Vicore Pharma Holding AB
VCREHealthcare|Biotechnology|Sweden
$14.01
-0.22 (-1.57%)
Tangible Book
$3.86
Financials
Financial Snapshot
Market Cap
$3.94B
Enterprise Value
$109.1M
Revenue (TTM)
$374.0K
Net Income (TTM)
$-50.6M
Cash & Equivalents
—
Net Cash/Share
$3.80
Free Cash Flow (TTM)
$-43.3M
Operating CF (TTM)
$-43.3M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$10.8M
Monthly Burn
$3.6M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $463.0K | $2.9M | $24.9M | $28.1M | $38.1M | $40.8M | $25.2M | $47.1M | $105.2M | $125.5M | $113.7M | |
| Operating Cash Flow | $-788.0K | $-3.3M | $-3.7M | $-9.2M | $-14.3M | $-29.2M | $-28.9M | $-24.3M | $-15.0M | $-40.4M | $-43.3M | |
| Free Cash Flow | $-2.3M | $-3.3M | $-3.9M | $-9.2M | $-14.7M | $-29.2M | $-29.2M | $-24.3M | $-15.0M | $-40.4M | $-43.3M | |
| Capital Expenditure | $-1.5M | $-4.0K | $-221.0K | $-16.0K | $-359.0K | $0.00 | $-289.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $35.0K | $6.0M | $24.2M | $13.5M | $21.2M | $35.0M | $18.0M | $45.9M | $75.9M | $46.3M | $46.3M |
R&D Spending
R&D (TTM)
$44.2M
R&D Intensity
11809.1%
R&D Growth YoY
+5.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.0K | $111.0K | $56.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $411.0K | $374.0K | |
| R&D Expense | $0.00 | $2.1M | $3.0M | $7.1M | $17.0M | $29.9M | $24.1M | $26.9M | $22.7M | $42.0M | $44.2M | |
| R&D % of Revenue | 0.0% | 1884.7% | 5310.7% | — | — | — | — | — | 228.0% | 10219.5% | 11809.1% | |
| SG&A | $544.0K | $588.0K | $1.6M | $2.8M | $3.0M | $2.4M | $3.6M | $4.3M | $4.6M | $7.3M | $8.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.0K | $111.0K | $56.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $411.0K | $374.0K | |
| Cost of Goods Sold | $-132.0K | $-315.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $225.0K | $426.0K | $56.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $411.0K | $374.0K | |
| R&D | $0.00 | $2.1M | $3.0M | $7.1M | $17.0M | $29.9M | $24.1M | $26.9M | $22.7M | $42.0M | $44.2M | |
| SG&A | $544.0K | $588.0K | $1.6M | $2.8M | $3.0M | $2.4M | $3.6M | $4.3M | $4.6M | $7.3M | $8.0M | |
| Operating Income | $-722.0K | $-3.4M | $-4.6M | $-10.0M | $-17.9M | $-32.3M | $-27.7M | $-31.3M | $-17.3M | $-48.9M | $-51.7M | |
| Interest Expense | $0.00 | $-7.0K | $-39.0K | $-3.0K | $-1.0K | $-1.0K | $-1.0K | $0.00 | $-1.0K | $-6.0K | $-2.9M | |
| Pretax Income | $-722.0K | $-2.9M | $-2.4M | $-9.9M | $-17.6M | $-32.6M | $-27.8M | $-30.4M | $-15.4M | $-51.4M | $-50.6M | |
| Net Income | $-722.0K | $-2.9M | $-2.4M | $-9.9M | $-17.6M | $-32.6M | $-27.8M | $-30.3M | $-15.4M | $-51.4M | $-50.6M | |
| EPS (Diluted) | -0.05 | -0.17 | -0.10 | -0.22 | -0.32 | -0.46 | -0.37 | -0.31 | -0.11 | -0.21 | -0.20 | |
| EBITDA | $-722.0K | $-2.9M | $-2.4M | $-9.8M | $-17.2M | $-32.2M | $-27.5M | $-30.0M | $-15.2M | $-51.4M | $-47.7M | |
| Shares Out. (M) | 14.42 | 17.46 | 23.52 | 44.24 | 55.76 | 71.61 | 74.22 | 96.56 | 136.84 | 239.88 | 281.53 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $463.0K | $2.9M | $24.9M | $19.9M | $29.7M | $32.4M | $24.7M | $32.5M | $105.2M | $62.2M | $40.5M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $8.2M | $8.4M | $8.5M | $476.0K | $14.5M | $0.00 | $63.3M | $73.2M | |
| Total Current Assets | $521.0K | $2.9M | $25.1M | $28.3M | $39.2M | $41.6M | $26.0M | $48.3M | $108.8M | $130.9M | $115.3M | |
| Total Assets | $4.1M | $7.6M | $33.4M | $36.2M | $48.6M | $49.6M | $32.6M | $48.5M | $108.8M | $131.1M | $115.6M | |
| Total Current Liabilities | $443.0K | $546.0K | $1.5M | $1.8M | $5.8M | $7.2M | $4.5M | $4.0M | $6.0M | $12.7M | $9.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $657.0K | $782.0K | $1.8M | $2.1M | $6.2M | $7.5M | $4.7M | $4.1M | $6.0M | $13.3M | $9.3M | |
| Stockholders' Equity | $3.4M | $6.9M | $31.6M | $34.1M | $42.4M | $42.2M | $27.9M | $44.4M | $102.8M | $117.9M | $106.4M | |
| Retained Earnings | $-5.6M | $-9.0M | $-15.3M | $-24.5M | $-45.2M | $-74.2M | $-92.8M | $-124.2M | $-131.3M | $-206.7M | $0.00 |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-788.0K | $-3.3M | $-3.7M | $-9.2M | $-14.3M | $-29.2M | $-28.9M | $-24.3M | $-15.0M | $-40.4M | $-43.3M | |
| Capital Expenditure | $-1.5M | $-4.0K | $-221.0K | $-16.0K | $-359.0K | $0.00 | $-289.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | $-2.3M | $-3.3M | $-3.9M | $-9.2M | $-14.7M | $-29.2M | $-29.2M | $-24.3M | $-15.0M | $-40.4M | $-43.3M | |
| Investing Cash Flow | $-1.5M | $-307.0K | $1.7M | $-8.2M | $478.0K | $-770.0K | $7.1M | $-14.1M | $13.6M | $-64.6M | $-37.8M | |
| Financing Cash Flow | $35.0K | $6.0M | $24.2M | $13.5M | $21.2M | $35.0M | $18.0M | $45.9M | $75.9M | $46.3M | $46.3M | |
| Issuance of Stock | $35.0K | $6.7M | $25.7M | $14.3M | $22.4M | $37.0M | $19.3M | $48.8M | $80.3M | $49.0M | $49.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Change in Cash | $-2.3M | $2.4M | $22.2M | $-3.9M | $7.3M | $5.0M | $-3.6M | $7.5M | $74.9M | $-62.2M | $-35.4M |
Dilution Tracker
Shares outstanding grew 293.1% over 5 years — significant dilution
Shares Outstanding
282M
5-Year Share Growth
+293.1%
Stock Issuance (TTM)
$49.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 14.42 | 17.46 | 23.52 | 44.24 | 55.76 | 71.61 | 74.22 | 96.56 | 136.84 | 239.88 | 281.53 | |
| YoY Change % | — | 21.1% | 34.7% | 88.1% | 26.0% | 28.4% | 3.6% | 30.1% | 41.7% | 75.3% | 17.4% | |
| Stock Issuance | $35.0K | $6.7M | $25.7M | $14.3M | $22.4M | $37.0M | $19.3M | $48.8M | $80.3M | $49.0M | $49.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 241.9% | 383.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -776.3% | -3024.3% | -8223.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -174.1% | -11897.6% | -13821.9% | |
| Net Margin % | -776.3% | -2600.9% | -4287.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -154.2% | -12500.5% | -13529.4% | |
| EBITDA Margin % | -776.3% | -2593.7% | -4216.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -152.4% | -12499.0% | -12757.5% | |
| FCF Margin % | -2421.5% | -2999.1% | -6926.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -150.9% | -9837.0% | -11565.0% | |
| ROE % | -11.0% | -56.1% | -12.5% | -30.0% | -45.9% | -77.1% | -79.4% | -83.9% | -20.9% | -46.6% | -50.1% | |
| ROA % | -9.9% | -49.2% | -11.7% | -28.4% | -41.4% | -66.4% | -67.6% | -74.8% | -19.5% | -42.8% | -46.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S911.43
Historical7.47 / 1171.04 / 36583.78
Industry Med.9.49
P/B3.63
Historical0.86 / 2.99 / 7.45
Industry Med.2.93
EV/EBITDA-5.66
Historical-61.63 / -8.26 / -1.54
Industry Med.13.02
EV/Revenue718.02
Historical2.99 / 1273.00 / 39475.00
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$3.86
Net Current Assets
$3.850
Net-Net Working Capital
$3.80
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | At Loss | |
| PS Ratio | 265.81 | 255.55 | 707.62 | - | - | - | - | - | 10.58 | 706.25 | 911.43 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.63 | |
| EV/EBITDA | -33.53 | -9.42 | -14.20 | -5.14 | -11.02 | -2.14 | -4.22 | -3.58 | -4.96 | -4.22 | -5.66 | |
| EV/Revenue | 261.43 | 244.11 | 595.82 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.56 | 527.77 | 718.02 |
Analyst Estimates & Quality
Altman Z-Score
24.69
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
-3.05
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.12M | $2.51M | $10.82M |
| Net Income | $-47.60M | $-41.27M | $-51.49M |
| EPS | -0.18 | -0.16 | -0.14 |
| Book Value per Share | 0.22 | 0.32 | 0.41 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single segment | $3.8M |
By Geography
| Segment | 2025 |
|---|---|
| Sweden | $3.8M |