Xspray Pharma AB (publ)

XSPRAY.ST

Biotechnology · Healthcare

Exchange

Stockholm Stock Exchange

Winston Score

–

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Winston Score History

The full picture

Xspray Pharma is a Swedish pharmaceutical company that develops improved versions of existing cancer drugs. Its core technology, called HyNap, breaks drug molecules into tiny particles so the body can absorb them more effectively. The main product is Dasynoc, a reformulated version of the leukemia drug dasatinib, targeting patients and oncologists in the United States.

The company earns revenue by selling Dasynoc in the U.S. market, where it launched commercially in 2024. Xspray is a small, early-stage company headquartered in Stockholm, and it currently spends more money than it earns, which explains the negative returns. Its competitive position rests on the HyNap reformulation platform, which could be applied to other cancer drugs beyond dasatinib. The key risk is whether Dasynoc can gain enough market share against the original branded drug and cheaper generics to reach profitability before the company needs to raise additional capital.

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

+28.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

41.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~12 months

kr 183M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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.

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Quality

Profit per sale

Gross Margin

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-18.6%

Weak — -18.6% 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

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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