InDex Pharmaceuticals Holding AB

INDEX.ST

Biotechnology · Healthcare

Price

kr 0.56

+0.02 (+3.72%)

Market Cap

kr 3.69B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Sep 4, 2026 · filings through Mar 31, 2024

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+170.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 197.0M (2019) → 532.7M (2023)

Winston Score History

The full picture

InDex Pharmaceuticals Holding AB (publ) is a pharmaceutical firm dedicated to developing therapeutic solutions for patients affected by ulcerative colitis. The company's flagship drug candidate, Cobitolimod, is presently in Phase III clinical trials, targeting the treatment of moderate to severe ulcerative colitis. Furthermore, InDex is progressing a pipeline of other DNA-based immunomodulatory sequences, which are in the preclinical phase, designed to address various immunological conditions. This enterprise was established in 2000 and operates from its headquarters in Solna, Sweden.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+92.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Research and development spending

Cash Runway

~2 years

kr 270M cash & investments

Adequate runway but may need to raise capital within 2 years

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

97.6%

Premium pricing power — 97.6% gross margin

Profit after running costs

Operating Margin

-136.9%

Losing money on operations — -136.9%

Return on the money invested

ROCE

-23.4%

Weak — -23.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-44.8%

Burning cash (-44.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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