and a directed issue of 20m at DKK 17.80 (Q2 2026). The share count has gone from 21m to 49.5m shares in 18 months.
- −4MoatThe uPAR platform (diagnostic uTRACE and therapeutic uTREAT) builds on research from Rigshospitalet and is first-in-class, but the company has only four employees, and there is as yet no phase 3 data proving the clinical value.
- −3Quality of growthUnder the Curium agreement, Curasight must itself develop uTRACE all the way to approval in the EU and US before Curium takes over. The heavy clinical expense thus sits with a company with four employees and approx. DKK 41m in cash.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −6Multiples vs own historyP/B 29.5 and P/TBV 46.7 on equity of approx. DKK 15m. There is no earnings or revenue to compare with, and the equity ratio has fallen from 67.6% to 27.1% in a year.
- −5PeersEV is about DKK 430m (market cap 437 - cash 41 + Fenja debt about 36). Oncoinvent has an EV of about DKK 215m for a randomized phase 2 study with 108 patients. Clarity Pharmaceuticals (Australia, several late-stage programs) has an EV of about AUD 605m. Curasight is expensive relative to its development stage.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−28 of −35
- −10Funding and debtCash was DKK 41.0m at 30/6 vs current liabilities of 40.9m (of which about 36.5m is probably the Fenja loan at 1.5% interest per month). The conversion price of DKK 9.975 is above the current price of 8.84, so the loan does not convert by itself and must be repaid or refinanced.
- −7Delays and executionTopline data from uTREAT phase 1 and data from uTRACE phase 2, which were promised in 2026, have been postponed to H1 2027 due to uncertainty about final patient recruitment, and a protocol amendment has been submitted for uTREAT (July 2026). The share price has fallen approx. 58% in three months.
- −5Binary clinical riskThe value rests on two small studies: phase 1 with uTREAT in glioblastoma (one of the hardest cancers) and phase 2 with uTRACE PET imaging in prostate cancer, where uTRACE must compete with established PSMA-PET methods.
- −6DilutionThe share count has risen 48% in 12 months (stockanalysis), and the next capital raise comes before data in H1 2027. If the Fenja loan is converted, a further about 3.6–4m shares will come.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Partner validationCurium (one of the world's largest producers of nuclear medicine) has a global licence to uTRACE in prostate cancer with milestones of up to USD 70m plus double-digit royalties, and the first milestone has already been triggered.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis only has an NGM path (quote/ngm/CURAS), where the price is in DKK but market cap and statistics are converted to SEK; the financial figures are in DKK. The stock trades on Spotlight Denmark. The Q2 report PDF could not be read, so cash and debt are from stockanalysis' balance sheet (cash DKK 41.0m at 30/6). The Fenja loan is assumed to be the DKK 36.5m in 'other current liabilities'. The terms of the Fenja facility (1.5% interest per month, conversion at DKK 9.975, maturity end-2026) are from Inderes December 2025; whether the maturity was extended after Q2 is not confirmed. Insider trades and the exact ownership list not reviewed. No analysts on stockanalysis.
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