E 
11.12
0.00%
Close of 9 Nov 2026, in SEK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 62.4m
FY2016FY2025
Net income
−SEK 342.5m
FY2016FY2025
Free cash flow
−SEK 268.6m
FY2016FY2025
Shareholders' equity
SEK 338.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 62.4m | SEK 46.1m | SEK 57.6m | SEK 22.5m | SEK 38.2m | SEK 40.7m | SEK 82.6m | SEK 28.2m | SEK 13.6m | — |
| Research and development | SEK 158.3m | SEK 146.2m | SEK 194.0m | SEK 136.3m | SEK 88.7m | SEK 183.3m | SEK 112.2m | SEK 83.9m | SEK 74.2m | SEK 19.5m |
| Operating income | −SEK 346.9m | −SEK 333.8m | −SEK 324.7m | −SEK 198.1m | −SEK 105.7m | −SEK 178.4m | −SEK 66.7m | −SEK 92.5m | −SEK 88.1m | −SEK 38.4m |
| Net income | −SEK 342.5m | −SEK 343.6m | −SEK 326.9m | −SEK 189.5m | −SEK 104.7m | −SEK 179.1m | −SEK 61.4m | −SEK 85.0m | −SEK 87.9m | −SEK 38.2m |
| Diluted earnings per share | -0.87 | -0.98 | -1.13 | -0.88 | -0.63 | -3.30 | -1.13 | -1.72 | -1.78 | -1.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 639.1m | SEK 792.3m | SEK 760.2m | SEK 561.1m | SEK 569.3m | SEK 894.0m | SEK 270.1m | SEK 242.0m | SEK 315.4m | SEK 396.4m |
| Cash and short-term investments | SEK 215.8m | SEK 351.0m | SEK 303.3m | SEK 127.7m | SEK 144.0m | SEK 287.9m | SEK 255.1m | SEK 229.9m | SEK 309.5m | SEK 394.0m |
| Total liabilities | SEK 300.4m | SEK 299.4m | SEK 214.6m | SEK 54.9m | SEK 42.2m | SEK 264.3m | SEK 25.2m | SEK 22.7m | SEK 11.7m | SEK 6.9m |
| Debt | SEK 90.6m | SEK 117.4m | SEK 113.0m | SEK 2.7m | SEK 4.2m | SEK 4.7m | SEK 117,000 | — | — | — |
| Shareholders' equity | SEK 338.7m | SEK 492.8m | SEK 545.6m | SEK 506.2m | SEK 527.0m | SEK 629.6m | SEK 244.9m | SEK 219.4m | SEK 303.7m | SEK 389.6m |
| Shares outstanding | 395m | 351m | 290m | 215m | 165m | 54m | 54m | 49m | 49m | 29m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 267.1m | −SEK 227.9m | −SEK 278.4m | −SEK 173.5m | −SEK 130.1m | −SEK 134.6m | −SEK 62.6m | −SEK 80.3m | −SEK 86.6m | −SEK 36.1m |
| Capital spending | −SEK 1.5m | — | — | — | −SEK 172,000 | −SEK 24,000 | −SEK 24,000 | −SEK 24,000 | −SEK 24,000 | — |
| Free cash flow | −SEK 268.6m | −SEK 227.9m | −SEK 278.4m | −SEK 173.5m | −SEK 130.3m | −SEK 134.7m | −SEK 62.7m | −SEK 80.3m | −SEK 86.6m | −SEK 36.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 17.4m | SEK 13.4m | SEK 17.9m | SEK 17.4m | SEK 14.5m | SEK 12.7m | SEK 10.8m | SEK 9.4m |
| Operating income | −SEK 106.5m | −SEK 90.8m | −SEK 124.1m | −SEK 79.3m | −SEK 78.5m | −SEK 64.7m | −SEK 104.7m | −SEK 82.7m |
| Net income | −SEK 108.9m | −SEK 94.5m | −SEK 119.7m | −SEK 82.4m | −SEK 77.6m | −SEK 62.9m | −SEK 110.5m | −SEK 86.2m |
| Diluted earnings per share | -0.24 | -0.21 | -0.30 | -0.21 | -0.20 | -0.16 | -0.31 | -0.25 |
| Cash from operations | −SEK 94.0m | −SEK 64.0m | −SEK 92.0m | −SEK 49.0m | −SEK 59.0m | −SEK 66.0m | −SEK 53.0m | −SEK 62.0m |
| Capital spending | −SEK 1.0m | — | — | — | −SEK 1.0m | — | — | — |
| Free cash flow | −SEK 95.0m | — | — | — | −SEK 60.0m | — | — | — |
| Total assets | SEK 760.5m | SEK 537.4m | SEK 639.1m | SEK 595.1m | SEK 654.4m | SEK 724.1m | SEK 792.3m | SEK 577.5m |
| Cash and short-term investments | SEK 378.4m | SEK 142.5m | SEK 215.8m | SEK 145.7m | SEK 202.6m | SEK 272.8m | SEK 351.0m | SEK 129.9m |
| Debt | SEK 64.7m | SEK 70.3m | SEK 76.5m | SEK 85.7m | SEK 89.7m | SEK 98.7m | SEK 114.2m | SEK 111.2m |
| Shareholders' equity | SEK 481.5m | SEK 248.6m | SEK 338.7m | SEK 277.4m | SEK 355.0m | SEK 433.3m | SEK 492.8m | SEK 318.6m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -555.9% | -688.3% | -560.2% | -860.9% | -272.9% | -437.8% | — | — | — |
| Net margin | -548.9% | -745.3% | -567.5% | -842.2% | -273.9% | -440.5% | — | — | — |
| Return on equity | -101.1% | -69.7% | -59.9% | -37.4% | -19.9% | -28.4% | — | — | — |
| Return on assets | -53.6% | -43.4% | -43.0% | -33.8% | -18.4% | -20.0% | — | — | — |
| Free cash flow yield | -6.7% | — | — | — | -7.8% | -24.6% | -11.5% | -16.2% | -17.4% |
| Revenue growth | 35.4% | -20.0% | 156.0% | -41.2% | -5.9% | -50.7% | — | — | — |
| Earnings growth | -0.3% | 5.1% | 72.5% | 80.9% | -41.5% | 191.6% | — | — | — |
| Current ratio | 1.05x | 1.86x | 3.33x | 2.98x | 3.90x | 4.28x | — | — | — |
| Debt to equity | 0.25x | 0.24x | 0.20x | 0.00x | 0.00x | -0.06x | — | — | — |
| Equity ratio | 53.0% | 62.2% | 71.8% | 90.2% | 92.6% | 70.4% | — | — | — |
| Interest coverage | -15.28x | -12.25x | -78.71x | -1937.00x | -521.77x | -178023.00x | — | — | — |
| R&D as a share of sales | 253.7% | 317.1% | 336.8% | 605.8% | 231.9% | 450.7% | — | — | — |
| Buybacks as a share of market value | -12.5% | -21.0% | -35.2% | -30.0% | -203.9% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 40.5% | 8.9% | — |
| Operating income | 20.5% | 14.2% | 22.9% |
| Net income | 21.8% | 13.8% | 22.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -627.4% | -638.1% | -556.1% | — |
| Net margin | -632.4% | -637.6% | -555.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.2 | -7.2 | -5.0 | -8.0 | -9.7 | -2.1 | -10.3 | -5.2 | -6.0 | -7.7 |
| Price to sales | 33.8 | 53.3 | 28.1 | 67.7 | 26.6 | 9.2 | 7.7 | 15.5 | 38.7 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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