Tryptamine Therapeutics Limited (AU:ENP)
ASX:ENP
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Tryptamine Therapeutics
(Sydney:ENP)
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Rating:45Neutral
Price Target:
AU$0.03
Action:ReiteratedDate:01/20/26
The score is held down primarily by weak financial performance (no revenue, ongoing losses, and significant cash burn implying continued funding needs), partially offset by a debt-free balance sheet and positive equity. Technical indicators are neutral-to-soft, and valuation is unattractive/unclear due to negative earnings and no dividend support.
Positive Factors
Low Leverage / Debt-Free Balance Sheet
Zero reported debt in FY2025–FY2024 is a durable financial strength for a pre-commercial biotech. It reduces insolvency and covenant risk, preserves strategic optionality for R&D funding, and improves the company's ability to negotiate partnerships or raise equity on less onerous terms over the next 2–6 months.
Negative Factors
No Revenue / Pre-commercial Status
Zero revenue over consecutive years is a structural weakness: it means products are not yet commercialized, operations are not revenue-backed, and there is no proof of market adoption or scalable margins. This keeps earnings dependent on future trial outcomes and external funding over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Debt-Free Balance Sheet
Zero reported debt in FY2025–FY2024 is a durable financial strength for a pre-commercial biotech. It reduces insolvency and covenant risk, preserves strategic optionality for R&D funding, and improves the company's ability to negotiate partnerships or raise equity on less onerous terms over the next 2–6 months.
Read all positive factors
Tryptamine Therapeutics (ENP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$48.52M
Dividend YieldN/A
Average Volume (3M)1.64M
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees50
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,617,241,200
10 Day Avg. Volume1,728,571
30 Day Avg. Volume1,638,927
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)8.55
Price to Sales (P/S)0.00
P/FCF Ratio-6.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tryptamine Therapeutics Business Overview & Revenue Model
Company Description
Entropy Neurodynamics Limited, a clinical-stage pharmaceutical development company, focuses on developing formulations for the administration of psilocin in combination with psychotherapy to treat diseases with unmet medical needs in Australia, Ca...
How the Company Makes Money
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Tryptamine Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
54
Neutral
Cash Flow
26
Negative
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 618.57K | 99.73K | 0.00 |
| Gross Profit | -54.34K | -6.77K | 618.57K | 99.73K | -1.01M |
| EBITDA | -5.27M | -6.70M | -5.10M | -8.27M | -11.66M |
| Net Income | -5.33M | -6.14M | -7.13M | -10.08M | -8.47M |
Balance Sheet | |||||
| Total Assets | 6.66M | 7.45M | 5.88M | 13.61M | 21.46M |
| Cash, Cash Equivalents and Short-Term Investments | 3.03M | 5.37M | 1.64M | 4.85M | 12.72M |
| Total Debt | 0.00 | 0.00 | 1.53M | 3.74M | 1.36M |
| Total Liabilities | 699.17K | 1.83M | 1.75M | 4.81M | 2.59M |
| Stockholders Equity | 5.96M | 5.62M | 4.13M | 8.81M | 18.87M |
Cash Flow | |||||
| Free Cash Flow | -7.90M | -6.00M | -4.03M | -9.72M | -9.51M |
| Operating Cash Flow | -7.77M | -6.00M | -4.03M | -8.59M | -7.89M |
| Investing Cash Flow | -133.40K | 1.68M | -9.08K | -1.24M | -1.80M |
| Financing Cash Flow | 5.60M | 9.27M | 2.39M | 1.95M | 20.61M |
Tryptamine Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
Tryptamine Therapeutics Corporate Events
Entropy Neurodynamics Seeks ASX Quotation for 600,000 New Shares
Mar 13, 2026
Entropy Neurodynamics Limited has lodged an application with the ASX for the quotation of 600,000 new ordinary fully paid shares, with an issue date of March 13, 2026. The move modestly increases the company’s listed share capital and may pr...
Tryptamine-Linked Entropy Neurodynamics Director Increases Equity Stake via Off-Market Transfer
Mar 10, 2026
ASX-listed Entropy Neurodynamics Limited, associated with Tryptamine Therapeutics, has reported a change in director Jason Carroll’s holdings following an off‑market transfer of shares. Carroll acquired 2,500,000 ordinary fully paid sh...
Entropy Neurodynamics Seeks ASX Quotation for 1.2 Million New Shares
Mar 10, 2026
Entropy Neurodynamics Limited has applied for quotation on the ASX of 1,200,000 new ordinary fully paid shares under code ENP. The securities, issued on March 10, 2026, arise from the exercise or conversion of existing options or other convertible...
Entropy Neurodynamics Fully Enrols First Cohort in IV Psilocin Binge Eating Trial
Mar 2, 2026
Entropy Neurodynamics has fully enrolled the first six-patient cohort in its clinical trial of TRP-8803, an IV-infused psilocin therapy for binge eating disorder being conducted with Swinburne University, and has already begun enrolling the second...
Entropy Neurodynamics Seeks ASX Quotation for 1.5 Million New Shares
Mar 2, 2026
Entropy Neurodynamics Limited has applied to the Australian Securities Exchange for quotation of 1,500,000 ordinary fully paid shares under its ENP ticker. The new securities, issued on 27 February 2026, expand the company’s quoted share cap...
Entropy Neurodynamics Narrows Half-Year Loss and Lifts Asset Backing After Rebrand
Feb 27, 2026
Entropy Neurodynamics Limited reported a sharp increase in revenue from ordinary activities to $48,528 for the half-year to 31 December 2025, but continued to post a net loss, albeit a reduced one, of $3.43 million compared with $4.03 million a ye...
Entropy Neurodynamics Issues 2026 EGM Materials and Streamlines Investor Communications
Feb 9, 2026
Entropy Neurodynamics has released documentation for its 2026 Extraordinary General Meeting, including a letter of access, notice of meeting and proxy form, signalling the next phase of shareholder engagement and corporate governance activity. The...
Entropy Neurodynamics Director Increases Stake With On-Market Share Purchase
Feb 6, 2026
Entropy Neurodynamics Limited has disclosed a change in director Jason Carroll’s interests, with Carroll purchasing 1 million ordinary fully paid shares on-market for A$30,000. Following the transaction, his direct holding increased to 54.3 ...
Tryptamine Therapeutics director ups stake with on-market share buy
Feb 4, 2026
Tryptamine Therapeutics, operating through Entropy Neurodynamics Limited, is a psychedelic-focused biotechnology company developing novel neurotherapeutics for mental health indications. Director Jason Carroll strengthened his alignment with share...
Entropy Neurodynamics Hits Milestone in World-First IV Psilocin Trial for Binge Eating Disorder
Jan 30, 2026
Entropy Neurodynamics reported a pivotal quarter marked by the successful enrolment and full dosing of the first patient in its world-first clinical trial of TRP-8803, an IV psilocin therapy for Binge Eating Disorder, conducted with Swinburne Univ...
Entropy Neurodynamics Reports Encouraging First-Patient Data for IV Psilocin in Binge Eating Disorder Trial
Jan 21, 2026
Entropy Neurodynamics reported that the first Binge Eating Disorder patient treated with its IV psilocin candidate TRP-8803 in combination with psychotherapy has completed a four-week follow-up, showing clinically meaningful improvements across bi...
Entropy Neurodynamics Issues Shares to Director in Lieu of Cash Fees
Jan 16, 2026
Entropy Neurodynamics Limited has reported a change in the holdings of director Herwig Janssen, reflecting additional equity-based compensation in the form of fully paid ordinary shares. The company disclosed that Janssen received 1,931,012 new or...
Entropy Neurodynamics Issues Shares in Lieu of Director Fees Under Secondary Trading Provisions
Jan 16, 2026
Entropy Neurodynamics has issued 1,931,012 fully paid ordinary shares to directors in lieu of cash fees, following shareholder approval at its November 2025 annual general meeting, and has lodged a corresponding Appendix 2A with the ASX. The compa...
Entropy Neurodynamics Issues Shares to Directors in Lieu of Cash Fees
Jan 16, 2026
Entropy Neurodynamics Limited has applied to the ASX for quotation of 1,931,012 new fully paid ordinary shares, issued on 16 January 2026 as non‑cash remuneration to directors in lieu of fees, pursuant to shareholder approval granted at the ...
Entropy Neurodynamics Reports Strong Phase 2a Results for Psilocybin-Based Binge Eating Therapy
Jan 12, 2026
Entropy Neurodynamics has reported that a Phase 2a trial conducted at the University of Florida showed its oral psilocybin candidate TRP-8802 produced rapid, sustained reductions in binge-eating behaviour among all evaluable Binge Eating Disorder ...
Entropy Neurodynamics Grants 10 Million Director Options to Chris Ntoumenopoulos
Dec 19, 2025
Entropy Neurodynamics has disclosed a change in director Chris Ntoumenopoulos’ interests, with the allotment of 10 million director options exercisable at A$0.05 and expiring on 19 December 2030. The options, issued at no consideration and a...
Entropy Neurodynamics Issues 2 Million Unquoted Options Expiring in 2027
Dec 19, 2025
Entropy Neurodynamics Limited has notified the market of the issue of 2 million unquoted options, each exercisable at A$0.08 and expiring on 19 December 2027. The options, which form part of a previously announced transaction and will not be quote...
Entropy Neurodynamics Issues 50 Million Unquoted Options Under Incentive Scheme
Dec 19, 2025
Entropy Neurodynamics has notified the ASX that it will issue 50 million unquoted options exercisable at $0.05 and expiring on 19 December 2030 under an employee incentive scheme. The move increases the company’s pool of equity-based remuner...
Entropy Neurodynamics Secures $847,186 R&D Tax Refund to Advance Psychedelic Therapy Trials
Dec 18, 2025
Entropy Neurodynamics has received an $847,186 cash refund under Australia’s RD Tax Incentive for its FY24 eligible research and development activities, reflecting a 48.5% tax offset on qualifying expenditure. The funds will be directed to i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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