Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr1.57m (up 250% from 1Q 2025). Net loss: kr12.6m (loss narrowed 44% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Announcement • May 14
Enorama Pharma AB (publ), Annual General Meeting, Jun 16, 2026 Enorama Pharma AB (publ), Annual General Meeting, Jun 16, 2026, at 14:30 W. Europe Standard Time. Location: advokatfirman delphi premises, at nordenskioldsgatan 11 a, 211 19, malmo Sweden Reported Earnings • Mar 20
Full year 2025 earnings released Full year 2025 results: Revenue: kr2.76m (down 83% from FY 2024). Net loss: kr75.1m (loss widened 72% from FY 2024). New Risk • Feb 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr68.3m (US$7.68m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr48m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-kr4.6m). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (kr3.6m revenue, or US$408k). Market cap is less than US$10m (kr68.3m market cap, or US$7.68m). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Reported Earnings • Nov 21
Third quarter 2025 earnings released Third quarter 2025 results: Net loss: kr13.3m (loss widened 87% from 3Q 2024). New Risk • Sep 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr46m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 18% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Revenue is less than US$5m (kr11m revenue, or US$1.2m). Market cap is less than US$100m (kr197.7m market cap, or US$21.2m). Reported Earnings • Aug 21
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr735.0k (down 87% from 2Q 2024). Net loss: kr18.7m (loss widened 177% from 2Q 2024). Reported Earnings • May 22
First quarter 2025 earnings released First quarter 2025 results: Net loss: kr22.5m (loss widened 185% from 1Q 2024). Announcement • Mar 07
Enorama Pharma AB (publ), Annual General Meeting, Apr 08, 2025 Enorama Pharma AB (publ), Annual General Meeting, Apr 08, 2025, at 14:30 W. Europe Standard Time. Location: at the premises of advokatfirman delphi, at nordenskioldsgatan 11 a, 211 19, malmo Sweden Reported Earnings • Feb 20
Full year 2024 earnings released: kr0.72 loss per share (vs kr1.61 loss in FY 2023) Full year 2024 results: kr0.72 loss per share (improved from kr1.61 loss in FY 2023). Revenue: kr16.7m (up kr15.4m from FY 2023). Net loss: kr43.8m (loss narrowed 1.8% from FY 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. New Risk • Jan 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr47m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr13m revenue, or US$1.2m). Market cap is less than US$100m (kr199.6m market cap, or US$17.9m). Reported Earnings • Nov 21
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr7.49m (up kr7.44m from 3Q 2023). Net loss: kr7.13m (loss narrowed 45% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 08
Director recently bought kr117k worth of stock On the 5th of September, Fredrik Olsson bought around 26k shares on-market at roughly kr4.49 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr5.81m (up kr5.35m from 2Q 2023). Net loss: kr6.77m (loss narrowed 14% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • May 23
First quarter 2024 earnings released First quarter 2024 results: Net loss: kr7.91m (loss narrowed 21% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • May 08
Enorama Pharma AB (publ), Annual General Meeting, Jun 05, 2024 Enorama Pharma AB (publ), Annual General Meeting, Jun 05, 2024, at 14:30 W. Europe Standard Time. Location: in advokatfirman delphis premises, at nordenskioldsgatan 11 a, 211 19, malmo Sweden New Risk • Mar 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr88.4m (US$8.34m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (338% increase in shares outstanding). Revenue is less than US$1m (kr1.4m revenue, or US$128k). Market cap is less than US$10m (kr88.4m market cap, or US$8.34m). New Risk • Feb 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr41m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr41m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (338% increase in shares outstanding). Revenue is less than US$1m (kr1.4m revenue, or US$132k). Minor Risk Market cap is less than US$100m (kr220.2m market cap, or US$21.3m). Reported Earnings • Feb 22
Full year 2023 earnings released: kr1.21 loss per share (vs kr5.37 loss in FY 2022) Full year 2023 results: kr1.21 loss per share. Net loss: kr44.6m (loss widened 6.1% from FY 2022). Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: kr13.0m (loss widened 71% from 3Q 2022). New Risk • Jul 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr41m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 22% per year over the past 5 years. Shareholders have been substantially diluted in the past year (236% increase in shares outstanding). Revenue is less than US$1m (kr7.5m revenue, or US$693k). Market cap is less than US$10m (kr99.3m market cap, or US$9.21m). New Risk • Jun 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 236% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr41m free cash flow). Earnings have declined by 22% per year over the past 5 years. Shareholders have been substantially diluted in the past year (236% increase in shares outstanding). Revenue is less than US$1m (kr7.5m revenue, or US$701k). Market cap is less than US$10m (kr79.1m market cap, or US$7.42m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Jun 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr719.0k (up kr670.0k from 1Q 2022). Net loss: kr10.1m (loss narrowed 7.8% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 19
Full year 2022 earnings released: kr5.21 loss per share (vs kr4.48 loss in FY 2021) Full year 2022 results: kr5.21 loss per share (further deteriorated from kr4.48 loss in FY 2021). Revenue: kr8.57m (down 33% from FY 2021). Net loss: kr40.1m (loss widened 45% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Director Bengt Jönsson was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr3.97m (up 9.1% from 2Q 2021). Net loss: kr10.7m (loss widened 96% from 2Q 2021). Reported Earnings • May 21
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr275.0k (down 90% from 1Q 2021). Net loss: kr10.9m (loss widened 82% from 1Q 2021). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Anders Dahlin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 18
Full year 2021 earnings released: kr4.48 loss per share (vs kr4.22 loss in FY 2020) Full year 2021 results: kr4.48 loss per share (down from kr4.22 loss in FY 2020). Revenue: kr12.8m (up 186% from FY 2020). Net loss: kr27.7m (loss widened 18% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr4.27 loss per share (down from kr4.22 loss in FY 2020). Revenue: kr13.5m (up 203% from FY 2020). Net loss: kr27.7m (loss widened 18% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: kr2.19m (up kr2.08m from 3Q 2020). Net loss: kr8.24m (loss widened 70% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 22
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: kr2.87m (down 28% from 1Q 2020). Net loss: kr5.99m (loss widened 31% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 18
Full year 2020 earnings released: kr4.22 loss per share (vs kr4.30 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: kr4.47m (down 57% from FY 2019). Net loss: kr23.5m (loss narrowed 1.4% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 16
New 90-day high: kr39.10 The company is up 3.0% from its price of kr38.00 on 18 November 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: kr34.85 The company is down 33% from its price of kr52.40 on 09 September 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: kr37.00 The company is down 22% from its price of kr47.25 on 14 August 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 9.0% over the same period. 