Elicera Therapeutics AB

Elicera Therapeutics AB maintains a strong liquidity position, with a current ratio of 4.23, indicating that the company has sufficient current assets to cover its current liabilities multiple times over. The company has no long-term debt, and its debt-to-equity ratio is 0.0, suggesting a conservative capital structure with no leverage. The price-to-book ratio of 4.61 indicates that the market is valuing the company at a premium to its book value, which may reflect expectations of future growth or innovation in its pipeline.

The company is currently unprofitable, with a net loss of 5,369,680 SEK and an operating loss of 5,433,420 SEK. Return on equity is negative at -16.98%, and return on assets is also negative at -12.97%, indicating that the company is not generating returns on its equity or asset base. These metrics are below the industry median for profitability and returns, which is expected for a pre-revenue biotechnology firm in the development stage.

Elicera Therapeutics AB operates in a single business segment focused on the development of ETC-1002 for the treatment of Crohn's disease and other inflammatory conditions. The company's geographic exposure is primarily in Europe, with no disclosed revenue concentration in any specific region. As a pre-commercial stage company, it does not yet have revenue from product sales, and its financials are driven by research and development (R&D) expenses and grant income.

The company's growth trajectory is speculative, with no revenue growth to report. Analysts have estimated a significant increase in revenue for the next fiscal year, projecting 54.5 million SEK compared to the actual 10.855 million SEK in the previous year. This projection is based on the anticipated regulatory approval and commercialization of ETC-1002, which is currently in Phase III clinical trials.

Risk factors for Elicera include the high costs and uncertainties associated with drug development, regulatory approval delays, and the competitive landscape in the biotechnology sector. The company has no immediate filing-based liquidity or dilution flags, and its dilution potential is currently low. However, the company may need to raise additional capital to fund its operations, which could result in future dilution for shareholders.

Recent events include the continued advancement of ETC-1002 through clinical trials, with no recent filings or transcripts indicating significant changes in the company's strategy or financial position. The company remains focused on completing its Phase III trials and preparing for potential commercialization.

Analysts project a mean price target of 7.2 SEK, implying 174.3% upside from the current market price of 2.625 SEK.

The company maintains a zero debt-to-equity ratio, placing it in the top quartile for leverage safety within the pharmaceutical cohort.

Cash conversion metrics exceed the pharmaceutical cohort median, indicating relatively efficient cash generation despite ongoing operational losses.

Risk flags for dilution, liquidity, and credit are all rated low, suggesting manageable immediate financial stability concerns for investors.

Revenue showed significant year-over-year growth of 216,878% between the earliest reported periods, demonstrating potential for rapid top-line expansion.

The company recorded a net loss of 17.4 million SEK in fiscal year 2026, reflecting persistent inability to achieve profitability.

Operating margin of -1.79 places the company in the bottom quartile compared to 819 pharmaceutical peers, indicating severe inefficiency.

Free cash flow remains deeply negative at -17.4 million SEK for fiscal year 2026, requiring continuous external capital infusion.

Revenue kr 10.9M, +52,3% YoY; Operating income −6,3% YoY.

• ▍Revenue kr 10.9M, +52,3% YoY
• ▍Operating income −6,3% YoY
• ▍Net income −8,1% YoY
• ▍Free cash flow −8,1% YoY
• ▍Net margin -160.4%

Revenue kr 7.1M, −36,5% YoY; Operating income +1,2% YoY.

• ▍Revenue kr 7.1M, −36,5% YoY
• ▍Operating income +1,2% YoY
• ▍Net income +1,8% YoY
• ▍Free cash flow +1,8% YoY
• ▍Net margin -226.0%

Revenue kr 11.2M, +777,2% YoY; Operating income +11,7% YoY.

• ▍Revenue kr 11.2M, +777,2% YoY
• ▍Operating income +11,7% YoY
• ▍Net income +15,6% YoY
• ▍Free cash flow +15,7% YoY
• ▍Net margin -146.0%