S 
0.04
+21.67%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 437,000
FY2016FY2025
Net income
−SEK 26.6m
FY2016FY2025
Free cash flow
−SEK 56.6m
FY2016FY2025
Shareholders' equity
SEK 30.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 437,000 | SEK 1.9m | SEK 1.2m | SEK 1.1m | SEK 660,000 | SEK 342,000 | SEK 30,000 | SEK 29.6m | SEK 47,000 | SEK 58,000 |
| Research and development | SEK 11.5m | SEK 14.3m | SEK 24.5m | SEK 17.1m | SEK 18.8m | SEK 3.3m | SEK 2.4m | SEK 19.8m | SEK 9.2m | SEK 3.1m |
| Operating income | −SEK 30.9m | −SEK 33.7m | −SEK 47.2m | −SEK 39.5m | −SEK 39.2m | −SEK 19.0m | −SEK 20.1m | −SEK 11.1m | −SEK 9.2m | −SEK 7.3m |
| Net income | −SEK 26.6m | −SEK 32.5m | −SEK 42.2m | −SEK 39.3m | −SEK 39.1m | −SEK 18.9m | −SEK 20.3m | −SEK 11.1m | −SEK 9.5m | −SEK 7.5m |
| Diluted earnings per share | -0.06 | -0.09 | -0.18 | -0.21 | -0.47 | -0.30 | -0.46 | -0.31 | -0.48 | -0.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 36.7m | SEK 39.6m | SEK 53.0m | SEK 206.0m | SEK 191.6m | SEK 162.8m | SEK 140.5m | SEK 126.3m | SEK 111.6m | SEK 80.1m |
| Cash and short-term investments | SEK 29.7m | SEK 32.5m | SEK 45.2m | SEK 62.1m | SEK 52.5m | SEK 28.4m | SEK 12.1m | SEK 16.5m | SEK 30.3m | SEK 16.8m |
| Total liabilities | SEK 5.9m | SEK 6.3m | SEK 11.7m | SEK 8.8m | SEK 6.8m | SEK 3.1m | SEK 2.9m | SEK 4.1m | SEK 3.8m | SEK 8.2m |
| Debt | — | — | — | — | — | — | — | — | — | SEK 6.0m |
| Shareholders' equity | SEK 30.7m | SEK 33.2m | SEK 41.3m | SEK 197.2m | SEK 184.8m | SEK 159.7m | SEK 137.6m | SEK 122.2m | SEK 107.8m | SEK 71.8m |
| Shares outstanding | 454m | 348m | 238m | 190m | 82m | 63m | 44m | 35m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 28.3m | −SEK 34.7m | −SEK 44.9m | −SEK 38.2m | −SEK 35.6m | −SEK 18.8m | −SEK 21.3m | −SEK 10.5m | −SEK 7.7m | −SEK 7.9m |
| Capital spending | −SEK 28.3m | −SEK 229,000 | −SEK 153,000 | −SEK 3.8m | −SEK 4.6m | −SEK 6.4m | −SEK 18.2m | −SEK 28.9m | −SEK 18.1m | −SEK 10.7m |
| Free cash flow | −SEK 56.6m | −SEK 34.9m | −SEK 45.1m | −SEK 42.0m | −SEK 40.2m | −SEK 25.1m | −SEK 39.5m | −SEK 39.4m | −SEK 25.8m | −SEK 18.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | SEK 22,000 | SEK 4,000 | SEK 14,000 | SEK 81,000 | SEK 338,000 | SEK 617,000 | SEK 485,000 |
| Operating income | −SEK 8.4m | −SEK 7.9m | −SEK 8.9m | −SEK 7.4m | −SEK 7.1m | −SEK 7.5m | −SEK 8.1m | −SEK 9.1m |
| Net income | −SEK 7.3m | −SEK 6.8m | −SEK 5.9m | −SEK 6.3m | −SEK 7.0m | −SEK 7.4m | −SEK 7.8m | −SEK 8.8m |
| Diluted earnings per share | -0.01 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 | -0.02 | -0.03 |
| Cash from operations | −SEK 5.0m | −SEK 3.0m | −SEK 6.0m | −SEK 7.0m | −SEK 8.0m | −SEK 6.0m | −SEK 7.0m | −SEK 7.0m |
| Capital spending | −SEK 5.0m | −SEK 3.0m | −SEK 6.0m | — | — | — | — | — |
| Free cash flow | −SEK 10.0m | −SEK 6.0m | −SEK 12.0m | — | — | — | — | — |
| Total assets | SEK 37.7m | SEK 30.3m | SEK 36.7m | SEK 17.2m | SEK 23.6m | SEK 30.3m | SEK 39.6m | SEK 47.1m |
| Cash and short-term investments | SEK 32.5m | SEK 25.9m | SEK 29.7m | SEK 11.3m | SEK 18.5m | SEK 26.6m | SEK 32.5m | SEK 39.9m |
| Shareholders' equity | SEK 31.7m | SEK 24.2m | SEK 30.7m | SEK 12.4m | SEK 18.6m | SEK 25.6m | −SEK 2.24bn | SEK 41.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -25.4% | 5.0% | -24.8% |
| Operating income | -7.9% | 10.2% | 9.6% |
| Net income | -12.3% | 7.0% | 14.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -2750.3% | -3285.0% | -3735.1% | -628.2% |
| Net margin | -2515.5% | -3053.1% | -3541.5% | -591.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.8 | -0.9 | -0.8 | -1.2 | -2.0 | -5.6 | -6.0 | -6.5 | -3.4 | -6.4 |
| Price to sales | 51.4 | 15.2 | 27.5 | 46.2 | 116.5 | 307.1 | — | 2.4 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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