Transgene SA (FR:TNG)
:TNG
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Transgene
(TNG)
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Rating:56Neutral
Price Target:
€0.88
▼(-6.81% Downside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance (sharp revenue decline, sustained losses, and ongoing free-cash-flow burn), despite a low-debt balance sheet. Offsetting this, the earnings call highlighted strengthened funding/runway and encouraging early clinical signals with defined upcoming milestones. Technically, the stock shows moderate improving near-term momentum but remains below the 200-day trend, while valuation is constrained by current unprofitability and lack of dividend support.
Positive Factors
Strengthened funding runway
The EUR105M raise plus EUR39M debt conversion materially extends runway to early 2028, reducing near-term refinancing risk and allowing management to fund trials and manufacturing investments. This creates a multi-quarter window to achieve clinical de-risking and partnership milestones before new capital is required.
Negative Factors
Consistent negative cash flow and high burn
Sustained negative operating and free cash flow shows the business consumes capital to fund trials and manufacturing. Even with current runway, ongoing annual burn near ~EUR38M implies recurring financing needs or dilution risk if clinical or partnering milestones slip, pressuring long-term funding sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened funding runway
The EUR105M raise plus EUR39M debt conversion materially extends runway to early 2028, reducing near-term refinancing risk and allowing management to fund trials and manufacturing investments. This creates a multi-quarter window to achieve clinical de-risking and partnership milestones before new capital is required.
Read all positive factors
Transgene (TNG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€231.51M
Dividend YieldN/A
Average Volume (3M)129.86K
Price to Earnings (P/E)―
Beta (1Y)0.44
Revenue Growth291.43%
EPS Growth12.24%
CountryFR
Employees144
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.26
Shares Outstanding277,532,530
10 Day Avg. Volume204,663
30 Day Avg. Volume129,863
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)1.14
Price to Sales (P/S)1011.31
P/FCF Ratio-3.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.14
Revenue Forecast (FY)€9.01M
Transgene Business Overview & Revenue Model
Company Description
Transgene SA, a biotechnology company, focuses on designing and developing therapeutic vaccines and oncolytic viruses for the treatment of cancer and infectious diseases. It is involved in developing TG4050, a therapeutic vaccine that is in phase ...
How the Company Makes Money
Transgene makes money primarily through partnering-related income and other non-product revenue typical of clinical-stage biotechs. Key revenue streams include: (1) Collaboration and licensing/partner revenues: upfront payments, research funding, ...
Transgene Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Positive
The call emphasized several strong positives: robust fundraising (EUR 105M), a strengthened balance sheet (EUR 39M debt conversion), compelling Phase I efficacy and durable immunogenicity signals for TG4050 (100% disease-free in treated Phase I patients; 73% immunogenicity with responses persisting 24 months), encouraging BT-001 combination data, and a clear plan for manufacturing and regulatory readiness. Counterbalancing these highlights are timing and operational risks (GMP readiness targeted Q3 2027), immature/pending pivotal readouts (Phase II 2-year DFS not yet available), ongoing cash burn (~EUR 38.2M in 2025) and some dependence on broader field validation. Overall, the positive clinical signals and strengthened financial position outweigh the execution and timing risks at this stage.Positive Updates
Successful Fundraising and Balance Sheet Strengthening
Raised approximately EUR 105 million in December 2025 and converted EUR 39 million of debt into equity, leaving the company virtually debt-free and providing financial visibility/runway through early 2028.
Negative Updates
Key Efficacy Readouts Not Yet Mature or Fully Peer-Reviewed
Primary efficacy readout for Phase I/II (2-year DFS for Phase II) is pending until patients reach 2 years post-randomization; Phase I comprehensive analysis is currently a preprint under peer review, so data are not yet fully validated by peer-reviewed publication.
Read all updates
Q4-2025 Updates
Positive
Negative
Successful Fundraising and Balance Sheet Strengthening
Raised approximately EUR 105 million in December 2025 and converted EUR 39 million of debt into equity, leaving the company virtually debt-free and providing financial visibility/runway through early 2028.
Read all positive updates
Company Guidance
The call laid out clear, metric-driven guidance: Transgene raised ~EUR 105m in December 2025 and converted ~EUR 39m of debt to equity (now virtually debt‑free), giving cash visibility through early 2028 (first quarter 2028) after a 2025 cash burn of ~EUR 38.2m; clinically, the primary endpoint for the randomized Phase I/II TG4050 study is 2‑year disease‑free survival (DFS) with an efficacy readout once all patients reach 2 years, Phase I 3‑year DFS data expected Q2–Q3 2026 and 4‑year follow‑up Q2–Q3 2027, Phase II patient randomization to be completed by Q2 2026 and first Phase II immunogenicity data in H2 2026 (with ~1 year follow‑up possible), and Phase I translational results showed 100% DFS at ≥2 years in treated HPV‑negative HNSCC patients vs. 3 relapses in controls and neoantigen‑specific T‑cell responses in 73% of evaluable patients that persisted 24 months; manufacturing and regulatory investments target full GMP capacity by Q3 2027 and a second Phase I indication is slated to start in 2026.Transgene Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
63
Positive
Cash Flow
21
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 490.00K | 6.35M | 7.90M | 3.13M | 9.99M |
| Gross Profit | 490.00K | -27.93M | -21.69M | -29.04M | -22.89M |
| EBITDA | -39.77M | -26.65M | -28.44M | -30.33M | -23.55M |
| Net Income | -37.52M | -33.97M | -22.33M | -32.81M | -20.00M |
Balance Sheet | |||||
| Total Assets | 138.83M | 42.17M | 45.22M | 66.44M | 101.84M |
| Cash, Cash Equivalents and Short-Term Investments | 111.86M | 16.67M | 15.67M | 26.83M | 49.57M |
| Total Debt | 2.06M | 10.40M | 1.35M | 2.45M | 3.84M |
| Total Liabilities | 17.09M | 26.97M | 29.61M | 28.59M | 34.63M |
| Stockholders Equity | 121.73M | 15.20M | 15.61M | 37.84M | 67.21M |
Cash Flow | |||||
| Free Cash Flow | -37.58M | -26.62M | -37.42M | -21.84M | -32.63M |
| Operating Cash Flow | -36.74M | -23.55M | -34.67M | -20.30M | -31.94M |
| Investing Cash Flow | -105.95M | -3.21M | 34.57M | 20.27M | 16.79M |
| Financing Cash Flow | 134.38M | 26.96M | 11.37M | -1.48M | 15.77M |
Transgene Technical Analysis
Neutral
0.94
Price Trends
0.77
Positive
0.84
Negative
0.99
Negative
Market Momentum
0.02
Negative
66.16
Neutral
76.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:TNG, the sentiment is Neutral. The current price of 0.94 is above the 20-day moving average (MA) of 0.78, above the 50-day MA of 0.77, and below the 200-day MA of 0.99, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 66.16 is Neutral, neither overbought nor oversold. The STOCH value of 76.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:TNG.
Transgene Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | €231.51M | -2.10 | -634.16% | ― | 291.43% | 12.24% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €1.79B | -12.44 | ― | ― | ― | ― | |
52 Neutral | €126.87M | -1.26 | ― | ― | 40.67% | 11.49% | |
50 Neutral | €184.05M | -1.31 | -658.91% | ― | -77.92% | 11.11% | |
49 Neutral | €111.38M | -1.28 | -52.76% | ― | -96.28% | -197.89% | |
48 Neutral | €230.14M | -4.72 | -30.75% | ― | 32.62% | -7.59% |
* General Sector Average
FR:TNG
Transgene
0.84
0.26
45.47%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.