Rankings Pharma & medtech Nanexa
Nanexa
39
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
- Multiples vs own history−12
- Margin−8
- Peers−8
Strengths
- Partnership+5
- Net cash+2
How the score is built
From 100 to 39, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 10.20 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +452%
- 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−20 of −30
- −8MarginOperating margin −65% and net loss SEK 24.6m (TTM); Q2 2026: revenue 1.7m (2.7) and EBIT −13.9m (−5.2). Losses every year.
- −5Quality of growthRevenue is lumpy licence and evaluation payments (2025: 31m from North America, mainly Moderna); no product sales, and the programmes are early-stage.
- −2MoatPatented PharmaShell (ALD coating) validated by Moderna and Novo, but clinical and commercial validation is still missing.
- −5Capital allocationThe share count has been diluted every year: +79% (2021), +42% (2022), +38% (2023), +93% (2024), +15% (2025); ROIC −11%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−20 of −35
- −12Multiples vs own historyP/B 15.8 vs 0.8–7.0 in 2021–2025 and P/S 62; market value has risen from 293m (end of 2024) to SEK 2.1bn.
- −8PeersEV of SEK 2.05bn for a platform with 17 employees, where the upfront payment is estimated at only about EUR 15m; the value rests on milestones over many years.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−22 of −35
- −6Partner dependenceNovo leads development and commercialisation of up to five programmes; Nanexa's value depends on Novo's priorities, and the royalty is only low single-digit.
- −4Transparency and executionUpfront, royalty rate and timelines are not disclosed, so uncertainty about the value is considerable (Emergers).
- −4Dilution27.9m warrants exercised at SEK 2 (March 2026, SEK 55.7m); share count +17.6% in a year.
- −3Macro and competitionThe GLP-1 market has fierce competition from oral pills and other long-acting formulations, plus price pressure on obesity drugs.
- −5Share price riskShare price +391% over 52 weeks, RSI 77 and beta 1.77; −9.7% on the day (28/9).
Plus
Only documented strengths. · 2 findings+7 of +15
- +5PartnershipGlobal exclusive licence with Novo worth up to EUR 1.165bn (615m in upfront and development/regulatory milestones) on top of the 2025 Moderna deal.
- +2
Caveats
What the score does not capture, or where the data is weak.
Price +391% over one year after the Novo deal (25/9); upfront, royalty rate and timelines not disclosed; no analysts on stockanalysis
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