ACTINasdaq StockholmHealth CareIFRS · SEK

Active Biotech

Active Biotech AB is a biotechnology company focused on developing first-in-class immunomodulatory treatments for oncology and immunology indications. The company is headquartered in Lund, Sweden, and is listed on NASDAQ Stockholm. Active Biotech's core projects include tasquinimod for hematological malignancies, laquinimod for inflammatory eye disorders, and naptumomab for solid tumors. Their strategy involves advancing these projects to clinical proof-of-concept and securing partnerships for further development and commercialization.

Operating profit (EBIT)-37.6m SEK
+5.6 %y/y
Net income-37.3m SEK
+5.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-60-40-200m SEK2021: 0.00 m SEK2021: EBIT -50 m SEK20212022: 0.00 m SEK2022: EBIT -58 m SEK20222023: 0.00 m SEK2023: EBIT -46 m SEK20232024: 0.00 m SEK2024: EBIT -40 m SEK20242025: EBIT -38 m SEK2025TTM 2026: EBIT -34 m SEKTTM-34
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Oncology Treatments50 %

Includes tasquinimod and naptumomab for cancer treatment

Immunology Treatments30 %

Includes laquinimod for inflammatory eye disorders

Research and Development Services20 %

Clinical development and research services for drug development

Customers

Active Biotech primarily serves pharmaceutical companies and research institutions seeking innovative treatments for cancer and inflammatory diseases. Their customers are typically partners who collaborate on clinical trials and commercialization efforts. The company targets organizations looking for novel immunomodulatory therapies with high unmet medical needs. Active Biotech's partnerships are crucial for advancing their drug candidates through clinical phases and into the market.

Pharmaceutical Companies

Collaborate on drug development and commercialization

Research Institutions

Engage in clinical trials and research collaborations

Biotechnology Partners

Partner for clinical development and market entry

Strategy

Active Biotech's strategic priorities include advancing their clinical pipeline, securing partnerships for drug development, and achieving regulatory milestones. The company focuses on developing tasquinimod, laquinimod, and naptumomab to clinical proof-of-concept stages. Establishing collaborations with pharmaceutical companies and research institutions is crucial for commercialization. Active Biotech aims to expand their market presence by targeting high unmet medical needs in oncology and immunology.

Advance Clinical PipelineMedium term

To reach proof-of-concept and attract partnerships

Establish PartnershipsShort term

For development and commercialization support

Regulatory ApprovalsLong term

To enable market entry and commercialization

Geography

Active Biotech is based in Lund, Sweden, and operates primarily in Europe and the United States. The company conducts clinical trials across these regions, leveraging collaborations with academic institutions and research partners. Their geographic presence is strategic for accessing key markets and research expertise. The company's partnerships with European and US institutions are vital for advancing their clinical programs and achieving regulatory approvals.

Risks

Active Biotech faces significant risks related to pharmaceutical development, including clinical trial outcomes, regulatory approvals, and commercialization challenges. The company's financial stability depends on securing partnerships and funding for ongoing projects. Industry-specific risks include competition from other biotech firms and technological advancements. Additionally, macroeconomic uncertainties and geopolitical factors may impact financial markets and investment availability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical Trial Outcomes1Partnership Dependence2Competition4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical Trial OutcomesImpact: CriticalLikelihood: High

    Uncertain results can delay or halt development

  2. Partnership DependenceImpact: HighLikelihood: High

    Essential for funding and commercialization

  3. Regulatory ApprovalsImpact: High

    Necessary for market entry

  4. CompetitionImpact: MediumLikelihood: Medium

    Other firms may develop superior treatments

Accounting

Judgemental items
Revenue Recognition

Depends on partnership milestones

Impact: Significant for financial results

Clinical Trial Expenses

Affects quarterly financial performance

Impact: High variability in costs

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Active Biotech (XSTO) – Health Care | Financial Analysis – Clarifo