H 
41.30
+4.66%
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 222.3m
FY2016FY2025
Net income
−SEK 534.1m
FY2016FY2025
Free cash flow
−SEK 549.2m
FY2016FY2025
Shareholders' equity
−SEK 89.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 222.3m | SEK 171.3m | SEK 134.1m | SEK 154.5m | SEK 33.9m | SEK 6.1m | SEK 3.4m | SEK 3.4m | SEK 3.4m | SEK 2.6m |
| Research and development | SEK 304.7m | SEK 375.7m | SEK 411.3m | SEK 346.2m | SEK 230.8m | SEK 227.2m | SEK 192.9m | SEK 154.6m | SEK 137.1m | SEK 82.8m |
| Operating income | −SEK 520.7m | −SEK 670.1m | −SEK 725.3m | −SEK 575.1m | −SEK 547.5m | −SEK 425.1m | −SEK 359.2m | −SEK 247.3m | −SEK 176.1m | −SEK 111.1m |
| Net income | −SEK 534.1m | −SEK 807.2m | −SEK 831.7m | −SEK 611.1m | −SEK 548.3m | −SEK 420.9m | −SEK 360.0m | −SEK 248.0m | −SEK 176.7m | −SEK 111.1m |
| Diluted earnings per share | -5.25 | -11.90 | -15.79 | -13.25 | -12.33 | -9.46 | -8.99 | -6.20 | -4.67 | -3.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 1.17bn | SEK 800.6m | SEK 1.02bn | SEK 1.69bn | SEK 1.01bn | SEK 1.43bn | SEK 664.2m | SEK 944.8m | SEK 680.4m | SEK 310.7m |
| Cash and short-term investments | SEK 701.1m | SEK 405.3m | SEK 732.1m | SEK 1.50bn | SEK 889.0m | SEK 1.38bn | SEK 601.1m | SEK 858.2m | SEK 616.1m | SEK 253.6m |
| Total liabilities | SEK 1.25bn | SEK 1.39bn | SEK 1.19bn | SEK 1.08bn | SEK 255.2m | SEK 192.4m | SEK 101.4m | SEK 84.9m | SEK 49.8m | SEK 27.0m |
| Debt | SEK 933.8m | SEK 1.08bn | SEK 866.8m | SEK 791.1m | SEK 35.4m | SEK 5.7m | SEK 10.2m | SEK 577,000 | — | SEK 48,000 |
| Shareholders' equity | −SEK 89.0m | −SEK 589.8m | −SEK 167.9m | SEK 602.9m | SEK 757.6m | SEK 1.24bn | SEK 562.8m | SEK 859.9m | SEK 630.7m | SEK 283.7m |
| Shares outstanding | 102m | 68m | 53m | 46m | 44m | 44m | 40m | 40m | 38m | 35m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 549.2m | −SEK 674.9m | −SEK 755.7m | −SEK 502.7m | −SEK 481.2m | −SEK 290.3m | −SEK 334.8m | −SEK 204.6m | −SEK 150.1m | −SEK 94.6m |
| Capital spending | — | −SEK 116,000 | −SEK 284,000 | −SEK 3.3m | −SEK 2.4m | −SEK 294,000 | −SEK 3.4m | −SEK 2.5m | −SEK 2.4m | −SEK 984,000 |
| Free cash flow | −SEK 549.2m | −SEK 675.0m | −SEK 755.9m | −SEK 506.1m | −SEK 483.6m | −SEK 290.6m | −SEK 338.2m | −SEK 207.1m | −SEK 152.5m | −SEK 95.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 48.1m | SEK 34.6m | SEK 76.0m | SEK 30.8m | SEK 49.1m | SEK 66.3m | SEK 32.3m | SEK 48.7m |
| Operating income | −SEK 201.4m | −SEK 142.1m | −SEK 124.9m | −SEK 147.9m | −SEK 154.7m | −SEK 93.4m | −SEK 170.5m | −SEK 116.9m |
| Net income | −SEK 260.5m | −SEK 196.3m | −SEK 165.0m | −SEK 148.3m | −SEK 178.9m | −SEK 37.1m | −SEK 276.4m | −SEK 103.8m |
| Diluted earnings per share | -2.56 | -1.93 | -1.62 | -1.46 | -1.76 | -0.36 | -4.08 | -1.53 |
| Cash from operations | −SEK 103.0m | −SEK 156.0m | −SEK 177.0m | −SEK 89.0m | −SEK 111.0m | −SEK 151.0m | −SEK 206.0m | −SEK 148.0m |
| Capital spending | −SEK 18.0m | — | — | — | −SEK 17.0m | — | — | — |
| Free cash flow | −SEK 121.0m | — | — | — | −SEK 128.0m | — | — | — |
| Total assets | SEK 1.07bn | SEK 1.16bn | SEK 1.17bn | SEK 741.1m | SEK 837.3m | SEK 705.3m | SEK 800.6m | SEK 940.7m |
| Cash and short-term investments | SEK 552.8m | SEK 676.5m | SEK 701.1m | SEK 252.1m | SEK 354.4m | SEK 250.2m | SEK 405.3m | SEK 553.5m |
| Debt | SEK 1.03bn | SEK 1.14bn | SEK 933.8m | SEK 923.9m | SEK 906.2m | SEK 1.02bn | SEK 1.08bn | SEK 958.2m |
| Shareholders' equity | −SEK 520.2m | −SEK 275.3m | −SEK 89.0m | −SEK 560.7m | −SEK 441.1m | −SEK 623.7m | −SEK 589.3m | −SEK 320.0m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -235.1% | -391.2% | -540.9% | -366.5% | -1615.9% | -6897.9% |
| Net margin | -240.3% | -471.2% | -620.3% | -395.5% | -1618.4% | -6901.5% |
| Return on equity | 600.2% | 136.9% | 495.4% | -101.4% | -72.4% | -33.9% |
| Return on assets | -45.8% | -100.8% | -81.7% | -36.2% | -54.1% | -29.3% |
| Free cash flow yield | -14.1% | -26.0% | -37.5% | -28.5% | -28.3% | -17.1% |
| Revenue growth | 29.7% | 27.8% | -13.2% | 356.1% | 455.6% | 81.3% |
| Earnings growth | -33.8% | -2.9% | 36.1% | 11.5% | 30.3% | 16.9% |
| Current ratio | 1.94x | 2.29x | 2.66x | 6.06x | 5.50x | 12.20x |
| Debt to equity | -10.46x | -1.82x | -5.08x | 1.28x | 0.01x | 0.00x |
| Equity ratio | -7.6% | -73.7% | -16.5% | 35.7% | 74.8% | 86.6% |
| Interest coverage | -4.44x | -5.00x | -6.87x | -12.97x | -788.81x | -1636.72x |
| R&D as a share of sales | 137.1% | 219.3% | 306.7% | 224.1% | 681.2% | 3725.7% |
| Buybacks as a share of market value | -50.1% | -28.7% | -14.2% | -3.7% | 0.0% | -11.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.9% | 105.3% | 44.9% |
| Operating income | -3.3% | 4.1% | 22.9% |
| Net income | -4.4% | 4.9% | 23.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -302.6% | -365.2% | -479.6% | -597.5% |
| Net margin | -340.8% | -408.1% | -519.7% | -636.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.5 | -3.3 | -1.7 | -3.7 | -7.2 | -25.4 | -9.3 | -27.0 | -32.4 | -22.3 |
| Price to sales | 15.7 | 15.5 | 10.3 | 14.7 | 116.6 | — | — | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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