companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

NextCell Pharma

NextCell Pharma AB: ProTrans Phase II COVID-19 Trial Accepted for Publication in Cytotherapy

Redeye: NextCell Pharma (year-end report review): Making progress

NextCell Pharma AB: NextCell Pharma presents historical quarterly figures

NextCell Pharma AB: NextCell publishes Year-End Report 2024/2025

NextCell Pharma AB: NextCell Participating in JETRO's Japan Entry Acceleration Program

NextCell Pharma AB: Seven-year follow-up data from ProTrans-Repeat demonstrate sustained disease-modifying effects of ProTrans in type 1 diabetes

NextCell Pharma AB: NextCell provides strategic update on focused market progression, highlighting Hong Kong as gateway to the Chinese market

NextCell Pharma AB: NOTICE OF EXTRAORDINARY GENERAL MEETING IN NEXTCELL PHARMA AB (PUBL)

NextCell Pharma AB: NextCell decides to propose a directed share issue of SEK 15 million

NextCell Pharma AB: NextCell in Swedish Life Science Delegation to Hong Kong

NextCell Pharma AB: NextCell initiates collaboration with OptiCell - strengthening its cell-handling operations

NextCell Pharma AB: NextCell Pharma appoints Eric Gustafsson as new CFO

NextCell Pharma AB: NextCell Pharma company presentations

BioStock: Video from Nextcell Pharma's presentation at BioStock Life Science Summit 2025

Redeye: NextCell Pharma (Q4 2024/2025 update) - ProTrans-Young readout in Q3 2026

NextCell Pharma AB: NextCell Pharma publishes its Interim Report 4 2024/2025

NextCell Pharma AB announces CFO transition

Redeye: NextCell Pharma Q3 2024/2025 - Largely as expected

NextCell Pharma AB: NextCell Pharma publishes its Interim Report 3 2024/2025

NextCell Pharma AB: NextCell Highlighted in FUJIFILM's Strategic Vision, According to GEN

NextCell Pharma AB: Republishing of: NextCell announces strategic collaboration with FUJIFILM Biosciences

NextCell Pharma AB: All Patients Successfully Treated in ProTrans-Young Study

NextCell Pharma AB: NextCell Pharma announces outcome of exercise of TO2 and resolves on directed share issues to guarantors

NextCell Pharma AB: NextCell Pharma receives additional declarations of intent regarding exercise of TO2

NextCell Pharma AB: Angela Vollstedt joins NextCell Pharma's Board of Advisors to Strengthen Scientific and Manufacturing Strategy Ahead of Licensing Discussions

First North Stockholm

NextCell Pharma operates in the healthcare sector. The company develops stem cell products that are mainly used in the treatment of autoimmune diabetes and kidney transplantation. A large part of the work consists of stem cell research where the company develops drug candidates that will facilitate and increase acceptance in organ transplantation. In addition, the company owns a stem cell bank. The company was founded in 2014 and has its headquarters in Huddinge.

Results are out.  The report is still messy and incomplete. CEO comments are conspicuous by their absence, etc. This started in the previous quarterly report after the CFO left. Apparently, the new CFO has not fixed the issue. The report covers an exceptional 16-month financial year (September 2024 → December 2025) due to a change in the fiscal year, which makes direct comparison to previous years difficult. The company has admitted to this confusion and announced it will publish a separate comparison document to clarify the figures shortly after the report. Revenue from QVance does not yet appear to be recognized, which is a disappointment. This is in direct contradiction with the company’s comments that turnover would have accumulated since at least late summer. In practice, however, it seems that QVance’s sales are visible in the items Advances received and commitments (+1.1 MSEK, the parent company’s share of this growth was almost non-existent), Unbilled work and accrued income (increased by approx. 0.9 MSEK from a year ago), and Accounts receivable (increased by approx. 1M SEK at the point when QVance was said to have become operational). Although accounts receivable and advances point to some kind of operational activity, the company’s cash position fell to 26 million kronor by the end of 2025 (32.7 MSEK the previous year). This was influenced at least by QVance’s new isolator, which appears on the balance sheet likely as a 4.4 million kronor work-in-progress acquisition.             cdn.prod.website-files.com              699fe987c9e393af67bc206d_NextCell%20Bokslutskommunik%C3%A9%202024%202025%20SV.pdf    643.52 KB                            Edit: The CEO will comment on the quarter tonight: Digital temakväll - Life Science | Aktiespararna

New press release and the stock is showing new momentum, up 12% today. For the sharp-eyed, however, this isn’t new information, because even though Nextcell hasn’t communicated this directly to investors, yours truly spotted this 29 days ago in this discussion.

Interesting questions that I have also been pondering. Is the internal funding from Cellaviva and Qvance etc. sufficient? I remember the CEO stating in some presentation that Qvance would reach profitability by the end of the current year. Cell and tissue sales haven’t grown very quickly in recent years. The Fujifilm collaboration is a wild card that could involve income. All in all, I am slightly skeptical that the internal funding from these operations would suffice for very long, considering the upcoming needs. Funding will be needed after the Phase 2 interim readout (if successful) for presenting results in various ways, negotiations with regulators (in the East and West?), planning follow-up studies, and partner negotiations. A beggar’s position is still that of a beggar. This is indeed one reason for Nextcell’s discounted market cap state, as you have noted. The dilution risk is high. I agree that the small dilution in the winter was wise; it ensured progress until the end of the year. What is the share’s value after the interim readout?  I am optimistic about the success of that readout based on previous trial results. According to the CEO, the readout covers—as I understood it—both groups. For the older group, where the honeymoon effect lasts longer, the results are already 24 months old. For the younger group, where the duration of the effect is shorter, the readout occurs at the 12-month mark. One would think the difference would already become apparent. One starting point for the investment decision is the share’s low price relative to the company’s potential. This has materialized for Nextcell, but it has brought a problem. The market cap is so low that even a large offering doesn’t yield much relative to future needs. Hard to estimate the share price after the readout—optimistically 5+ SEK? Market psychology can play a role. Diamyd’s successful Phase 3 and its possible follow-up actions could provide a tailwind for Nextcell. However, early partnering would be important after the summer. For Diamyd, 170 patients are apparently enough for Phase 3. I haven’t looked into the costs of this phase, but in diabetes, they are likely not as high as on average in Phase 3 trials ($100,000 per subject). This likely lowers the threshold for partnering.

The company is truly an extreme example of poor liquidity for a listed company. Last Friday at the open: 10:03 share 1.68 (+7%) 10:05 share 1.51 (-4%) Today the range was even wider. At the open, it rose +9.5%, and a couple of minutes later, it dipped to -5.5%. Hardly any trades were made; rather, this was most likely just the momentary spread of the share. Interested by this, I tried to figure out how large the actual float of the share is, assuming we count all “sticky money” (tahmainen raha)—meaning, in addition to insiders, long-term anchor investors, larger institutions, partners, etc. Instead of calculating it myself, I fed Gemini the insider transactions, key press releases, and the latest samples of the top 10 shareholders and debated for a while, correcting errors. Getting an exact figure is difficult because part of this rigid ownership is in nominee registers, and insider ownership is also held through separate holding/investment companies. Overall, it could be said that at least a good third (over 36%) of the company is somewhat “cemented,” meaning likely not active on the market (even though there are no legal barriers to selling). Optimistically, sticky money could amount to as much as 60 million shares, or about half, if we make a rough order-of-magnitude estimate of long-term investors from previous offerings. Whatever the “effective free float” is, it can generally be assumed to have decreased following the '25 subscription and the '26 direct investment, explaining the increased volatility to some extent. Additionally, a significant portion of retail investors’ NextCell positions are surely at the bottom of portfolios, 70%–90% in the red, and there is no interest in realizing those losses. The company’s record 1-month volume, which has only been broken in terms of share count by the recent Hong Kong news and the 2025 Pro-Young results announcement + rights issue, was set in September 2020 at a price over 10 times higher than the current one. In terms of euro value, those recent volumes fall far behind. Earnings release coming up on Thursday!

Now the valuation has doubled, and rising revenue can, with some luck, justify it as well. Haven’t investors sufficiently accounted for the potential of these subsidiaries’ operations?  I don’t believe they’ve been given much weight, as not a single euro has been seen yet. The company’s small investor base is likely suffering from a major hangover after the previous -80% crash. The base case is probably still that the company’s value is primarily just a gamble on the success of the drug pipeline and partnerships, and a company that has been diluted for six years straight will likely be diluted for a seventh. Cellaviva has been a passive shell company owning cell banks, collecting the same fixed fees year after year without any growth, and that’s why Qvance isn’t being given much credit either. I should also include a quote from myself from the Diamyd thread:  In biotech, valuation doesn’t seem to be explained by rational probability calculations, but by certain kinds of hype cycles that fluctuate between the euphoria of early and intermediate stages and the nuclear winters caused by the despair of dilutions and long waiting periods.  Some calculating opportunists only jump into the gamble just before the results are released (like last year when the value tripled in a couple of months before the young-interim results). In small-cap biotech companies with low cash reserves, the price of the gamble while waiting for major drivers is directly proportional to the holding time and inversely proportional to the market cap, which is already incredibly small; the share count will inevitably increase significantly unless a “miracle” happens. The last offering was a disaster, and the company is also very little-known, and the researcher-led team hasn’t handled investor relations or the promotion of offerings well. Now, the pricing seems to assume that Nextcell will have to start share issuance procedures during the current year. Perhaps even before the readout. And with the market cap jumping between 7-15M, it would mean that the share price could soon be half of the current one before the most important driver is possible. However, the math of the expenses is in Nextcell’s favor. The costs are really low (someone could check how much Faron burns in Phase 2). So, even though losses are incurred, the specialized service operations—for which there is apparently no competition in the Nordics—might well turn the tide. Existing research staff and laboratory infrastructure can be used operationally and capital efficiently. Personally, I believe in this miracle—with the clarification that the whole company is unlikely to turn profitable immediately before the customer base opened up by the GMP license. However, the cash might easily be made to last past the readout without dilution. Those readouts are, along with partnerships, the ultimate big catalysts in this gamble. After the Phase 2 results, there are many uncertainties ahead, but the company has shown a smart business strategy and early limited market access is possible. There may be a wait ahead, but if the gamble doesn’t result in a loss while holding, then the expected value is positive. And yes, it could also be that this is indeed the company’s last resort, at least as an investment. If the new young-readout doesn’t improve at all from the previous “honeymoon” results, will there still be a willing financier for the adult Phase 3 or a buyer for the licenses? At the same time, Diamyd might reach Western markets first, and the Hong Kong route might turn out to be the only way to capture revenue before market saturation. Qvance might also be just a final desperate attempt to consolidate at least some value for the company and provide work for the researchers in case the phase readout fails. Well, whatever the case, I’m buying this gamble at least until the readout.

I remember the CEO stating in some presentation that Qvance would reach profitability by the end of the current year.  Are you referring to this interview with the CEO of Qvance?                   linkedin.com              🎬 Live from Nordic Life Science Days!  What amazing energy at our booth...    🎬 Live from Nordic Life Science Days!  What amazing energy at our booth today!  We were thrilled to welcome Lindsay Davies, CEO of Flemingsberg-based QVance, for a great conversation with our Cluster Manager, Natasha Bank. QVance is at the forefront...                             The interview was done 4 months ago. At that time, Lindsay said that services had been offered for 2 months, revenue is already being generated, there is a very long list of waiting customers, and “breakeven is just around the corner”. I also remember another reference to Qvance’s earning potential from the parent company’s CEO, but I can’t find it right now. One problem here is that the quarterly reports do not break down expenses by subsidiary, so there’s really no information on whether Qvance’s accounting includes only personnel costs or comprehensive laboratory infrastructure with its associated expenses.  The Fujifilm collaboration is a wildcard that could involve revenue  When it was announced, the CEO specifically described the partnership as “revenue generating,” referring to genuine business activity.  Hard to estimate the share price after the readout, optimistically 5+ SEK?  Of course, valuation is difficult to discuss when there are numerous potential drivers even before the readout (Q4 results and revenue data, Hong Kong developments, GMP license…). Naturally, the fact that the readout result being a “go-ahead” on its own can mean anything between decent and mind-blowing. But I would say that’s an underestimate. That would only result in a market cap of about 60M. The share was around those levels throughout 2021, even though it was known then that the “Young” study would have to wait until 2026. Perhaps some were still waiting for a conditional marketing authorization or rapid partnering, but the announcement on August 4, 2020, **“**NextCell obtains agreement on Paediatric Investigation Plan (PIP) from EMA” probably sealed the fact that a pediatric study is required in Europe. That 2021 valuation could certainly be described as overblown, but the company is on a completely different footing today. -The patent protection for T1D treatment is international and multi-layered, and there are also patents for other diseases, which increases the value of partnering. -Entirely new business has been rapidly developed under the company, for which there seems to be strong demand, and which has the potential to cover the entire group’s expenses, at least during Phase 2 in 2026. -A potential shortcut to the Asian markets ahead of schedule has emerged for the company. Even a slightly less favorable agreement could be made there, which would nonetheless eliminate the company’s financial worries for years to come. -Unlike in 2021, conditional approval in Europe might now actually be on the table if the “Young” results are promising. In the CEO’s interview at the end of January: “it is possible that we could even get conditional approval in Europe with that [ProTrans-Young study], and then we would want to go to the US with a ‘bridging’ study instead of doing Phase 3.” It should be noted here that although the research pipeline currently focuses on T1D treatment, NextCell’s product is not just a drug; rather, it has succeeded in developing patented methods for stem-cell-based treatments, which could have very broad possibilities if it secures resources for development. If the T1D treatment proves successful, it should be viewed as a much broader company. Making an actual numerical fair value estimate is almost impossible at this stage because there are so many questions in the air. However, I believe that especially if the quarterly report at the end of the month manages to show a significantly decreased group cash burn, it will remove the fear of immediate dilution, and the company should already be at a market cap of at least €30-50M even before the “Young” results. Even then, it would look cheap relative to many other R&D shell companies at the end of Phase 2. I, however, perhaps believe more in the potential of the treatment and give less weight to previous “Young” interim results than the market does, and I already considered the market reaction completely overblown even before the CEO’s comments about the honeymoon. By the way, the stock has outrageously low liquidity. The price might fluctuate 5-8% without much “real” trading showing in the volume, just mini-volumes of 50-2000 shares, which I assume are algorithmic trades by market makers. Overall, during February, it has come down on only about €260k of turnover from the 1.7 SEK peak to today’s lows of 1.33 SEK.

How do fellow investors see NextCell’s chances of avoiding another share issue before the results for the youth study? And what will the market reaction be if NextCell succeeds during 2026? -NextCell had 38.7 MSEK at the end of August 2025. -It consumes about 8–9 MSEK per quarter. -In February 2026, a 15M SEK directed share issue. -However, in the offering “demand clearly exceeded supply” and the company deliberately kept the size of the issue small. Additionally, the proceeds were announced to be directed towards the Hong Kong operation. -According to the CEO, “At the same time, the issue is deliberately sized to give the company peace of mind for upcoming value-driving milestones, without burdening the ownership base with unnecessary dilution.” With the same burn rate, the cash would have been empty by August 2026. With the additional 15M subscription, time was bought until the end of the year. However, Qvancella already has revenue, with the first insight expected at the end of the month, and it will be able to operate more extensively once the GMP license is obtained. Plus Fujifilm and other partnerships on top of that. Two options: A) The company needs a share issue, but it is postponing it, waiting for a significantly better share price driven by upcoming catalysts. B) The company doesn’t need a share issue because the relatively low costs can be largely covered by new business during 2026. The main reason for the low share price is likely dilution expectations. If the business proves it can cover its costs, the stock turns into a value-preserving lottery ticket primarily for Phase 2 results and partnership deals. What would be a fair valuation then?

NextCell Pharma

1.30 SEK

+1.25 %