Invion (IVX) AI Stock Analysis

• Market Cap: AU$6.77M
• Dividend Yield: N/A
• Average Volume (3M): 97.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: -100.00%
• EPS Growth: -40.46%
• Country: AU
• Employees: 8
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): N/A
• 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)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

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

Low leverage / no debt

A debt-free capital structure materially reduces solvency risk and preserves financial optionality over the medium term. Without interest obligations the company can prioritize R&D spending and fundraising flexibility, making it easier to withstand clinical development cycles that require external capital.

Proprietary Photosoft platform

Owning a distinct photodynamic therapy platform provides a structural product advantage: a single platform can be applied across multiple indications, enabling modular development and long-term value creation through clinical milestones, licensing or partnerships as candidates progress to trials.

Lean operating footprint

A very small headcount implies a lean cost base and focused R&D operation, which helps preserve runway per dollar of spend. Over 2-6 months this structural efficiency supports continued preclinical progress with lower fixed overhead, reducing immediate funding pressure versus larger peers.

Negative Factors

Zero revenue and widening losses

Persistent zero revenue combined with materially larger losses indicates the business is not yet generating operating cash inflows and is consuming capital to advance programs. Over the medium term this trend necessitates ongoing external funding and increases execution risk if capital markets tighten.

Negative operating cash flow / cash burn

Sustained negative operating cash flow shows the company is burning cash to fund development. This structural cash consumption forces reliance on equity or partnership financing, which can dilute existing shareholders and potentially delay programs if financing terms are constrained.

Eroding balance sheet

Material declines in equity and assets reflect accumulated losses and reduce the balance sheet buffer that supports multi-stage clinical development. A weaker balance sheet limits strategic flexibility, increases vulnerability to adverse shocks, and heightens the likelihood of dilutive funding or asset sales to sustain programs.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	3.69M	4.10M	3.29M	2.33M
Gross Profit	-1.59M	-1.29M	1.00M	1.21M	969.12K	810.50K
EBITDA	-5.16M	-4.00M	-4.57M	-965.37K	-1.82M	-1.29M
Net Income	-10.50M	-8.81M	-5.63M	-1.61M	-2.24M	-1.48M
Balance Sheet
Total Assets	8.09M	9.49M	15.45M	19.05M	20.04M	5.64M
Cash, Cash Equivalents and Short-Term Investments	137.54K	850.37K	783.53K	4.08M	8.47M	1.04M
Total Debt	627.68K	0.00	0.00	0.00	0.00	0.00
Total Liabilities	2.38M	1.24M	1.01M	650.63K	462.41K	851.50K
Stockholders Equity	5.71M	8.25M	14.44M	18.40M	19.58M	4.79M
Cash Flow
Free Cash Flow	-2.61M	-2.97M	-3.30M	-4.39M	-8.36M	417.98K
Operating Cash Flow	-2.61M	-2.97M	-2.40M	-1.81M	-1.11M	417.98K
Investing Cash Flow	-22.68K	0.00	-900.00K	-2.58M	-7.25M	0.00
Financing Cash Flow	2.04M	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	48 Neutral	AU$3.73M	-0.47	-26.84%	―	36.60%	85.28%
IVX	43 Neutral	AU$6.77M	-0.58	-74.92%	―	-100.00%	-40.46%
EPN	43 Neutral	AU$10.51M	-5.00	-469.43%	―	-1.25%	-188.33%
CAN	39 Underperform	AU$12.71M	0.87	-401.36%	―	-26.49%	61.72%

Invion Corporate Events

Invion Loss Widens as Auditors Flag Going-Concern Risk

Invion Limited has reported a sharp deterioration in its financial position for the half-year ended 31 December 2025, with loss after tax attributable to owners jumping 90.5% to $3.57 million compared with the prior corresponding period. The company’s net tangible assets per ordinary security fell further into negative territory at minus 2.38 cents versus minus 0.34 cents a year earlier, and no dividends were paid or declared.

The half-year accounts were reviewed by auditors, who drew attention to a material uncertainty related to Invion’s ability to continue as a going concern, underscoring mounting financial pressures on the business. With no changes in control of subsidiaries, no associate or joint venture interests, and no dividend reinvestment plan in place, the update signals operational and balance-sheet challenges that may concern shareholders and other stakeholders.

The most recent analyst rating on (AU:IVX) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Invion stock, see the AU:IVX Stock Forecast page.

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.