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Stock

Oncoinvent ASA

ONCIN.OL
27
Biotechnology · Healthcare
Also trades as: 0RU5.L GBP 0.81 (-4.27%)
Price
kr 80.80
-2.00 (-2.42%)
Market Cap
kr 361.9M
Exchange
Oslo Stock Exchange
Winston Score
27
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
1/30
Growth
Good
10/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

26 of 95 counted points = Winston Score 27. Pillars marked n/a do not apply to this company and are left out of the total.

Share count falling — buybacks

−83.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 7.7M (2021) → 1.2M (2025)

§Winston Score History

The full picture

Oncoinvent ASA is a Norwegian biotechnology company focused on developing treatments for cancer. Its lead product is Radspherin, a radioactive therapy designed to treat cancers that have spread to the lining of the abdomen — a condition called peritoneal carcinomatosis. The company targets patients with ovarian cancer and colorectal cancer, and its approach uses tiny radioactive particles injected directly into the abdominal cavity to kill cancer cells.

Oncoinvent earns no meaningful revenue yet, as Radspherin is still in clinical trials. The company is based in Oslo, Norway, and is small, with a market cap of roughly $200 million. Its potential moat lies in the specialized nature of its technology and any intellectual property protecting its particle-based delivery method. The main risk is straightforward: if clinical trials fail to show that Radspherin is safe and effective, the company has no other product to fall back on, and it will need to keep raising money to fund ongoing research.

Growth Profile

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

Revenue Growth

+72.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 63M/ year

↓ Declining (-28% vs prior year)

272.7% of revenue

15.1x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

85.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

kr 109M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Strong grower

Oncoinvent ASA is growing revenue at 73% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

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Quality

Profit per sale
Gross Margin
-539.6%
Thin — -539.6% gross margin
Profit after running costs
Operating Margin
-845.9%
Losing money on operations — -845.9%
Return on the money invested
ROCE
-191.7%
Weak — -191.7% 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
+260.9%
Fast-growing sales (+260.9% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-628.9%
Burning cash (-628.9%)

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
0.03
Conservative — low debt load (0.03)
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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