This article explores the discourse on gender, sexuality, and the modern woman in Hon, den enda (She, the Only One), a film released by Isepa, a subsidiary to AB Svensk Filmindustri (SF), in November 1926 with high hopes of revitalizing Swedish cinema. Well-received at the time, but quickly forgotten and little-known today, Hon, den enda offers an intriguing entry point into Swedish cinema's transformation in the late silent era, and into the ways in which modernity - the notion of the modern woman in particular - was articulated in Swedish cinema at that historical juncture. The article analyzes how qualities associated with the modern woman are distributed across Hon den enda's female characters, and how the film's ambiguous representation of the modern woman was part of a larger cultural negotiation concerning normative modern femininity that also informed the contexts of production, circulation, promotion, and reception.