CANTANasdaq StockholmHealth CareIFRS · SEK

Cantargia

Cantargia is a Swedish biotechnology company focused on developing targeted antibody-based drugs for cancer, immunological, and other life-threatening diseases. The company's innovative approach centers around the IL1RAP molecule, which is found on cancer cells and is involved in disease-causing inflammation. Cantargia's drug candidates, such as Nadunolimab and CAN10, aim to provide new treatment options for serious and debilitating diseases. The company operates primarily through strategic partnerships and has a strong intellectual property portfolio with over 100 patents globally.

Revenue317m SEK
Operating profit (EBIT)317m SEK
+287.9 %y/y
EBIT margin100.0%
Net income-162m SEK
+0.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-400-2000200400m SEK2022: EBIT -382 m SEK20222023: EBIT -290 m SEK20232024: EBIT -169 m SEK20242025: 317 m SEK2025: EBIT 317 m SEK2025317317
RevenueOperating profit (EBIT)

Business

Share of revenue
Cancer Therapies50 %

Includes drugs targeting cancer cells, such as Nadunolimab.

Autoimmune and Inflammatory Therapies30 %

Includes treatments like CAN10 for autoimmune diseases.

Strategic Partnerships20 %

Collaborations for drug development and commercialization.

Customers

Cantargia's customers primarily include pharmaceutical companies and healthcare providers seeking advanced treatments for cancer and autoimmune diseases. The company's strategic partnerships, such as the one with Otsuka Pharmaceuticals, highlight its focus on collaboration for drug development and commercialization. Healthcare providers benefit from Cantargia's innovative therapies, which address unmet medical needs in oncology and immunology. The company's focus on targeted antibody-based treatments attracts interest from entities looking to enhance their therapeutic offerings in these areas.

Pharmaceutical Companies

They partner with Cantargia for innovative drug development.

Healthcare Providers

They use Cantargia's therapies to treat cancer and autoimmune diseases.

Strategic Partners

They collaborate on drug development and commercialization.

Strategy

Cantargia's strategic priorities include advancing its pipeline of antibody-based therapies, particularly Nadunolimab and CAN10, through clinical trials and towards market registration. The company aims to strengthen its position in the oncology and immunology sectors by leveraging strategic partnerships and expanding its global presence. Cantargia is focused on maintaining a robust intellectual property portfolio to protect its innovations and create competitive barriers. The company is also committed to operational excellence and disciplined execution to maximize shareholder value and achieve long-term growth.

Advance Nadunolimab and CAN10Medium term

To achieve market registration and address unmet medical needs.

Leverage strategic partnershipsShort term

To expand global market access and enhance drug development.

Maintain strong IP portfolioLong term

To protect innovations and create competitive barriers.

Geography

Q4/2025

Cantargia is headquartered in Lund, Sweden, and operates primarily through partnerships with global pharmaceutical companies. The company has a significant presence in Japan, where it has generated substantial revenue through its partnership with Otsuka Pharmaceuticals. Cantargia's strategic focus on international collaborations allows it to leverage global expertise and market access. The company's geographic strategy is centered around expanding its reach in key markets for oncology and immunology therapies.

United States100 %

Risks

Cantargia faces significant risks inherent in the biotech industry, including the high cost and uncertainty of drug development. The company is exposed to technological risks, such as insufficient efficacy or intolerable side effects of its drug candidates. Regulatory challenges and the need for successful clinical trials add to the complexity. Additionally, Cantargia's reliance on strategic partnerships introduces risks related to collaboration dynamics and milestone achievements. Market competition and changes in healthcare regulations also pose potential threats to the company's growth and profitability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Technological risks in drug development1Regulatory challenges2Reliance on strategic partnerships3
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. Technological risks in drug developmentImpact: CriticalLikelihood: Medium

    Potential for insufficient efficacy or intolerable side effects.

  2. Regulatory challengesImpact: HighLikelihood: Medium

    Need for successful clinical trials and approvals.

  3. Reliance on strategic partnershipsImpact: HighLikelihood: Medium

    Dependency on partners for milestone achievements and commercialization.

Accounting

Judgemental items
Revenue recognition from milestone payments

Significant impact on reported revenue due to timing and conditions.

Impact: high

Foreign exchange rate changes

Affects operating expenses and financial results.

Impact: medium

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Cantargia (XSTO) – Health Care | Financial Analysis – Clarifo