Evgen Pharma (TCF) AI Stock Analysis

• Market Cap: £4.41M
• Dividend Yield: N/A
• Average Volume (3M): 1.69M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: N/A
• EPS Growth: 85.56%
• Country: UK
• Employees: 9
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): >-0.01
• Shares Outstanding: 2,148,963,600
• 10 Day Avg. Volume: 2,190,584
• 30 Day Avg. Volume: 1,685,058
• PEG Ratio: <0.01
• Price to Book (P/B): 0.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.51
• 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): >-0.01
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: 0.20p ▲(2.00% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held down primarily by weak fundamentals—ongoing losses, inconsistent revenue, and persistent cash burn—despite recent improvement and a debt-free balance sheet. Technicals are supportive with the price above key moving averages, but overbought RSI reduces the technical score. Valuation is constrained by negative earnings (negative P/E) and no provided dividend yield.

Positive Factors

Debt-free balance sheet

Having no reported debt materially lowers leverage and interest expense, preserving flexibility for R&D spending and partnering negotiations. Over a 2–6 month horizon this reduces refinancing risk and gives management optionality to fund trials or structure licensing deals without immediate debt servicing pressure.

Proprietary SFX platform and lead candidate

A proprietary SFX platform with a clear lead candidate (SFX-01) provides a durable competitive asset: platform-driven discovery can generate multiple programs and makes the company an attractive partner or licensor. Over months, platform ownership supports strategic partnership value and long-term pipeline optionality.

Improving loss and cash-burn trend

A visible improvement in losses and reduced cash burn indicates management has begun stabilizing operating cash requirements and R&D spending. This trend, if sustained for several quarters, lengthens runway, lowers immediate capital-raise urgency, and increases the chance of executing partnerships or milestone-triggered financing.

Negative Factors

Persistent negative cash flow

Consistently negative operating and free cash flow mean the company cannot self-fund operations or trials. Over 2–6 months this necessitates external financing or milestone-dependent partner payments, raising dilution and execution risk and constraining the ability to scale clinical programs.

Structurally loss-making with inconsistent revenue

Small, sporadic or zero revenue years and persistent negative EBIT reflect no operating leverage or recurring income. Over months this limits cash runway, weakens negotiating power with partners, and makes it harder to demonstrate commercial viability absent clear clinical de-risking or licensing deals.

Pre-commercial model reliant on partnerships and capital raises

Reliance on licensing, milestones, and equity raises is a durable structural risk: partner deal timing and fundraising markets determine progress. Over a 2–6 month window, execution delays or weak funding conditions can stall development, increase dilution, and amplify dependency on a small team to deliver clinical milestones.

Evgen Pharma Business Overview & Revenue Model

Company Description

Theracryf Plc, a clinical stage therapeutics company, engages in the development of therapeutics for oncology and behavioral brain disorders. The company's lead product is SFX-01 that is in Phase II clinical trials for the treatment of metastatic breast cancer; and in Phase I clinical trials for the treatment of neurodevelopmental disorders and glioblastoma, as well as in preclinical stage for the treatment of rhabdomyosarcoma. In addition, it engages in the development of orexin 1 antagonist, which is in late preclinical stage targeting addiction and anxiety; and atypical dopamine transporter inhibitor (DAT), which is in late preclinical stage targeting fatigue and narcolepsy. The company was formerly known as Evgen Pharma plc and changed its name to Theracryf Plc in April 2024. Theracryf Plc was incorporated in 2014 and is headquartered in Nether Alderley, the United Kingdom.

How the Company Makes Money

Evgen Pharma makes money primarily through the development and licensing of its pharmaceutical compounds. The company's revenue model is based on advancing its lead compound, SFX-01, through clinical trials and partnering with larger pharmaceutical companies for commercialization. Revenue streams include potential upfront payments, milestone payments, and royalties from licensing agreements. Additionally, Evgen Pharma may benefit from research grants and collaborations that support its drug development efforts. The company's financial success is closely tied to its ability to progress its compounds through the regulatory approval process and secure strategic partnerships for distribution and marketing.

Evgen Pharma Financial Statement Overview

Summary

Financial profile is high-risk: revenue is small/inconsistent with persistent operating losses and negative EBIT/EBITDA. Cash flow remains negative with ongoing cash burn, though losses and burn improved recently. A debt-free balance sheet helps reduce leverage risk but does not offset continued value erosion from losses.

Income Statement

Operating performance remains weak. Revenue is small and inconsistent (including zero-revenue years), and the company is structurally loss-making with negative EBIT/EBITDA and net income every year shown. Losses improved from 2023 to 2024 and again in 2025, but the business still has no clear path to profitability based on the current revenue base and recurring operating losses.

Balance Sheet

The balance sheet is helped by having no reported debt, which reduces financial risk and interest burden. However, equity has been volatile (notably lower in 2024 versus prior years) and returns on equity are consistently negative due to ongoing losses, signaling continued value erosion despite the low leverage profile.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are negative in every year provided, indicating ongoing cash burn. While cash burn improved in 2025 versus 2024, free cash flow growth has been choppy over time, and cash flow does not currently provide self-funding support for operations.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	0.00	0.00	396.00K	442.00K	0.00	194.00K
Gross Profit	-866.00K	-2.11M	385.00K	429.00K	-16.00K	-3.19M
EBITDA	-2.15M	-2.06M	-3.55M	-4.99M	-3.15M	-3.19M
Net Income	-2.01M	-1.94M	-3.14M	-4.04M	-2.73M	-2.67M
Balance Sheet
Total Assets	6.62M	7.63M	3.06M	6.17M	9.64M	12.42M
Cash, Cash Equivalents and Short-Term Investments	3.50M	4.11M	2.00M	5.00M	9.03M	11.59M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.82M	1.66M	721.00K	833.00K	411.00K	607.00K
Stockholders Equity	4.80M	5.97M	2.34M	5.34M	9.23M	11.81M
Cash Flow
Free Cash Flow	-1.68M	-2.37M	-3.00M	-4.03M	-2.56M	-2.93M
Operating Cash Flow	-1.68M	-2.37M	-3.00M	-4.03M	-2.56M	-2.93M
Investing Cash Flow	-1.99M	-2.08M	0.00	4.52M	1.48M	-6.00M
Financing Cash Flow	3.93M	4.55M	0.00	0.00	0.00	10.39M

Evgen Pharma Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.20
• 50DMA: Negative
• 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 GB:TCF, the sentiment is Negative. The current price of 0.2 is below the 20-day moving average (MA) of 0.21, below the 50-day MA of 0.21, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.73 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TCF.

Evgen Pharma 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%
TCF	49 Neutral	£4.41M	-1.58	-53.79%	―	―	85.56%
SCLP	48 Neutral	£128.68M	-23.43	―	―	―	-94.12%
HEMO	47 Neutral	£62.33M	-4.38	-609.30%	―	―	―
IMM	46 Neutral	£36.70M	-8.22	-259.88%	―	―	―
SAR	42 Neutral	£21.40M	-4.61	-202.14%	―	―	23.76%
VAL	41 Neutral	£2.34M	-0.22	―	―	418.49%	27.86%

Evgen Pharma Corporate Events

TheraCryf Secures Final Major Ox‑1 Patent and Advances Addiction Drug Towards Clinical Stage

TheraCryf has secured a Notice of Allowance for its orexin‑1 (Ox‑1) addiction programme patent in Canada, completing composition-of-matter patent coverage across all major commercial markets including the US, Europe, Canada and key Asian territories, thereby strengthening long-term exclusivity and enhancing the asset’s commercial and partnering appeal. The company also reported successful completion of maximum tolerated dose studies with its orexin‑1 blocker at regulatory maximum levels in two species without adverse clinical observations, enabling progression to repeat-dose studies that will support 28‑day toxicity trials in 2026 and move the best‑in‑class Ox‑1 programme closer to IND/CTA readiness and future partnering opportunities in the large, unmet addiction market.

The most recent analyst rating on (GB:TCF) stock is a Hold with a £0.20 price target. To see the full list of analyst forecasts on Evgen Pharma stock, see the GB:TCF Stock Forecast page.

TheraCryf Hits Key Manufacturing Milestone for Ox-1 Addiction Candidate

TheraCryf has announced a key manufacturing milestone for Ox-1, its lead orexin-1 blocker being developed as a potential treatment for addictive disorders, successfully scaling up production of the drug substance to 10.6kg with yields above target to support 28-day regulatory toxicology studies in two species. With maximum tolerated dose and dose range-finding work now underway, the company expects these toxicology studies to begin in the first half of 2026 and complete in the third quarter, positioning Ox-1 closer to clinical trial readiness and an associated regulatory submission, while engaging investors through a webinar to highlight recent progress and upcoming value inflection points in 2026.

The most recent analyst rating on (GB:TCF) stock is a Hold with a £0.20 price target. To see the full list of analyst forecasts on Evgen Pharma stock, see the GB:TCF Stock Forecast page.

TheraCryf Announces Progress on Preclinical Fatigue Treatment Program

TheraCryf has announced advancements in its second preclinical program, a dopamine modulator (DAT) targeting mental and cognitive fatigue, which has demonstrated promising results in alleviating fatigue without the side effects of conventional stimulants. With central nervous system-related fatigue linked to various severe conditions and no approved treatments currently available, this breakthrough positions TheraCryf to address a growing market expected to double in size to $2.3 billion by 2033, bringing significant potential value to the company and its stakeholders.