Rankings Pharma & medtech SoftOx Solutions
SoftOx Solutions
24
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−10
- Cash flow and dilution−9
Strengths
- Non-dilutive funding+2
- Net cash+1
- Insider buying+1
How the score is built
From 100 to 24, 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 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.11 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +43%
- 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−28 of −30
- −10MarginOperating loss NOK 23m (TTM), operating margin −166%; losses every year. Q1 2026: pre-tax loss of 5.1m vs a profit of 1.9m a year earlier.
- −8Quality of growthRevenue (NOK 13.9m TTM, +97% in 2025) is mainly project funding from the European Defence Fund – not product sales. The lead programme SIS-03 is in phase 2a with proof-of-concept data only in H1 2027.
- −5MoatThe active ingredient is hypochlorous acid (HOCl), a known substance; the moat rests on formulation and stability and is not clinically proven. In cystic fibrosis it competes with established inhaled antibiotics and CFTR modulators.
- −5Capital allocationEquity has fallen from 110m (2021) to NOK 30m despite repeated share issues; a deferred tax asset of 84m was written off in 2025. The share count has gone from 10m (2021) to 2.6bn.
Price
Today's multiples against the company's own history and its peers. · 2 findings−19 of −35
- −12Multiples vs own historyP/B 10.7 vs 0.3 (2024) and 6.2 (2022); EV/sales 21 vs 1.6–3.1 in 2023–24. Market value has grown from NOK 27m to 317m since the end of 2024.
- −7PeersEV of NOK 296m for one phase 2a programme and one phase 1 programme with 2 employees and no licence deal – high vs Nordic small biotechs at the same stage.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−27 of −35
- −9Cash flow and dilutionFCF −NOK 26.5m (TTM) vs cash of 21.4m (June) plus 5.75m from the July placement – less than a year of runway before PoC data arrives. Share count +33% since the end of 2024 (1.95 → 2.60bn).
- −4Funding structureFunded through a Long State facility: tranches of 45–60m shares at NOK 0.06–0.13 every 1–2 months; primary insiders have lent shares to Long State, and in Sept 2025 the company had to explain the placement commission.
- −6ExecutionThe clinical focus was switched in Sept 2025 to chronic lung disease (cystic fibrosis) after earlier programmes; the value now rests on binary data in 2027.
- −3Macro and regulationCFTR modulators reduce the need for anti-infectives in cystic fibrosis, and the path to approval for inhaled HOCl is untested; biotech funding is cyclical.
- −2Key peopleOnly 2 employees; development is outsourced and depends on a few people. Piotroski 2.
- −3
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Non-dilutive fundingThe European Defence Fund (COUNTERACT consortium) funds the biodefence programme SIS-02, which started phase 1 in June 2026.
- +1
- +1Insider buyingPrimary insider Ulrik Spork subscribed for 2.38m shares in the July placement at NOK 0.105.
Caveats
What the score does not capture, or where the data is weak.
Clinical biotech with 2 employees; revenue is EU grants, not sales; ongoing dilution via the Long State facility; cash lasts under a year; PoC data only in H1 2027; no analysts
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