O 
1.82
+4.60%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 71.1m
FY2016FY2025
Net income
−SEK 249.6m
FY2016FY2025
Free cash flow
−SEK 222.9m
FY2016FY2025
Shareholders' equity
−SEK 58.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 71.1m | SEK 31.6m | SEK 35.2m | SEK 8.4m | SEK 118.3m | SEK 19.4m | — | — | — | — |
| Research and development | SEK 99.8m | SEK 121.2m | SEK 106.9m | SEK 217.7m | SEK 679.9m | SEK 866.2m | SEK 548.3m | SEK 322.1m | SEK 197.8m | SEK 89.7m |
| Operating income | −SEK 228.9m | −SEK 283.5m | −SEK 253.4m | −SEK 349.4m | −SEK 1.42bn | −SEK 1.59bn | −SEK 739.4m | −SEK 420.1m | −SEK 247.6m | −SEK 114.5m |
| Net income | −SEK 249.6m | −SEK 284.6m | −SEK 249.1m | −SEK 338.0m | −SEK 1.43bn | −SEK 1.59bn | −SEK 740.7m | −SEK 419.4m | −SEK 247.6m | −SEK 114.4m |
| Diluted earnings per share | -0.96 | -1.33 | -2.76 | -3.74 | -17.77 | -23.75 | -13.78 | -9.53 | -6.24 | -2.95 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 134.8m | SEK 244.2m | SEK 238.4m | SEK 385.3m | SEK 439.4m | SEK 946.8m | SEK 993.5m | SEK 444.5m | SEK 479.8m | SEK 55.6m |
| Cash and short-term investments | SEK 82.3m | SEK 178.5m | SEK 173.4m | SEK 344.5m | SEK 364.3m | SEK 852.5m | SEK 926.2m | SEK 375.6m | SEK 404.1m | SEK 40.3m |
| Total liabilities | SEK 193.7m | SEK 189.9m | SEK 181.6m | SEK 91.0m | SEK 228.5m | SEK 369.9m | SEK 196.5m | SEK 128.7m | SEK 61.8m | SEK 29.3m |
| Debt | SEK 139.4m | SEK 141.7m | SEK 126.2m | SEK 9.5m | SEK 14.2m | SEK 19.4m | SEK 6.7m | — | — | — |
| Shareholders' equity | −SEK 58.9m | SEK 54.3m | SEK 56.8m | SEK 294.3m | SEK 210.9m | SEK 576.9m | SEK 797.0m | SEK 315.8m | SEK 418.0m | SEK 26.3m |
| Shares outstanding | 261m | 214m | 90m | 90m | 81m | 67m | 54m | 44m | 40m | 39m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 222.9m | −SEK 260.6m | −SEK 279.5m | −SEK 420.5m | −SEK 1.52bn | −SEK 1.30bn | −SEK 690.6m | −SEK 333.7m | −SEK 271.5m | −SEK 104.3m |
| Capital spending | — | −SEK 357,000 | −SEK 116,000 | −SEK 2.5m | −SEK 339,000 | −SEK 17.2m | −SEK 2.6m | −SEK 369,000 | −SEK 1.5m | −SEK 1.1m |
| Free cash flow | −SEK 222.9m | −SEK 260.9m | −SEK 279.6m | −SEK 423.0m | −SEK 1.52bn | −SEK 1.31bn | −SEK 693.2m | −SEK 334.1m | −SEK 273.0m | −SEK 105.4m |
| Dividends paid | — | — | — | −SEK 43.2m | −SEK 82.5m | −SEK 85.2m | −SEK 76.6m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 31.1m | SEK 25.4m | SEK 18.6m | SEK 20.2m | SEK 19.2m | SEK 13.3m | SEK 9.9m | SEK 8.5m |
| Operating income | −SEK 51.0m | −SEK 40.7m | −SEK 62.4m | −SEK 47.1m | −SEK 56.9m | −SEK 60.5m | −SEK 83.3m | −SEK 61.3m |
| Net income | −SEK 54.7m | −SEK 32.2m | −SEK 65.2m | −SEK 60.9m | −SEK 62.8m | −SEK 60.7m | −SEK 83.4m | −SEK 60.2m |
| Diluted earnings per share | -0.14 | -0.08 | -0.25 | -0.23 | -0.24 | -0.23 | -0.39 | -0.28 |
| Cash from operations | −SEK 42.0m | −SEK 45.0m | −SEK 66.0m | −SEK 33.0m | −SEK 54.0m | −SEK 68.0m | −SEK 71.0m | −SEK 130.0m |
| Total assets | SEK 222.0m | SEK 271.9m | SEK 134.8m | SEK 211.3m | SEK 136.4m | SEK 173.4m | SEK 244.2m | SEK 319.2m |
| Cash and short-term investments | SEK 157.6m | SEK 205.2m | SEK 82.3m | SEK 147.9m | SEK 70.1m | SEK 107.2m | SEK 178.5m | SEK 250.0m |
| Debt | SEK 135.2m | SEK 130.8m | SEK 126.7m | SEK 126.2m | SEK 124.2m | SEK 118.4m | SEK 129.2m | SEK 117.2m |
| Shareholders' equity | SEK 24.9m | SEK 76.8m | −SEK 58.9m | SEK 6.5m | −SEK 66.9m | −SEK 5.8m | SEK 54.3m | SEK 135.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 104.2% | 29.7% | — |
| Operating income | -13.1% | -32.1% | 15.7% |
| Net income | -9.6% | -31.0% | 16.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -498.6% | -762.1% | -1453.2% | — |
| Net margin | -519.8% | -766.2% | -1460.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.1 | -0.7 | -1.1 | -1.3 | -0.1 | -0.6 | -0.8 | -1.2 | -1.1 |
| Price to sales | 10.9 | 6.5 | 7.9 | 52.8 | 0.8 | 49.9 | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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