Theranexus SA (ALTHX) AI Stock Analysis

• Market Cap: €26.97M
• Dividend Yield: N/A
• Average Volume (3M): 133.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• 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): 0.37
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: €2.00 ▼(-1.48% Downside)

Theranexus SA's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues and negative margins. Technical analysis provides mixed signals, with some indicators suggesting overbought conditions. The valuation is unattractive due to a negative P/E ratio and no dividend yield. These factors collectively result in a low overall score.

Positive Factors

CNS & rare disease specialization

A focused strategy on CNS and rare neurological diseases targets high unmet medical need and smaller, well-defined patient populations. This can yield durable advantages such as clearer clinical endpoints, regulatory incentives and partner interest, supporting long-term value creation.

Clinical-stage pipeline and translational expertise

Maintaining clinical-stage programs and specialized translational expertise increases the probability of generating de-risking milestones and partnering/licensing opportunities. Over months this supports structural value inflection points and enhances credibility with collaborators and investors.

Lean organizational structure

A very small headcount reflects a lean, potentially low-fixed-cost operating model. Over the medium term this can extend runway, enable flexible outsourcing of development activities, and allow management to allocate capital more efficiently across programs if financing constraints arise.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and a distorted debt-to-equity position indicate structural balance-sheet weakness. This impairs financial flexibility, raises refinancing and covenant risks, and can limit the company's ability to fund trials or secure favorable partner or lender terms over coming quarters.

Persistent negative and declining cash flows

Consistently negative operating and free cash flow, and materially declining FCF growth, signal the company cannot self-fund development. This creates ongoing reliance on external financing, increasing dilution risk and potentially constraining program pacing or strategic options over the next several months.

Revenue decline and deep negative margins

A 20% revenue decline coupled with very large negative gross, EBIT and net margins points to structural unprofitability and cost inefficiencies. Sustained losses reduce reinvestment capacity, pressure cash reserves, and diminish attractiveness to partners unless operational economics improve.

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

Theranexus SA is facing significant financial challenges, with declining revenues, negative profitability margins, and a highly leveraged balance sheet. Cash flow issues further exacerbate the financial instability, highlighting the need for strategic changes to improve financial health and sustainability.

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

Theranexus SA Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTHX, the sentiment is Negative. The current price of 2.03 is below the 20-day moving average (MA) of 2.05, above the 50-day MA of 1.96, and above the 200-day MA of 1.66, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.44 is Neutral, neither overbought nor oversold. The STOCH value of 10.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	45 Neutral	€26.97M	-5.54	―	―	―	10.30%