Rankings Pharma & medtech Nanoform
Nanoform
50
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin and returns−10
- Quality of growth−7
- Funding−7
Strengths
- Improved cash flow+2
- Insider buying+1
How the score is built
From 100 to 50, 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
- 0.77 EUR
- Median analyst target
- 2.13 EUR
- Upside to median
- +176.3%
- Analysts
- 2
- Target range
- 2.00 – 2.25 EUR
- 52-week change
- −33%
- 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
- −10Margin and returnsGross margin 90%, but operating result −EUR 16.4m on revenue of 5.5m over the last 12 months (operating margin −296%), ROIC −21%. The company has had operating losses of EUR 20–24m a year since 2021.
- −7Quality of growthRevenue grew 33% in H1 2026 to EUR 2.0m, but from a very low level after 10+ years, and analysts expect only +3.5% in 2026 (5.2m). Income is primarily small project payments; there is as yet no royalty or product income.
- −6Capital allocationCash has fallen from EUR 75.7m (2021) to 19.0m without creating a profitable business; in 2026 headcount was cut from 175 to 108 (49 laid off in February). Dilution has, however, been low over the last year (+0.8%).
- −4MoatThe patented CESS nanoparticle technology and a gross margin of 90% suggest a real technical advantage, but it is not yet validated with an approved commercial product; nano-enzalutamide can be launched in 2028 at the earliest.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −2Multiples vs own historyEV/Sales 10.8 vs 15.4 (2025), 21.4 (2024) and 30.7 (2023), i.e. historically low, and P/B 2.0 vs 1.9-2.9. Cheaper than before, but still over 10x sales for a loss-making company.
- −2PeersEV EUR 59m. Xspray Pharma (Swedish bioavailability technology) has an EV of SEK 563m (about EUR 50m) with almost no revenue, so the level is in line with peers, but both are priced on pipeline, not earnings.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−16 of −35
- −7FundingCash of EUR 19.0m and debt of EUR 6.4m at 30/6. Operating FCF was −3.4m in Q2 and −6.6m in H1; the target is spending below EUR 10m in 2026. That gives approx. 1.5–2 years of cash, so an issue or milestone payments are necessary in 2027–28.
- −5Regulatory and commercial risk for nanoenzalutamideThe first marketing authorisation application (MAA) is to be submitted before the end of 2026 via the hybrid route with launch 'in 2028 at the earliest'. The product competes with Xtandi and coming generics, and the value (EUR 10m+ in development milestones, 25m+ in commercial) depends on licence deals, of which only Germany is signed.
- −4Execution after restructuring38% fewer employees and temporary part-time layoffs increase the risk that customer projects and the new biologics GMP initiative (negotiations with CDMOs) will be delayed. Analysts expect almost no growth in 2026.
Plus
Only documented strengths. · 2 findings+3 of +15
- +1Insider buyingCFO and board member Albert Hæggström bought 50,000 shares at EUR 0.457 on 1/4-2026, close to the bottom.
- +2Improved cash flowEBITDA improved from −EUR 10.0 to −6.0m in H1 and operating costs were reduced 33%, and an exclusivity agreement (May 2026) was signed with a Nasdaq-listed US biotech company, worth up to 'high tens of millions' USD in milestones.
Caveats
What the score does not capture, or where the data is weak.
Only 2 analysts (both Strong Buy, price target EUR 2.00-2.25), so formula points for upside rest on thin coverage. Market cap 85.75m shares × EUR 0.855 = EUR 73.3m ≈ DKK 547m (Nordnet 539). Stockanalysis shows share count +8.9% QoQ but only +0.8% YoY; no issue was found in 2026 other than 85,000 board shares, so the QoQ figure is probably a data error. The company's 'cash burn' (-EUR 1.5m in Q2) is lower than operating FCF (-3.4m); the difference is not reconciled. Short register (Finanssivalvonta) not checked. Ownership stakes from Simply Wall St (date unclear).
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