Theranexus SA (ALTHX) AI Stock Analysis

• Market Cap: €46.38M
• Dividend Yield: N/A
• Average Volume (3M): 133.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.25
• Revenue Growth: N/A
• EPS Growth: 10.30%
• Country: FR
• Employees: 12
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): -0.14
• Shares Outstanding: 13,796,556
• 10 Day Avg. Volume: 147,352
• 30 Day Avg. Volume: 133,766
• PEG Ratio: 0.04
• Price to Book (P/B): -2.98
• Price to Sales (P/S): 2.16
• P/FCF Ratio: -1.45
• 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): 0.67
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: €2.50 ▲(23.15% Upside)
• Action: Upgraded Date: 01/29/26
• Date: Action: Upgraded 01/29/26

The score is held down mainly by very weak financial performance (declining revenue, heavy losses, negative equity, and negative cash flows). Technicals are supportive with a clear uptrend and positive momentum, but valuation metrics offer limited support due to ongoing losses and no dividend data.

Positive Factors

Focused CNS / rare-disease pipeline

Theranexus’ explicit focus on CNS disorders and rare neurological diseases targets areas of high unmet medical need and structural demand. A specialized pipeline can command premium pricing, attract partner interest, and sustain long-term strategic value if clinical progress continues.

Translational neurobiology expertise

The company’s emphasis on neurobiology and translational medicine is a durable scientific advantage: capabilities to bridge discovery to clinic reduce development risk, improve trial design, and increase attractiveness to collaborators or acquirers, supporting long-term program success probability.

Lean organizational footprint

A very small headcount implies a lean cost structure and potential capital efficiency in early-stage development. Over several months this can extend runway versus larger fixed-cost peers and allow management to prioritize and fund key clinical milestones with lower overhead.

Negative Factors

Declining revenue with negative margins

Sustained revenue decline and deeply negative gross, EBIT and net margins indicate structural inability to monetize operations and control costs. This reduces internal funding capacity for trials, increases reliance on external capital, and undermines long-term financial sustainability.

Balance sheet weakness and negative equity

Negative equity and a distorted debt-to-equity ratio reflect capital deficits and credit strain. Over months this limits strategic flexibility, raises refinancing and covenant risks, and makes new financing more dilutive or costly, constraining growth and program funding options.

Persistent negative cash flow and worsening FCF

Ongoing negative operating and free cash flows, and a steeply worsening FCF growth rate, signal structural cash burn. Over a multi-month horizon this pressures liquidity, forces frequent external financing or dilution, and restricts the ability to invest in trials or commercial preparation.

Theranexus SA Business Overview & Revenue Model

Company Description

Theranexus société anonyme, a biopharmaceutical company, develops drug candidates for the treatment of central nervous system disorders. The company's lead drug candidate is THN102, which is in Phase II clinical trial to treat sleep/wake disorders. It also develops THN201 for the treatment of neurocognitive disorders linked to Alzheimer's disease; and THN101 to treat neuropathic pain. The company was founded in 2013 and is based in Lyon, France.

How the Company Makes Money

Theranexus generates revenue primarily through strategic partnerships and collaborations with pharmaceutical companies, which provide funding for the development of its drug candidates. The company may receive milestone payments based on the achievement of specific development goals, as well as royalties from future sales of approved therapies. Additionally, Theranexus may engage in licensing agreements that allow other companies to utilize its proprietary technology or therapeutic candidates, contributing further to its revenue streams. The company's ability to secure these partnerships and collaborations is critical for its financial sustainability and growth.

Theranexus SA Financial Statement Overview

Summary

Weak fundamentals: revenue declined (~-20%), profitability is deeply negative (net margin -77.3%, EBIT margin -115.0%), equity is negative (leverage/solvency concern), and both operating and free cash flow are negative with deteriorating free cash flow growth (-29.6%).

Income Statement

Theranexus SA has experienced declining revenue over the past year, with a negative revenue growth rate of 20%. The company also shows negative margins across the board, including a net profit margin of -77.3% and an EBIT margin of -115.0%, indicating significant challenges in achieving profitability. The gross profit margin is also negative, reflecting cost inefficiencies or high cost of goods sold relative to revenue.

Balance Sheet

The balance sheet reveals a concerning financial structure with a negative stockholders' equity, resulting in a debt-to-equity ratio of -1.73. This indicates that the company is highly leveraged and may face difficulties in meeting its financial obligations. The return on equity is positive at 106.5%, but this is due to the negative equity, which distorts the metric.

Cash Flow

Theranexus SA's cash flow statement shows negative operating and free cash flows, with a free cash flow growth rate of -29.6%. The operating cash flow to net income ratio is -0.92, suggesting that the company is not generating sufficient cash from its operations to cover its net losses. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow is marginally better than net income, but still negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	35.04K	2.28M	296.33K	414.90K	602.00	294.61K
Gross Profit	-696.90K	-333.55K	-4.64M	82.90K	-8.82M	-5.31M
EBITDA	-2.24M	-2.53M	-7.39M	-5.93M	-8.67M	-5.33M
Net Income	-2.00M	-1.77M	-6.83M	-6.57M	-8.15M	-4.80M
Balance Sheet
Total Assets	4.53M	3.74M	7.24M	12.05M	16.89M	17.47M
Cash, Cash Equivalents and Short-Term Investments	2.12M	966.59K	4.90M	9.11M	12.53M	11.21M
Total Debt	2.88M	2.87M	3.64M	4.89M	5.33M	5.71M
Total Liabilities	6.42M	5.40M	5.02M	6.33M	6.71M	7.19M
Stockholders Equity	-1.89M	-1.66M	2.22M	5.73M	10.18M	10.28M
Cash Flow
Free Cash Flow	-545.00K	-3.40M	-6.40M	-5.41M	-6.40M	-6.00M
Operating Cash Flow	-544.55K	-3.37M	-6.36M	-5.37M	-6.25M	-5.75M
Investing Cash Flow	87.05K	77.04K	-61.11K	323.53K	-150.62K	-252.05K
Financing Cash Flow	117.44K	-646.42K	2.22M	1.63M	7.71M	7.69M

Theranexus SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTHX, the sentiment is Positive. The current price of 2.03 is below the 20-day moving average (MA) of 3.15, below the 50-day MA of 2.52, and above the 200-day MA of 2.00, indicating a bullish trend. The MACD of 0.31 indicates Positive momentum. The RSI at 56.47 is Neutral, neither overbought nor oversold. The STOCH value of 22.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALTHX.

Theranexus SA 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%
ALTHX	48 Neutral	€46.38M	-9.75	―	―	―	10.30%