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): 0.70
• 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: 0.20 p ▲(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

A debt-free capital structure reduces interest burden and financial leverage risk, giving management flexibility to allocate scarce cash to R&D or partnership-building. Over months this improves resilience versus peers who must service debt while funding clinical programs.

Proprietary SFX drug platform

Owning the SFX platform and a lead candidate offers durable competitive advantage: a repeatable discovery engine and multiple indication pathways that increase partnering/licensing optionality and long-term value capture if clinical proof points are achieved.

Improving loss trend

Sequential reduction in operating losses and cash burn signals progress in cost control or program prioritization. Sustained improvement over several quarters can extend runway, reduce near-term funding pressure, and strengthen negotiation position for partnerships.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow means the business cannot self-fund development. Over 2–6 months this creates structural reliance on external financing or partnerships, raising dilution risk and creating execution uncertainty for clinical programs.

Structurally loss-making; inconsistent revenue

Low, sporadic or absent revenue prevents revenue-driven reinvestment and prolongs dependence on capital markets. Persistent operating losses depress returns and limit strategic options, making long-term program funding and commercialization planning more uncertain.

Very small workforce

A nine-person team constrains internal capacity to run multiple clinical programs, scale regulatory or commercial functions, and support business development. Reliance on external contractors or partners can slow timelines and raise coordination risk over the medium term.

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 is a pre-commercial, clinical-stage biotechnology company and therefore does not primarily generate recurring revenue from product sales. Its ability to generate income is typically expected to come from (i) partnering/licensing its drug candidates and/or underlying SFX platform to larger pharmaceutical companies in exchange for upfront payments, development and regulatory milestone payments, and ongoing royalties on any partnered product sales, and (ii) raising capital (e.g., equity placings) to fund R&D. Specific details on current revenue amounts, active commercial products, or named material partnerships generating recurring revenue are not available in the provided prompt; null.

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: Positive

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 0.20, below the 50-day MA of 0.21, and below the 200-day MA of 0.22, 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 >-0.01 is Positive, 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	-0.88	-53.79%	―	―	85.56%
SCLP	48 Neutral	£121.94M	-4.45	90.29%	―	―	-94.12%
HEMO	47 Neutral	£58.86M	-0.27	-3931.14%	―	―	―
IMM	46 Neutral	£25.64M	-3.00	3817.30%	―	―	―
SAR	44 Neutral	£21.40M	-3.13	-202.14%	―	―	23.76%
VAL	41 Neutral	£2.19M	―	―	―	418.49%	27.86%

Evgen Pharma Corporate Events

TheraCryf Advances Lead Addiction Drug to Final Preclinical Toxicology Milestone

TheraCryf has completed preclinical dose range finding studies for its lead orexin-1 receptor antagonist Ox-1, showing the drug was well tolerated at the highest regulatorily permitted dose of 1g per kilogram of body weight. The positive safety profile supports dose selection for pivotal 28-day toxicology studies, the final major preclinical step before first-in-human trials.

The company plans to start these toxicology studies imminently and remains on schedule for clinical readiness by the fourth quarter of 2026, positioning the Ox-1 programme within a substance use disorder market forecast to grow from US$42 billion to over US$71 billion in seven years. Management believes the asset’s class-leading profile and advancing development stage could attract significant licensing interest from large pharmaceutical companies and generate substantial value for stakeholders.

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 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.