Invion (IVX) AI Stock Analysis

• Market Cap: AU$7.19M
• Dividend Yield: N/A
• Average Volume (3M): 97.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: -100.00%
• EPS Growth: -40.46%
• Country: AU
• Employees: 8
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.09
• Shares Outstanding: 85,647,255
• 10 Day Avg. Volume: 121,261
• 30 Day Avg. Volume: 97,006
• PEG Ratio: -0.02
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.67
• 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: 43 Neutral
• Price Target: AU$0.08 ▲(1.25% Upside)

The score is primarily pressured by weak financial performance (zero revenue, widening losses, and ongoing cash burn with shrinking equity/assets). Technicals add further downside risk as the price is below all key moving averages with weak momentum. Valuation does not provide support due to negative earnings and no dividend yield.

Positive Factors

Proprietary photodynamic therapy platform

Ownership of a platform (Photosoft™) focused on light-activated compounds gives Invion a durable R&D asset. Platform approaches can generate multiple candidates across indications, enabling licensing, partnerships or multi-product development, which supports long-term strategic optionality.

Low financial leverage

A clean balance sheet with no reported debt lowers fixed financing obligations and bankruptcy risk, giving management flexibility to raise capital or pursue partnerships. This structural strength is valuable while the company advances preclinical programs that require intermittent funding.

Focused preclinical R&D and lean team

A small, concentrated R&D organization focused on preclinical development can reduce overhead and accelerate decision cycles. Over the medium term this lean structure may allow more efficient allocation of limited cash toward milestone-driven science and candidate advancement.

Negative Factors

Zero revenue and widening net losses

Absence of revenue combined with materially larger net losses indicates the business is not yet self-sustaining. Persistent losses erode equity, limit reinvestment capacity, and increase reliance on external capital, making long-term R&D plans contingent on successful fundraising or partnering.

Persistent negative operating cash flow (cash burn)

Consistent negative operating cash flow and negative free cash flow show the company is consuming cash to fund operations. This structural cash burn shortens runway for preclinical work, raises financing and dilution risk, and constrains the ability to progress clinical programs without external funding.

Material balance sheet contraction

Significant declines in equity and assets reflect value erosion from operating losses and weaken the company’s financial buffer. A smaller asset base reduces collateral capacity and may impair access to non-dilutive financing, increasing medium-term financial vulnerability if losses persist.

Invion Business Overview & Revenue Model

Company Description

Invion (IVX) is a biotechnology company focused on the research, development, and commercialization of Photodynamic Therapy (PDT) for the treatment of various cancers. Operating primarily in the healthcare and pharmaceutical sectors, Invion is dedicated to advancing its novel technologies to offer innovative treatment solutions that can improve patient outcomes. The company's core products include its proprietary PDT compounds and related systems that leverage light-activated processes to target and destroy cancer cells.

How the Company Makes Money

Invion makes money through a combination of licensing agreements, research and development partnerships, and potentially future sales of its Photodynamic Therapy products. The company engages in partnerships with other biotech and pharmaceutical firms to further develop and commercialize its technologies, often receiving upfront payments, milestone payments, and royalties as part of these agreements. Additionally, Invion may receive government grants or funding from health organizations to support its research efforts. As its products progress through clinical trials and receive regulatory approval, Invion aims to generate revenue from direct sales and distribution of its PDT products to healthcare providers and institutions.

Invion Financial Statement Overview

Summary

Very weak fundamentals: latest period shows zero revenue, a larger net loss (~-8.8M vs ~-5.6M prior year), negative gross profit, and persistent operating losses. Cash burn remains significant (operating cash flow about -3.0M; free cash flow negative) and equity/assets have contracted materially, partially offset by the positive of no reported debt.

Income Statement

Profitability is weak and deteriorating: the latest annual period shows zero revenue and a larger net loss (about -8.8M) versus the prior year (about -5.6M). Gross profit turned negative and operating losses remain substantial, indicating the cost base is not supported by current revenue levels. While earlier years showed modest revenue and positive gross profit, the overall trajectory is inconsistent and loss-making, with no clear path to sustained margin improvement based on the provided figures.

Balance Sheet

Leverage is low with no reported debt, which reduces financial risk. However, equity and assets have declined meaningfully (equity down from ~14.4M to ~8.3M year-over-year; assets down from ~15.5M to ~9.5M), reflecting ongoing losses and balance sheet contraction. Returns on equity are sharply negative in the latest period, highlighting continued value erosion despite the clean capital structure.

Cash Flow

Cash generation is a key concern: operating cash flow is consistently negative in most years and worsened to about -3.0M in the latest period, with free cash flow also negative. Although free cash flow improved versus the prior year (less negative), the business is still consuming cash and appears reliant on external funding over time unless operating performance improves materially.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	3.69M	4.10M	3.29M	2.33M
Gross Profit	-1.29M	-1.29M	1.00M	1.21M	969.12K	810.50K
EBITDA	-4.00M	-4.00M	-4.57M	-965.37K	-1.82M	-1.29M
Net Income	-8.81M	-8.81M	-5.63M	-1.61M	-2.24M	-1.48M
Balance Sheet
Total Assets	9.49M	9.49M	15.45M	19.05M	20.04M	5.64M
Cash, Cash Equivalents and Short-Term Investments	850.37K	850.37K	783.53K	4.08M	8.47M	1.04M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.24M	1.24M	1.01M	650.63K	462.41K	851.50K
Stockholders Equity	8.25M	8.25M	14.44M	18.40M	19.58M	4.79M
Cash Flow
Free Cash Flow	-2.97M	-2.97M	-3.30M	-4.39M	-8.36M	417.98K
Operating Cash Flow	-2.97M	-2.97M	-2.40M	-1.81M	-1.11M	417.98K
Investing Cash Flow	0.00	0.00	-900.00K	-2.58M	-7.25M	0.00
Financing Cash Flow	3.04M	3.04M	0.00	15.80M	15.80M	0.00

Invion 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%
EXL	49 Neutral	AU$4.14M	-1.09	-26.84%	―	36.60%	85.28%
EPN	46 Neutral	AU$11.37M	-1.79	-469.43%	―	-1.25%	-188.33%
IVX	43 Neutral	AU$7.19M	-0.69	-74.92%	―	-100.00%	-40.46%
CAN	39 Underperform	AU$12.71M	-0.24	-401.36%	―	-26.49%	61.72%

Invion Corporate Events

Invion Secures Global Photosoft Rights and Non-Dilutive Funding as Cancer Programs Advance

Invion reported a cash balance of A$138,000 at 31 December 2025, but has since bolstered its funding with a A$1.3 million convertible note raising and a A$400,000 R&D advance facility, while also fully repaying its obligations to Lind Global Fund II LP. Operationally, the quarter marked a series of strategic milestones: a non-dilutive grant-backed collaboration with South Korea’s Hanlim Pharm to provide up to US$2 million for preclinical and regulatory work ahead of a first-in-human Australian trial of intravenous INV043 for oesophageal cancer; an expanded perpetual, exclusive global licence over the Photosoft™ technology across multiple human and animal disease indications, significantly strengthening Invion’s long-term platform and partnering prospects; and a funded collaboration with Taiwan-listed Protect Animal Health to run Photosoft-based cancer studies in companion animals, with Invion retaining all technology and IP rights. Collectively, these developments support Invion’s shift from pure R&D towards a more commercially oriented platform position in both human and veterinary oncology, while addressing urgent unmet needs in oesophageal and companion animal cancers and reinforcing confidence from international partners and key shareholders.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

Invion Plans Convertible Note Placement to Raise Capital

Invion Limited has lodged a notice with the ASX outlining plans for a new capital raising via a placement of convertible notes. The company intends to issue up to 671,882 convertible notes, designated under the ASX security code IVXAAQ, with a proposed issue date of 26 March 2026, in a move aimed at strengthening its balance sheet and providing additional funding flexibility for its operations and strategic initiatives.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

Invion Raises $1.3m in CEO-Backed Convertible Note to Accelerate Cancer Trials

Invion has secured commitments to raise about $1.3 million through a non-interest-bearing convertible note issue, strongly backed by Executive Chair and CEO Professor Thian Chew and major shareholder XiaoYi Wu as cornerstone investors. The funding, structured in two tranches and on terms that set a floor and cap for conversion into equity, will be directed primarily toward accelerating clinical trials in non-melanoma skin cancer and anogenital cancer, supporting partner-funded pre-clinical programs, and bolstering working capital. Management highlights a busy 12 months ahead, with expected clinical readouts, ethics approvals for a new anogenital cancer trial with Peter MacCallum Cancer Centre, and updates from international and animal-health partners, underscoring growing confidence in Invion’s Photosoft platform and its broader oncology ambitions.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

Invion Shares Halted on ASX Ahead of Capital Raising Announcement

Invion Limited has requested and been granted a trading halt on its ordinary shares on the ASX as it prepares to announce a capital raising. The halt, in place until 2 February 2026 or until the capital-raising announcement is released, is intended to help the company manage its continuous disclosure obligations and prevent trading on incomplete information, signalling a potentially significant funding move that could affect existing shareholders and the company’s future development activities.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

Invion Options Lapse as 300,000 IVXAAJ Securities Expire Unexercised

Invion Limited has announced the expiry of 300,000 listed options (ASX code IVXAAJ) that carried an exercise price of A$1.50 and were due to expire on 13 January 2026. The options lapsed without being exercised, resulting in a reduction of potential future dilution for existing shareholders but no immediate change to the company’s ordinary share count or cash position, signalling limited investor appetite at the set strike price at the time of expiry.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

Invion Secures Up to A$2m Non-Dilutive Funding for Esophageal Cancer Program

Invion has announced that partner Hanlim Pharm, backed in part by a grant from South Korea’s Korea Drug Development Fund, will provide up to A$2 million in non-dilutive funding for preclinical and regulatory work to support an Australian first-in-human clinical trial of intravenously administered HL270 (INV043) for oesophageal cancer. The two-stage program will first test efficacy, including combination studies with immune checkpoint inhibitors in animal models by the first half of 2026, and, subject to positive results, move to non-clinical stability, toxicity and manufacturing studies and preparation of Australian regulatory filings targeting completion in the second half of 2027, positioning Invion to tap into a fast-growing global oesophageal cancer therapy market projected to reach US$36.6 billion by 2035 and potentially enhancing its standing in oncology drug development.

Invion Secures Global Licensing for Photosoft™ Technology

Invion Limited has secured perpetual exclusive global licenses for its Photosoft™ technology, allowing the company to expand its clinical programs and address significant market opportunities in cancer and infectious diseases. This strategic move enhances Invion’s potential for shareholder value and positions it to capitalize on lucrative markets with unmet medical needs. The transaction involves a series of agreements with NGPDT IP Holdings Pty Ltd and RMW Cho Group Limited, subject to shareholder approval and other conditions, and includes the issuance of up to 36.7 million shares upon achieving specific milestones.

Invion Limited Passes Key Resolutions at 2025 AGM

At its 2025 Annual General Meeting, Invion Limited successfully passed several resolutions, including the adoption of a remuneration report, re-election of a director, and approval of share and option plans. These resolutions are expected to strengthen Invion’s operational framework and support its strategic initiatives in advancing its Photosoft™ technology, thereby enhancing its position in the life-science industry.

Invion Advances Photodynamic Therapy for Cancer and Infectious Diseases

Invion Limited’s Annual General Meeting highlighted its commitment to advancing next-generation photodynamic therapy (PDT) for cancers and infectious diseases. This strategic focus aims to enhance the company’s position in the biotechnology sector by addressing critical health challenges, potentially impacting stakeholders by offering innovative treatment solutions.