Hansa Biopharma AB (publ) HNSA
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Full analysis: 6 Apr 2026
Latest news check: 23 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Hold; consider scaling in gradually on weakness into/after the H1 report and CMD, while keeping sizing constrained due to binary FDA risk (e.g., 5–10% of a biotech allocation depending on risk tolerance).
The SERB agreement has de-risked the balance sheet and reduced European commercial risk, while primary value still hinges on the FDA decision and US launch.
Market sentiment
8/10
↑
Trend: Improving
Sentiment has improved following the SERB deal that lowers financing risk, yet the case remains dependent on the FDA outcome.
Price context
The share price around SEK 32 reflects post-SERB deal stability with lower financing risk, while already incorporating expectations ahead of the binary FDA decision.
Risk assessment
7/10
Dilution:
Low
The large SERB upfront materially increases cash and lowers the likelihood of near-term dilutive equity financing, though additional capital could still be required longer term depending on US launch burn and revenue ramp.
Jurisdiction:
Low
Operations in Sweden/EU/US with stable regulation
Execution:
High
U.S. approval and launch require strong delivery
Cash flow:
15 mo
Recent changes
- Report showed revenue SEK 48.1M and product sales SEK 46.8M following SERB upfront payment.
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Show all changes (7) — follow the company freeAbout the company
Hansa Biopharma is a biotech company developing and commercializing immunomodulating enzyme therapies. Its lead product Idefirix (imlifidase) enables desensitization ahead of kidney transplantation in highly sensitized patients, alongside a pipeline in autoimmune and transplant-related indications. The company is commercial/growth-stage but not yet profitable and is highly dependent on U.S. regulatory and commercial execution.
Sector:
Biotechnology (immunology and transplantation medicine)
Type:
Biotech
Next report
5 Nov 2026
Q3
Catalysts
19 Dec 2026
FDA decision on imlifidase
High
Q1 2027
Potential US launch
High
Horizon:
Bull case
The SERB deal bolsters cash and paves the way for full EU approval via PAES data as the FDA decision approaches.
Bear case
Cash burn remains elevated and the FDA outcome stays binary with major valuation impact.
Signal rationale (informational)
The SERB agreement has de-risked the balance sheet and reduced European commercial risk, while primary value still hinges on the FDA decision and US launch.
Recent news
- Q2 report published 22 July showing revenue of SEK 48.1 M and product sales of SEK 46.8 M. The SERB deal delivered EUR 110 M upfront in July, resulting in pro forma cash of approximately SEK 1.8 B and reduced dilution risk.
Key figures
Revenue
Q2 2026
SEK 48.1M
Revenue TTM
H1 2026
SEK 82.7M
Net income
Q2 2026
SEK -261M
Cash
Q2 2026
SEK 553M
Price & valuation
Last close
SEK 40.48
1 week
+17.6 %
3 months
+41.4 %
12 months
+44.6 %
From 52w high
-5.3 %
From 52w low
+62.7 %
Exchange
Stockholm
Type
Biotech
Sector
Biotechnology (immunology and transplantation medicine)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.