Regeneus Ltd. (CMB) AI Stock Analysis

• Market Cap: AU$13.78M
• Dividend Yield: N/A
• Average Volume (3M): 3.93K
• Price to Earnings (P/E): ―
• Beta (1Y): -7.66
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.12
• Shares Outstanding: 22,968,280
• 10 Day Avg. Volume: 7,693
• 30 Day Avg. Volume: 3,926
• PEG Ratio: 0.02
• Price to Book (P/B): 2.09
• Price to Sales (P/S): 5.73
• P/FCF Ratio: -0.73
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: AU$0.59 ▲(26.38% Upside)

The score is held back primarily by weak financial performance—large ongoing losses and significant cash burn that increase funding risk—despite improving revenue off a low base. Technicals are supportive of a bullish trend but appear overextended, and valuation is constrained by negative earnings and no stated dividend yield.

Positive Factors

High gross margin

A ~69% gross margin indicates the company’s underlying therapies or products can command strong per-unit economics. If Regeneus scales revenue, this margin provides a durable buffer to absorb SG&A and R&D, improving path to sustainable profitability as commercialization progresses.

Revenue rebound

A sharp FY2025 revenue rebound from a low base shows improving commercial traction or non-dilutive income sources. Sustained top-line growth over multiple quarters would materially improve operating leverage and reduce reliance on external financing, supporting medium-term viability.

Modest debt load

Relatively low leverage reduces near-term solvency risk and preserves strategic optionality. Moderate debt levels mean the firm is not reliant on heavy interest-bearing financing, which supports resilience during clinical development and gives management flexibility on financing choices.

Negative Factors

High cash burn

Sustained negative operating and free cash flow at this magnitude erodes runway and forces recurrent capital raises or cost cuts. Over 2–6 months, persistent cash burn increases dilution risk, constrains investment in pivotal trials or commercialization, and undermines strategic execution.

Persistent net losses

Large recurring losses and deeply negative operating margins indicate the current revenue base cannot cover the cost structure. Without clear scaling of revenue or material cost reduction, profitability remains distant, limiting reinvestment capacity and increasing dependence on external funding.

Balance sheet stress history

A history of negative equity and materially shrinking book equity signals solvency and dilution risk. Continued losses could trigger additional equity issuance or restructuring, undermining shareholder value and complicating long-term partnerships or licensing negotiations.

Regeneus Ltd. Business Overview & Revenue Model

Company Description

Cambium Bio Limited, a clinical-stage regenerative medicine company, focuses on developing biologics for ophthalmology and tissue repair applications. The company provides lead product candidate is Elate Ocular for the treatment of dry eye disease. The company also develops Progenza, a stem cell platform for knee osteoarthritis and other tissue repair indications; and Sygenus, for wound healing indications. Cambium Bio Limited is headquartered in Bella Vista, Australia.

How the Company Makes Money

Regeneus Ltd. Financial Statement Overview

Summary

Despite a sharp FY2025 revenue rebound and healthy gross margin (~69%), results remain dominated by large losses (FY2025 net loss ~A$3.84m) and accelerating cash burn (FY2025 operating/FCF about -A$5.25m). Leverage is moderate, but shrinking equity and prior negative equity indicate ongoing funding/dilution risk.

Income Statement

Revenue rebounded sharply in FY2025 (A$0.67m, up ~65% YoY) after an extremely low FY2024 base, and gross margin is healthy (~69%). However, profitability remains very weak: FY2025 net loss was ~A$3.84m with deeply negative operating margins, indicating the cost base is far larger than the current revenue run-rate. Results have been volatile over time (profit in FY2021, losses in most other years), which reduces earnings quality and visibility.

Balance Sheet

Leverage is currently moderate, with debt-to-equity at ~0.26 in FY2025 (debt ~A$0.48m vs equity ~A$1.84m), suggesting the company is not heavily debt-funded at present. That said, equity has declined materially from FY2024, and returns on equity are strongly negative in FY2025 due to ongoing losses. The history also shows prior balance sheet stress (negative equity in FY2023), highlighting dilution/solvency risk if losses persist.

Cash Flow

Cash generation is a key weak spot: FY2025 operating cash flow was ~-A$5.24m and free cash flow ~-A$5.25m, implying significant cash burn. While free cash flow tracked net income closely (free cash flow roughly in line with the reported loss), the magnitude of outflows worsened sharply versus FY2024, raising near-term funding risk and reducing financial flexibility unless new capital is raised or spending is reduced.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	670.06K	670.06K	719.00	0.00	0.00	7.07M
Gross Profit	469.28K	464.32K	719.00	-6.42K	-24.96K	0.00
EBITDA	-3.90M	-3.80M	-1.98M	-3.09M	-4.74M	2.37M
Net Income	-3.84M	-3.84M	-2.26M	-3.38M	-4.31M	2.76M
Balance Sheet
Total Assets	3.30M	3.30M	5.65M	2.48M	2.55M	8.51M
Cash, Cash Equivalents and Short-Term Investments	166.41K	166.41K	2.86M	302.79K	164.40K	3.79M
Total Debt	482.71K	482.71K	468.32K	1.95M	1.01M	13.84K
Total Liabilities	1.46M	1.46M	2.87M	4.43M	1.48M	4.36M
Stockholders Equity	1.84M	1.84M	2.78M	-1.81M	1.07M	4.15M
Cash Flow
Free Cash Flow	-5.25M	-5.25M	-155.86K	-659.66K	-3.60M	2.41M
Operating Cash Flow	-5.24M	-5.24M	-155.86K	-660.46K	-3.59M	2.42M
Investing Cash Flow	-333.48K	-333.48K	-416.13K	-48.13K	-8.47K	-7.78K
Financing Cash Flow	2.88M	2.88M	3.13M	916.27K	-97.83K	400.00K

Regeneus Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CMB	48 Neutral	AU$13.78M	-2.33	-166.70%	―	―	―
IXC	48 Neutral	AU$9.39M	-19.84	-8.72%	―	―	71.10%
BGT	46 Neutral	AU$10.37M	-2.62	―	―	―	―
HXL	40 Underperform	AU$2.17M	-4.33	-28.49%	―	―	46.43%
1AD	37 Underperform	AU$12.75M	-1.61	-628.72%	―	―	31.87%

Regeneus Ltd. Corporate Events

Cambium Bio Secures Funding and Advances Toward Phase 3 Trials for Elate Ocular

Cambium Bio has strengthened its funding position ahead of pivotal Phase 3 trials of its dry eye candidate Elate Ocular®, receiving a A$0.6 million R&D Tax Incentive refund under an approved Advance Overseas Finding that provides a 43.5% cash rebate on eligible R&D spending through FY2027. The company also secured a A$2.4 million strategic placement at a 20% premium from major shareholder Zheng Yang Biomedical Technology, which, subject to shareholder approval in March, will help fund the initiation of patient dosing in its CAMOMILE-2 and CAMOMILE-3 Phase 3 studies, while it advances manufacturing, clinical preparations and licensing discussions for Elate Ocular® in Europe and the Middle East to support its future commercialisation and broaden its international footprint.

The most recent analyst rating on (AU:CMB) stock is a Hold with a A$0.55 price target. To see the full list of analyst forecasts on Regeneus Ltd. stock, see the AU:CMB Stock Forecast page.

Cambium Bio Plans Share Placement to Raise Fresh Capital

Cambium Bio Limited has announced a proposed placement of up to 4,363,637 new fully paid ordinary shares on the ASX, with an expected issue date of 17 March 2026. The capital raising signals an effort to strengthen the company’s balance sheet and support ongoing activities, a common approach among smaller biotech issuers seeking funds for development pipelines and operational needs, and will modestly dilute existing shareholders while potentially improving the company’s financial flexibility and market positioning.

The most recent analyst rating on (AU:CMB) stock is a Sell with a A$0.44 price target. To see the full list of analyst forecasts on Regeneus Ltd. stock, see the AU:CMB Stock Forecast page.

Cambium Bio Raises A$2.4m at Premium from Major Shareholder to Fund Phase 3 Dry Eye Trials

Cambium Bio has secured a A$2.4 million strategic equity investment from major shareholder and long-term partner ZYBT via a placement of 4,363,637 new shares at A$0.55, a 20% premium to the last closing price, which will increase ZYBT’s stake from 28.1% to about 39.6%, subject to shareholder approval. The funds, alongside recent financing initiatives, will be directed to initiating patient dosing and manufacturing investigational product for pivotal Phase 3 trials of Elate Ocular® in the United States, Australia and Taiwan, strengthening Cambium Bio’s capital position and strategic alignment as it advances a late-stage program in the sizeable dry eye disease market.

The most recent analyst rating on (AU:CMB) stock is a Sell with a A$0.44 price target. To see the full list of analyst forecasts on Regeneus Ltd. stock, see the AU:CMB Stock Forecast page.

Cambium Bio Advances with Strategic Partnerships and R&D Incentives

Cambium Bio Limited announced its quarterly cash flow report and business update, highlighting significant advancements including securing an R&D Tax Incentive approval for its Phase 3 program, which provides a 43.5% cash rebate on eligible clinical trial expenditures. The company also formed strategic partnerships with Keke Medtech, Benta SAS, and Locus Cell, validating the commercial potential of its human platelet lysate platform and enhancing its market positioning.

Cambium Bio Corrects Director’s Interest Notice Date

Cambium Bio Limited announced a correction to a previously lodged Change of Director’s Interest Notice for Mr. Terrence Walts, clarifying that the correct date of change is 16 October 2025. This correction reflects the issuance of securities following shareholder approval at the company’s 2025 Annual General Meeting, ensuring accurate records and transparency for stakeholders.