Firebrick Pharma Limited (FRE) AI Stock Analysis

• Market Cap: AU$16.10M
• Dividend Yield: N/A
• Average Volume (3M): 91.61K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.57
• Revenue Growth: 1920.53%
• EPS Growth: -89.39%
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): >-0.01
• Shares Outstanding: 251,571,370
• 10 Day Avg. Volume: 136,612
• 30 Day Avg. Volume: 91,607
• PEG Ratio: -0.06
• Price to Book (P/B): 8.38
• Price to Sales (P/S): 44.43
• P/FCF Ratio: -7.00
• 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: 42 Neutral
• Price Target: AU$0.06 ▲(18.00% Upside)

The score is driven primarily by weak financial performance (sharp revenue decline, persistent large losses, and ongoing negative free cash flow). Technical indicators also point to a sustained downtrend with negative momentum. The balance sheet is a mitigating factor due to zero reported debt, but losses and cash burn remain the dominant risks.

Positive Factors

Low Financial Leverage

Zero reported debt gives Firebrick meaningfully lower financial leverage and reduced near-term solvency risk. Over a multi-month horizon this provides flexibility to manage cash burn, negotiate financing on better terms, and pursue strategic options without immediate debt servicing pressure.

Healthy Product-Level Margins

A ~36% gross margin indicates the company’s lead product can generate solid unit economics. If revenues stabilize or grow, this margin provides a foundation for operating leverage, making a path to durable profitability feasible with disciplined SG&A and R&D spending over the coming months.

Reduced Cash Burn Trend

Meaningful reduction in cash burn versus prior years shows improving operational discipline and extends runway. Sustaining this trend over the next few months materially lowers immediate refinancing risk and improves the company’s ability to reach breakeven or a less cash-intensive operating profile.

Negative Factors

Severe Revenue Decline

A ~74% year-over-year revenue drop signals major demand or commercialization problems for core products. Such a structural revenue contraction weakens scale economics, jeopardizes long-term program viability, and makes recovery dependent on successful new product commercialization or market re-entry.

Persistent Negative Cash Flow

Consistently negative operating and free cash flow mean the business cannot self-fund operations or growth. Over a 2–6 month horizon this necessitates external funding or steep cost reductions, increasing dilution risk and constraining investment in commercialization and R&D priorities.

Capital Destruction / Negative ROE

A roughly -169% ROE indicates sustained capital destruction and declining shareholder equity. Structurally, this erodes investor confidence, raises the probability of dilutive capital raises to sustain operations, and weakens the company’s ability to fund future product development or partnerships.

Firebrick Pharma Limited Business Overview & Revenue Model

Company Description

Firebrick Pharma Limited engages in the development and commercialization of nasal spray treatment for the common cold under the Nasodine name in Australia. The company was incorporated in 2012 and is based in Melbourne, Australia.

How the Company Makes Money

Firebrick Pharma Limited generates revenue through the sale and licensing of its pharmaceutical products. The company's primary revenue streams include the commercialization of its proprietary formulations and partnerships with healthcare providers and pharmaceutical distributors. Additionally, Firebrick Pharma may engage in collaborative research and development agreements, which can provide milestone payments and royalties. Significant partnerships with healthcare institutions and research organizations contribute to its earnings by expanding market reach and enhancing product development.

Firebrick Pharma Limited Financial Statement Overview

Summary

Income statement and cash flow are very weak: revenue fell sharply in 2025 (down ~74% vs. 2024), operating losses remain large with a deeply negative net margin (~-898%), and operating/free cash flow are consistently negative (2025 FCF about -1.9M). The main offsetting positive is the balance sheet: zero reported debt and a 0 debt-to-equity ratio reduce financial risk, though losses are driving very negative ROE (~-169%) and pressure on equity.

Income Statement

Revenue has been highly volatile, with a sharp drop in 2025 (annual revenue down ~74% vs. 2024) after a small base in prior years. Profitability remains weak: despite a positive gross margin in 2025 (~36%), operating losses are large and persistent, and net margin is deeply negative (about -898% in 2025). Overall, the company is still far from demonstrating a stable, scalable earnings profile.

Balance Sheet

The balance sheet is a relative strength: total debt is reported at zero in recent years and the debt-to-equity ratio is 0. This low leverage reduces financial risk and provides flexibility. The key weakness is ongoing losses driving negative returns on equity (notably ~-169% in 2025), and equity has declined from earlier years, indicating sustained dilution/burn risk if losses continue.

Cash Flow

Cash generation remains a concern. Operating cash flow and free cash flow are consistently negative across all periods, indicating the business is not self-funding. There is improvement versus 2023 (cash burn reduced meaningfully by 2024–2025), but 2025 still shows sizable cash outflows (operating cash flow about -1.8M; free cash flow about -1.9M). Cash flow broadly tracks losses, suggesting limited near-term ability to finance operations internally.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	515.51K	293.42K	14.52K	830.00	4.12K	422.00K
Gross Profit	326.90K	104.82K	-22.78K	830.00	4.12K	421.48K
EBITDA	-2.53M	-2.86M	-1.17M	-6.81M	-4.86M	-2.86M
Net Income	-2.63M	-2.63M	-1.18M	-6.80M	-3.80M	-2.44M
Balance Sheet
Total Assets	1.83M	1.83M	2.41M	2.98M	8.73M	11.77M
Cash, Cash Equivalents and Short-Term Investments	983.35K	983.35K	824.78K	2.35M	7.14M	11.16M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	271.28K	271.28K	291.07K	506.44K	450.10K	214.80K
Stockholders Equity	1.56M	1.56M	2.12M	2.48M	8.28M	11.55M
Cash Flow
Free Cash Flow	-1.86M	-1.86M	-2.35M	-5.78M	-4.23M	-1.95M
Operating Cash Flow	-1.78M	-1.78M	-2.34M	-5.78M	-4.20M	-1.94M
Investing Cash Flow	-82.98K	-82.98K	-134.00	-1.62K	-32.54K	-16.07K
Financing Cash Flow	2.02M	2.02M	815.21K	996.65K	10.23M	3.01M

Firebrick Pharma Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.05
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FRE, the sentiment is Neutral. The current price of 0.05 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.07, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 55.56 is Neutral, neither overbought nor oversold. The STOCH value of 41.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:FRE.

Firebrick Pharma Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCE	52 Neutral	AU$186.52M	-6.66	―	―	―	0.66%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BOT	47 Neutral	AU$236.41M	-2.35	-90.93%	―	456.50%	-457.14%
ALA	44 Neutral	AU$105.70M	-13.24	-47.98%	―	700.00%	26.88%
FRE	42 Neutral	AU$16.10M	-4.88	-143.50%	―	1920.53%	-89.39%
HXL	40 Underperform	AU$2.17M	-4.33	-28.49%	―	―	46.43%
IIQ	38 Underperform	AU$51.38M	-5.78	-37.78%	―	2.33%	12.50%

Firebrick Pharma Limited Corporate Events

Firebrick Pharma Expands Nasodine Range and International Footprint as Sales and Cost Discipline Improve

Firebrick Pharma reported solid operational progress in the December 2025 quarter, highlighted by the first expansion of its Nasodine product range with the Nasodine Throat Spray moving into commercial manufacturing, securing Australian approval for export and launching into Singapore with initial promotion to government hospitals and online consumer sales. The company outlined a clear international growth strategy, including expanded promotion in the US, broader pharmacy distribution in Singapore, the first orders for Fiji, a regulatory review underway in the Philippines and active exploration of additional Southeast Asian and Middle Eastern markets, while user survey data showed very high satisfaction with Nasodine Nasal Spray and financial discipline delivered lower operating costs and 15% year-on-year growth in quarterly cash sales, positioning Firebrick for reduced cash burn as revenues scale.

The most recent analyst rating on (AU:FRE) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Firebrick Pharma Limited stock, see the AU:FRE Stock Forecast page.

Firebrick Pharma Secures First Fiji Order for Nasodine Throat Spray

Firebrick Pharma has secured an initial order for 216 units of its newly launched Nasodine Throat Spray from Fiji and South Pacific licensee Makans Ltd, marking the product’s entry into the Fiji market shortly after its rollout in Singapore. The shipment, supplied by Australian manufacturer Probiotec, will support promotional activities to doctors and pharmacists starting in February, with Makans positioning the throat spray as a complementary extension to Nasodine Nasal Spray for inactivating viruses, including Covid, and killing bacteria linked to respiratory infections—an early step in building the Nasodine brand as a household name across Fiji and the wider South Pacific region.

The most recent analyst rating on (AU:FRE) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Firebrick Pharma Limited stock, see the AU:FRE Stock Forecast page.

Firebrick Pharma Clears Key Regulatory Hurdle for Nasodine in Philippine Market

Firebrick Pharma has confirmed that the registration process for its Nasodine Nasal Spray in the Philippines has advanced, with the country’s Food and Drug Administration accepting the product dossier following pre-assessment and commencing a formal review expected to take at least six months. The move marks a key step toward potential 2026 approval in a large pharmaceutical market where Firebrick is partnered with and partly backed by SV More Pharma, and benefits from a regulatory pathway that treats Nasodine as a disinfectant spray manufactured locally, allowing submission based on a manufacturing dossier without requiring clinical efficacy studies.

The most recent analyst rating on (AU:FRE) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Firebrick Pharma Limited stock, see the AU:FRE Stock Forecast page.

Firebrick Pharma’s AGM Results Signal Strong Shareholder Support

Firebrick Pharma Limited held its Annual General Meeting where all resolutions, including the special resolution for the approval of the 7.1A Mandate, were passed. This successful meeting indicates strong shareholder support and positions the company for continued growth and expansion in its market, potentially benefiting stakeholders through enhanced market presence and product offerings.

Firebrick Pharma Limited’s AGM Highlights and Cautions

Firebrick Pharma Limited recently held its Annual General Meeting, where Executive Chairman Dr. Peter Molloy presented information about the company’s current status and future prospects. The presentation emphasized that the information provided is for informational purposes only and is not intended as investment advice. It highlighted the company’s caution regarding forward-looking statements, noting that actual results may differ due to various risks and uncertainties.

Firebrick Pharma Announces Change of Auditor to Optimize Costs

Firebrick Pharma Limited has announced a change in its auditing firm, transitioning from BDO Audit Pty Ltd to Criterion Audit Pty Ltd effective December 1, 2025. This change aims to align audit services with the company’s size and nature, resulting in cost reductions. The appointment of the new auditor will be ratified at the next Annual General Meeting in November 2026.

Firebrick Pharma Launches Nasodine Throat Spray for Export

Firebrick Pharma Limited has announced the commencement of manufacturing for its new product, Nasodine Throat Spray, which will be exported starting November 2025. This new product, a 1.0% povidone-iodine formulation, offers a convenient alternative to traditional throat gargles and will first be launched in Singapore. The company has received export approval from the TGA and plans to market the product through its licensing partner, Innorini Life Sciences, targeting healthcare professionals and retail channels by mid-2026. This expansion marks the first new addition to the Nasodine range since the Nasodine Nasal Spray, signaling future growth in the brand’s product line.