A 
0.16
-1.93%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 7.4m
FY2016FY2025
Net income
−SEK 48.1m
FY2016FY2025
Free cash flow
−SEK 49.1m
FY2016FY2025
Shareholders' equity
SEK 38.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 7.4m | SEK 6.2m | SEK 6.2m | SEK 5.8m | SEK 3.8m | SEK 2.2m | SEK 1.9m | SEK 1.0m | SEK 638,000 | — |
| Research and development | SEK 14.8m | SEK 25.4m | SEK 28.5m | SEK 27.8m | SEK 21.5m | SEK 14.5m | SEK 20.3m | SEK 12.3m | SEK 5.3m | SEK 1.2m |
| Operating income | −SEK 48.0m | −SEK 66.4m | −SEK 77.6m | −SEK 76.8m | −SEK 51.7m | −SEK 41.4m | −SEK 46.4m | −SEK 42.5m | −SEK 30.7m | −SEK 26.8m |
| Net income | −SEK 48.1m | −SEK 66.2m | −SEK 77.8m | −SEK 77.0m | −SEK 51.8m | −SEK 41.5m | −SEK 46.5m | −SEK 42.3m | −SEK 29.8m | −SEK 48.2m |
| Diluted earnings per share | -0.04 | -0.06 | -0.12 | -0.28 | -0.21 | -0.47 | -0.97 | -0.83 | -0.71 | -2.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 48.3m | SEK 80.8m | SEK 62.9m | SEK 69.5m | SEK 118.6m | SEK 89.9m | SEK 83.0m | SEK 95.2m | SEK 134.1m | SEK 173.3m |
| Cash and short-term investments | SEK 18.3m | SEK 54.0m | SEK 35.1m | SEK 11.3m | SEK 15.8m | SEK 64.1m | SEK 53.7m | SEK 65.0m | SEK 103.4m | SEK 145.9m |
| Total liabilities | SEK 10.2m | SEK 5.1m | SEK 11.0m | SEK 17.7m | SEK 18.1m | SEK 7.8m | SEK 6.4m | SEK 7.3m | SEK 5.1m | SEK 17.8m |
| Debt | — | — | — | SEK 251,000 | SEK 523,000 | SEK 1.4m | SEK 766,000 | — | — | — |
| Shareholders' equity | SEK 38.2m | SEK 75.7m | SEK 51.9m | SEK 51.8m | SEK 100.5m | SEK 82.1m | SEK 76.6m | SEK 87.9m | SEK 128.9m | SEK 155.5m |
| Shares outstanding | 1,137m | 1,084m | 642m | 279m | 252m | 88m | 48m | 51m | 42m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 48.4m | −SEK 63.3m | −SEK 81.4m | −SEK 74.9m | −SEK 48.0m | −SEK 36.7m | −SEK 44.5m | −SEK 38.6m | −SEK 40.5m | −SEK 9.1m |
| Capital spending | −SEK 757,000 | −SEK 920,000 | −SEK 22,000 | −SEK 151,000 | −SEK 43,000 | −SEK 43,000 | −SEK 43,000 | −SEK 43,000 | −SEK 3.0m | −SEK 12.2m |
| Free cash flow | −SEK 49.1m | −SEK 64.2m | −SEK 81.4m | −SEK 75.0m | −SEK 48.0m | −SEK 36.7m | −SEK 44.6m | −SEK 38.7m | −SEK 43.5m | −SEK 21.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.3m | SEK 2.4m | SEK 2.1m | SEK 2.4m | SEK 1.1m | SEK 1.7m | SEK 1.7m | SEK 993,000 |
| Operating income | −SEK 9.3m | −SEK 8.5m | −SEK 12.0m | −SEK 9.2m | −SEK 12.8m | −SEK 14.0m | −SEK 16.3m | −SEK 18.6m |
| Net income | −SEK 9.5m | −SEK 8.8m | −SEK 11.7m | −SEK 9.4m | −SEK 12.9m | −SEK 14.1m | −SEK 16.0m | −SEK 18.6m |
| Diluted earnings per share | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | -0.02 |
| Cash from operations | −SEK 11.0m | SEK 1.0m | −SEK 16.0m | −SEK 7.0m | −SEK 12.0m | −SEK 11.0m | −SEK 16.0m | −SEK 12.0m |
| Capital spending | −SEK 11.0m | −SEK 1.0m | — | — | — | — | — | — |
| Free cash flow | −SEK 22.0m | SEK 0 | — | — | — | — | — | — |
| Total assets | SEK 47.7m | SEK 43.5m | SEK 48.3m | SEK 42.1m | SEK 52.9m | SEK 64.7m | SEK 80.8m | SEK 73.5m |
| Cash and short-term investments | SEK 28.9m | SEK 25.8m | SEK 18.3m | SEK 24.4m | SEK 32.3m | SEK 45.0m | SEK 54.0m | SEK 44.2m |
| Shareholders' equity | SEK 43.8m | SEK 37.0m | SEK 38.2m | SEK 38.5m | SEK 47.7m | SEK 59.9m | SEK 75.7m | SEK 64.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.1% | 27.7% | — |
| Operating income | -14.5% | 3.0% | 12.1% |
| Net income | -14.5% | 3.0% | 14.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -843.4% | -1048.8% | -1146.9% | — |
| Net margin | -842.6% | -1050.1% | -1148.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.3 | -4.1 | -1.6 | -0.6 | -1.3 | -0.7 | -0.3 | -0.9 | -3.0 | -1.9 |
| Price to sales | 41.4 | 43.9 | 19.5 | 7.9 | 17.9 | 13.6 | 8.2 | 37.6 | 137.5 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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