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Buy Day today: Neutral (52) Mixed market breadth · no major macro event
KURN.SW

Kuros Biosciences AG

Healthcare · Medical Devices

20.30CHF +0.1% vs. previous close Closing price · As of: Oct 26, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

Yellow, because the business works — strong growth, an 87 percent gross margin, first profits, no bank debt — but a material operating question is open: profitability is young and thin (a 6 percent operating margin in 2025), and so far it has not translated into cash inflow, because receivables and inventory are growing faster than revenue. We see no threat to the company’s substance. That the stock is expensive at a little more than five times revenue does not affect this rating; whether it is worth the price to you is your call. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Kuros Biosciences is a genuine growth company with a clinically well-supported product, a very high gross margin and its first profits. The open question is whether profit turns into cash: operating cash flow was negative in 2025 and the first half of 2026, nearly half of receivables were past due at the end of 2025, and growth is slowing quarter by quarter. Not investment advice.

Growth

Revenue up 72 percent in 2025 to $146.1 million, up 40 percent after nine months of 2026; 2026 guidance raised to 36 to 40 percent on October 15, 2026.

Growth momentum

Quarterly growth fell from 51 to 41 to 31 percent in 2026; the third quarter was only $0.4 million above the second.

Profit and cash flow

First annual profit in 2025 ($2.6 million), $4.4 million in the first half of 2026 — but operating cash flow of minus $0.5 million (2025) and minus $2.8 million (H1 2026); cash only rose back to $19.6 million as of September 30, 2026.

Receivables

At the end of 2025, 48.6 percent of trade receivables were past due, $3.3 million by more than 120 days (prior year: $0.9 million).

Balance sheet

No bank debt, equity of $89.3 million and a 60 percent equity ratio (June 30, 2026); lease liabilities of $10.1 million.

Dependence and valuation

97.5 percent of revenue from the U.S., essentially one product family; market value of about CHF 801 million, a little more than five times trailing twelve-month revenue (October 23, 2026).

Worth Noting

How it landed on our desk: the list of most-discussed stocks on the wallstreet-online forum (there since 08/12/2026), not our in-house stock scanner.

Kuros is not an SEC filer; all evidence comes from reports and releases on ir.kurosbio.com. Latest periodic report: Interim Report 2026 (unaudited); reviewed afterwards: Q3 trading update of 10/15/2026, without balance sheet or cash flow statement.

Presentation currency U.S. dollar since 2025, share price in Swiss francs; converted at CHF 0.825 per dollar (10/23/2026). Q2/Q3 quarterly figures, enterprise value, receivable days, price-to-earnings ratio and the share count as of 06/30/2026 are our own calculations.

Read the Full Deep Dive Kuros Biosciences: A Twentyfold Stock, a First Profit — and Nearly Half of Customer Invoices Past Due Shares of Zurich-based bone graft maker Kuros rose more than twentyfold from the end of 2022 to October 2025, yet in the first half of 2026, $4.4 million in profit came with $2.8 million flowing out of day-to-day operations. How much of Kuros’ profit actually turns into cash? Read the analysis →

Stock Watch

This analysis is as of October 26, 2026. Stock Watch will tell you what's changed at KURN.SW since then.

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Price history

Chart

Interactive price chart (TradingView).

Last price: 20.30 CHF (As of: October 26, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.8CHF bn
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. 7.90%
Perf. 3M ?Price performance over the last 3 months. 14.60%
Perf. 6M ?Price performance over the last 6 months. -8.60%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -16.08%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -30.9%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. very high 384.3
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 10.5
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 3.9
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 6.6%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 3.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 62.4%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.1
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. fortress balance sheet 14.87
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 66.90%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 60.54%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 36.24%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 128.80%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (66 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (CHF m)
H1 2023 · 6.4 CHF m H1 H1 2023 · 12.9 CHF m H1 H2 2023 · 10.3 CHF m H2 H2 2023 · 20.7 CHF m H2 H1 2024 · 31.8 CHF m H1 H2 2024 · 43.7 CHF m H2 H1 2025 · 63.5 CHF m H1 H2 2025 · 66.0 CHF m H2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (CHF m) Sales YoY (%) Net Margin (%) OCF (CHF m) FCF (CHF m)
H1 2023 0.00 100.00 6 23.40 -39.30 -3 -3
H1 2023 0.00 100.00 13 23.40 -39.30 -7 -7
H2 2023 0.00 – 10 173.80 -41.90 -1 -1
H2 2023 0.00 100.00 21 173.80 -41.90 -2 -2
H1 2024 -0.01 – 32 147.50 -0.70 0 -1
H2 2024 0.00 – 44 111.20 -9.30 4 3
H1 2025 -0.05 -400.00 64 99.30 -3.20 -3 -4
H2 2025 – – 66 51.10 5.50 2 1

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 3 of our scanner strategies — each hit links to the scanner.

Growth

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

AI classification

AI Rating

Uses AI

Kuros Biosciences verkauft das synthetische Knochenersatzmaterial MagnetOs für Wirbelsäulen- und Fußchirurgie; KI ist weder Produkt noch Umsatzquelle, und die Berichte nennen künstliche Intelligenz nicht als Bedrohung des Geschäfts. Belegt ist ein operativer Einsatz: Laut Geschäftsbericht 2025 setzt Kuros auf seiner neuen unternehmensweiten Datenbasis (ERP, „Data Lake“) KI für Effizienzgewinne ein und will die Wertschöpfungskette mit Technologien wie KI weiter automatisieren; dazu kommt der 2025 gestartete, laut Bericht „KI-gestützte“ öffentliche Evidence Hub, der klinische Studien zu MagnetOs ordnet. Nach der Vorrangregel (verkauft > bedroht > nutzt > neutral) ergibt das „nutzt“ — ein Hilfseinsatz in Verwaltung, Vertrieb und Information, kein bezifferter Umsatz- oder Ergebnisbeitrag. Kuros ist kein SEC-Filer (SIX Swiss Exchange, KURN, ISIN CH0325814116); Belegquelle ist der englischsprachige Geschäftsbericht 2025 auf ir.kurosbio.com. Der Halbjahresbericht 2026 erwähnt KI nicht.

View the full file — quotes, sources, reviewed filings
„It also creates an ever-growing “data lake” that provides the crucial foundation for our next wave of transformation initiatives. This includes our continued adoption of AI to create even greater operational efficiencies."

Sie schafft außerdem einen stetig wachsenden „Data Lake“, der das entscheidende Fundament für unsere nächste Welle an Transformationsinitiativen bildet. Dazu gehört, dass wir KI weiter einsetzen, um noch größere betriebliche Effizienz zu erreichen. (eigene Übersetzung)

Geschäftsbericht 2025 (Annual Report 2025), Kapitel „Building for growth“, Seite 23 · 2026-03-10 · View SEC filing

„In 2025, we started planting these seeds and we expect to see them bear fruit in 2026 and beyond – especially as we continue to digitize the value chain, further automate the point-of-sale interface and leverage new technologies, such as Artificial Intelligence (AI)."

2025 haben wir begonnen, diese Saat auszubringen, und wir erwarten, dass sie 2026 und darüber hinaus Früchte trägt – vor allem, wenn wir die Wertschöpfungskette weiter digitalisieren, die Schnittstelle am Verkaufspunkt weiter automatisieren und neue Technologien wie künstliche Intelligenz (KI) nutzen. (eigene Übersetzung)

Geschäftsbericht 2025 (Annual Report 2025), Interview mit CEO Chris Fair und CFO Daniel Geiger (Aussage Geiger), Seite 10 · 2026-03-10 · View SEC filing

„In 2025, Kuros introduced the Evidence Hub to showcase and simplify access to its growing portfolio of clinical and preclinical research. The public, AI-enabled platform enables transparent, data-driven evaluation of MagnetOs research by organizing studies, real-world cases, and surgeon experience to support informed clinical and value analysis discussions."

2025 führte Kuros den Evidence Hub ein, um sein wachsendes Portfolio klinischer und vorklinischer Forschung zu präsentieren und leichter zugänglich zu machen. Die öffentliche, KI-gestützte Plattform ermöglicht eine transparente, datengestützte Bewertung der MagnetOs-Forschung, indem sie Studien, Praxisfälle und Erfahrungen von Chirurgen ordnet und so fundierte klinische Diskussionen und Nutzenbewertungen unterstützt. (eigene Übersetzung)

Geschäftsbericht 2025 (Annual Report 2025), Kapitel Evidenz, Seite 28 · 2026-03-10 · View SEC filing

Filings Reviewed: Halbjahresbericht 2026 (Interim Report, Stichtag 30.06.2026) — KI nicht erwähnt 2026-08-13 · Geschäftsbericht 2025 (Annual Report 2025) — KI-Einsatz in Datenbasis, Automatisierung und Evidence Hub 2026-03-10 · Trading Update Q3 2026 (Ad-hoc-Mitteilung vom 15.10.2026) — KI nicht erwähnt 2026-10-15

Rated on October 26, 2026 · How the Rating Is Built

The company

About the Company

Kuros Biosciences AG mit Sitz in Schlieren bei Zürich entwickelt, fertigt und vertreibt MagnetOs, ein synthetisches Knochenersatzmaterial auf Calciumphosphat-Basis mit der Oberflächentechnologie NeedleGrip, für Wirbelsäulenversteifungen und Eingriffe an Fuß und Sprunggelenk. Rund 97 Prozent des Umsatzes entfallen auf die USA; produziert wird in Bilthoven (Niederlande) und seit Oktober 2026 auch in Alpharetta (Georgia, USA). Die Aktie ist an der SIX Swiss Exchange kotiert.

ISIN
CH0325814116

Data as of: October 26, 2026 · symbol.source_foreign

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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