Rankings Pharma & medtech Hamlet BioPharma
Hamlet BioPharma
38
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
- Price relative to assets and peers−15
- Margin−10
- Funding crisis−10
Strengths
- Regulatory progress+2
How the score is built
From 100 to 38, 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? · 4 findings−24 of −30
- −10MarginNo revenue. The operating result was −SEK 55.8m in the fiscal year July 2025–June 2026 (EBITDA −45.6m), and operating cash flow was −44.3m.
- −6Capital allocation and form of financingOperations are financed in small chunks via directed issues with attached warrants (SEK 30m in August 2025, 9.1m in April 2026 and 25.7m in August 2026). Cash was down to SEK 5.1m as of 30/6-2026, while the company is simultaneously starting a phase III study.
- −5Market and moatAlpha1H targets low- to intermediate-risk non-muscle-invasive bladder cancer (NMIBC), where BCG, intravesical chemotherapy and newer approved alternatives (e.g. UroGen's mitomycin gel) already exist. Patents are granted in the US and Japan, but the commercial advantage is not documented with comparative data.
- −3Evidence baseThe phase II study (completed August 2025) hit all endpoints according to the company, but it was small and not placebo-controlled in the phase III sense, and phase III is so far running at one site (Motol, Prague).
Price
Today's multiples against the company's own history and its peers. · 1 finding−15 of −35
- −15Price relative to assets and peersThe market cap is approx. SEK 1.13bn with cash of SEK 5m as of 30/6 (approx. SEK 30m pro forma) and no partner. That is higher than SynAct (EV approx. SEK 1.0bn after a completed phase 2b with 246 patients) and around half of Hansa (EV approx. 2.7bn with positive phase 3 and PDUFA in December).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −10Funding crisisCash was SEK 5.1m at 30/6-2026 (10.8m a year earlier) vs spending of about 11-15m per quarter. With 25.7m from warrants in August the money lasts to about spring 2027, and phase III is not financed; the company depends on partner milestones or new capital.
- −4Control and governanceFounder Catharina Svanborg is researcher, CEO and controlling owner via 39.9m unlisted A shares with enhanced voting rights, and the board has had an acting chair.
- −3Non-binding partner prospectsThe letter of intent (LOI) with an unnamed German pharmaceutical company on Alpha1H was signed 6/3-2026 and is still not a binding agreement; neither upfront nor financial terms have been disclosed.
- −2LiquiditySpotlight listing with about DKK 63,000 in daily turnover according to Nordnet; large owners cannot trade without moving the price, and warrant exercises regularly create selling pressure.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Regulatory progressThe EMA approved the phase III study on 29/6-2026 (the protocol is also accepted by the FDA), production in phase III quality is complete, and the first patients were enrolled in September 2026.
Caveats
What the score does not capture, or where the data is weak.
No stockanalysis page (quote/xsat/HAMLET.B and variants return 404); figures are from the company's annual report for the financial year July 2025–June 2026 (published 28/8-2026) and press releases. The share count (approx. 190.5m A+B) is estimated as 186.18m at 30/6 plus approx. 4.3m shares from the TO5B exercise in August (SEK 25.7m at SEK 6); market cap is calculated on all shares at the B price, even though the A shares (39.9m) are not listed. The 12-month dilution is an estimate. Cash at 30/6 was SEK 5.1m; the penny figure is pro forma incl. SEK 25.7m gross from warrants. The size, endpoints, budget and timeline of the phase III study have not been published. The partner in the LOI (German pharmaceutical company) is not named. Equity and hence P/B is not stated. Short interest and insider trades have not been reviewed.
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