Rankings Pharma & medtech Lifecare

Lifecare

Pharma & medtech · NorwayRank 787 of 829Prices 3 Nov 2026Model 1.4Penny

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−10
Quality of growth−8
Peers−8

Strengths

Insider buying+1

Speculative profile

A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.

All penny stocks

Asymmetry (1–10): 3
Price: 0.35 DKK
Market value: DKK 150m
Cash runway: 9 months
Cash / debt: 36.8 / 5.5m NOK
Dilution, 12 months: +700%

Bull case

Controlled manufacturing is reached in the autumn, and the CE study application is approved in 2027. Sanofi then exercises its right of first refusal for a global licence (agreed in the development agreement), or a veterinary partner signs. A licence with USD 50–100m of milestones could lift the value to NOK 0.6–1.5bn, i.e. 3–7x from about NOK 0.22bn.

Bear case

The cash of NOK 36.8m only lasts to about Q1–Q2 2027. A new share issue at a low price (the latest rounds were at NOK 0.25–0.50), another rejection from NOMA or production problems could halve the price again. The share has fallen 88–94% in a year, and the 75% rally could vanish just as quickly.

Catalysts

12 Nov 2026Q3 report: cash, burn and update on productiongradual stockanalysis.com
autumn 2026'Controlled manufacturing' established at Ocean TuniCell's premises in Bergengradual mfn.se
H1 2027New funding required (runway into Q2 2027)binary mfn.se
no date from the companyApplication for a pivotal CE-mark study (NOMA rejected the first application in March 2026)binary mfn.se

Risk of going to zerohigh – the cash lasts about two quarters, there is no approval for human studies, and the company has repeatedly raised money with heavy dilution

Next financingLatest in H1 2027 (cash lasts 'into Q2 2027'). It will probably be a new share issue with warrants, like the last three rounds. The share price rally at the end of September makes an issue soon both cheaper for the company and more likely.

Warrants & convertiblesWarrant series 1 (NOK 0.3342, March 2026) and series 2 (NOK 0.24899, June 2026) have been exercised or expired; there are no listed warrants left. Possible contingent additional payment for Ocean TuniCell. Employee options have not been checked.

Insiders, last 12 monthsChairman Krohnstad bought 2.0m warrants at NOK 0.0157 (3/6/2026) and exercised them for 2.0m shares at NOK 0.249 (10/6). On 30/9 he transferred 3.6m shares at NOK 0.55 to his own company Ben Va Holding; his stake is unchanged. Board member Hekland's Hannibal Invest sold 319,550 shares at NOK 0.374 (19/5) to fund the exercise of 705,196 warrants (11/6).

Largest ownersDispersed ownership: Nordea Investment Management about 2.8% (MarketScreener), insiders in total about 7.6% and institutions about 3.3% (stockanalysis). A verified top 5 has not been found.

Circio check(1) Small market value: yes, about DKK 150m. (2) Hot theme: partly, CGM/diabetes is attractive but not a hyped theme. (3) Upcoming milestones: yes, but the company has not dated them (CE study). (4) Large partner: no, the 2024 Sanofi right of first refusal has not been confirmed in 2026. (5) Funding for 2+ years: no, runway is about 6–9 months. (6) Price near the bottom: partly, the price was at the bottom (0.29) but has already risen 75% in a few days.

Why this asymmetryThere is technological potential and a partner story (Sanofi), but the cash lasts only about two quarters. A new share issue is almost certain, and the price has just risen 75% on a production milestone. The downside from the next share issue is large relative to the 12-month upside.

How the score is built

From 100 to 29, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

29Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 0.43 NOK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −92%
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−27 of −30

Margin
Revenue NOK 7.7m vs an operating loss of NOK 115m (TTM). The loss was 130m in 2025 and 85m in 2024; Q2 2026 is down to 10.7m after restructuring.
stockanalysis.com
−10
Quality of growth
After more than ten years of development there are no human data. The evidence is three implants in dogs that have lasted six months (a veterinary study). Revenue is grants and development contributions, not sales.
mfn.se
−8
Moat
The osmotic sensor principle is patented, but Senseonics' implantable Eversense (up to 365 days) is already approved and sold, and Dexcom and Abbott dominate CGM. The advantage is not proven in humans.
stockanalysis.com
−4
Capital allocation
The German unit the company had built up was closed in March 2026. Production was moved from Cambridge to Bergen. In September 86.7% of Ocean TuniCell (regenerative medicine, outside the core area) was bought for new shares plus a contingent payment.
mfn.se
−5

Price

Today's multiples against the company's own history and its peers. · 2 findings−14 of −35

Multiples vs own history
Market cap is about NOK 216–232m vs 62m at end-2025, and P/B is 4.3 vs 2.6 in 2024. The share price is up about 75% in a few days on a production milestone, with no new clinical data.
stockanalysis.com
−6
Peers
EV of about NOK 185–200m for a medtech that does not yet have permission for a first-in-human study and has cash for about two quarters. That is high vs Nordic preclinical medtech companies.
stockanalysis.com
−8

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−25 of −35

Dilution
The share count has risen about 700% in a year: a rights issue at NOK 0.50 in January with two warrant series, exercised at NOK 0.334 and 0.249 (109.6m shares in June), plus 22.7m consideration shares at NOK 0.287 in September. There are now 430.4m shares.
mfn.se
−7
Funding
The cash was NOK 36.8m at 30/6, and runway lasts into Q2 2027 according to the company itself. New capital must be raised within 6–9 months.
mfn.se
−6
Regulation
The medicines agency (NOMA) rejected in March the application for the first human study. The plan is now one pivotal CE-mark study, but the company gives no date for the application.
mfn.se
−5
Execution
Only two implants from its own production have passed testing. The company itself writes that 'controlled manufacturing' is not yet established, and the production line is moving again to new premises. The CSO has left.
mfn.se
−3
Share price risk
Share price is down 94% over 52 weeks, but has risen from about NOK 0.29 to NOK 0.50–0.57 in a few days (RSI 87). Turnover has multiplied; the price is driven by momentum and speculation.
stockanalysis.com
−4

Plus

Only documented strengths. · 1 finding+1 of +15

Insider buying
Chairman Morten Foros Krohnstad bought 2m warrants in June and exercised them for new shares at NOK 0.249. Board member Hekland also exercised his warrants.
mfn.se
+1

Caveats

What the score does not capture, or where the data is weak.

Medtech with no product or data in humans; share count +about 700% in a year; no analysts (forecast 404). Nordnet's market cap (DKK 87m) is calculated on an old price around NOK 0.29: at NOK 0.502 and 430.4m shares the value is about NOK 216m (about DKK 150m). The unusually high turnover is due to the price rally after the 29/9 announcement of the first functional implants made in Bergen (the price has gone from about 0.29 to NOK 0.50–0.57, RSI 87).