TME Pharma N.V. (ALTME) AI Stock Analysis

• Market Cap: €6.86M
• Dividend Yield: N/A
• Average Volume (3M): 547.76K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.26
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: FR
• Employees: 12
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.02
• Shares Outstanding: 94,188,980
• 10 Day Avg. Volume: 795,319
• 30 Day Avg. Volume: 547,758
• PEG Ratio: <0.01
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 107.95
• P/FCF Ratio: -0.44
• 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): -0.15
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: €0.07 ▲(18.33% Upside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is primarily constrained by weak financial performance, including persistent losses and negative cash flows. Technical indicators provide some near-term support (positive MACD and price above 20/50-day averages), but longer-term trends are still unfavorable. Valuation is also a headwind because the negative P/E reflects ongoing losses and there is no dividend yield data to offset risk.

Positive Factors

Low leverage on balance sheet

A debt-to-equity ratio of 0.03 gives TME Pharma low interest burden and greater financing flexibility. For a clinical-stage biotech that will rely on external funding, limited leverage reduces near-term refinancing risk and preserves capacity to raise equity or partner funding to progress trials.

Notable free cash flow improvement

A 69.51% improvement in free cash flow growth rate signals operational progress and better cash conversion trends. While absolute cash flow remains negative, accelerating FCF growth can extend runway, reduce future financing needs, and strengthen negotiating positions with partners or investors over the medium term.

Lean cost structure (small team)

A 12-person headcount suggests a lean, capital-light operational footprint common in early-stage biotech. Lower fixed overhead enables management to allocate scarce resources toward R&D and trials, helping preserve runway and adapt spending as clinical needs evolve over the coming months.

Negative Factors

Persistently negative margins and losses

Sustained negative gross and net margins indicate the company is not yet operationally profitable. Persistent losses force continuous external funding, increase dilution risk, and limit reinvestment capacity, constraining TME Pharma's ability to self-fund trials or scale without partner financing.

Negative operating and free cash flow

Negative operating cash flow means core activities consume cash rather than generate it, making the company dependent on financing or partnerships to maintain operations. Ongoing cash burn increases vulnerability to market funding conditions and may force dilutive capital raises in the medium term.

Negative ROE and prior negative equity

Negative ROE and historical negative shareholders' equity point to structural balance sheet weakness and prior losses exceeding capital. This undermines investor confidence, can complicate future financing, and signals a higher risk profile for partners or creditors over the next several quarters.

TME Pharma N.V. Business Overview & Revenue Model

Company Description

TME Pharma N.V., a clinical-stage biopharmaceutical company, focuses on the development of proprietary therapeutics for the treatment of cancer in Germany. Its Spiegelmer platform has a proprietary pipeline of clinical-stage product candidates, including its lead cancer drug candidate, NOX-A12, which is under development as a combination therapy for various cancer indications, such as metastatic pancreatic and colorectal cancer, glioblastoma, and myeloma. It is also developing NOX-E36, which has completed Phase 1/2 clinical trial for the treatment of diabetic nephropathy. The company has a collaboration agreement with Merck Sharp & Dohme Corp. to study NOX-A12 combined with Keytruda and two different chemotherapy regimens as second-line therapy in patients with metastatic pancreatic cancer. The company was formerly known as NOXXON Pharma N.V. and changed its name to TME Pharma N.V. in July 2022. TME Pharma N.V. was founded in 1997 and is based in Berlin, Germany.

How the Company Makes Money

TME Pharma generates revenue primarily through collaborations and partnerships with pharmaceutical companies, as well as potential licensing agreements for its drug candidates. The company may also receive milestone payments tied to the successful development and commercialization of its products. Additionally, TME Pharma may benefit from grants or funding from governmental and non-governmental organizations that support cancer research and development initiatives. As the company advances its clinical trials and potentially brings products to market, it can expect to earn royalties from sales of its therapeutics.

TME Pharma N.V. Financial Statement Overview

Summary

Financial statements indicate persistent operational losses and negative margins, with negative operating and free cash flow. Positives include low leverage (debt-to-equity 0.03) and some improvement in revenue (+11.77%) and free cash flow growth (+69.51%), but overall profitability and cash generation remain weak.

Income Statement

TME Pharma N.V. shows a challenging financial position with consistently negative margins across all metrics. The gross profit margin and net profit margin are significantly negative, indicating high costs relative to revenue. Although there is a slight revenue growth rate of 11.77% in the latest year, the EBIT and EBITDA margins remain deeply negative, reflecting ongoing operational losses.

Balance Sheet

The balance sheet reveals a low debt-to-equity ratio of 0.03, suggesting limited leverage, which is a positive aspect. However, the return on equity is negative, indicating that the company is not generating profit from its equity base. The equity ratio is not explicitly calculated, but the negative stockholders' equity in previous years highlights financial instability.

Cash Flow

Cash flow analysis shows a negative operating cash flow and free cash flow, although there is a notable improvement in free cash flow growth rate of 69.51%. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is marginally covering net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	46.00K	19.00K	17.00K	0.00	33.00K	35.00
Gross Profit	-12.00K	-78.00K	-127.00K	-92.00K	-65.97K	-62.97K
EBITDA	-4.38M	-5.25M	-5.07M	-11.63M	-12.88M	-5.29M
Net Income	-4.58M	-5.72M	-6.74M	-15.13M	-14.45M	-10.40M
Balance Sheet
Total Assets	2.29M	3.41M	2.49M	5.24M	9.77M	10.65M
Cash, Cash Equivalents and Short-Term Investments	2.06M	3.25M	2.25M	4.63M	9.48M	10.30M
Total Debt	1.89M	56.00K	1.17M	4.09M	2.44M	653.00K
Total Liabilities	2.86M	1.79M	2.79M	6.51M	5.27M	2.96M
Stockholders Equity	-570.00K	1.61M	-294.00K	-1.27M	4.51M	7.71M
Cash Flow
Free Cash Flow	-4.77M	-4.65M	-5.65M	-12.16M	-12.39M	-5.26M
Operating Cash Flow	-4.76M	-4.63M	-5.63M	-12.14M	-12.38M	-5.22M
Investing Cash Flow	-5.00K	-21.00K	-19.00K	-21.00K	-14.00K	-39.00K
Financing Cash Flow	4.13M	5.66M	3.27M	7.29M	11.50M	14.18M

TME Pharma N.V. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 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 FR:ALTME, the sentiment is Neutral. The current price of 0.06 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.07, and below the 200-day MA of 0.09, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 50.40 is Neutral, neither overbought nor oversold. The STOCH value of 39.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALTME.

TME Pharma N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPAT	60 Neutral	€9.38M	-6.94	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALTME	47 Neutral	€6.86M	-1.48	-917.95%	―	―	―