Transcenta Holding Limited (6628) AI Stock Analysis

• Market Cap: HK$1.05B
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.12
• Revenue Growth: -57.84%
• EPS Growth: 24.58%
• Country: HK
• Employees: 184
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.29
• Shares Outstanding: 452,409,000
• 10 Day Avg. Volume: 1,161,500
• 30 Day Avg. Volume: 1,285,964
• PEG Ratio: 0.02
• Price to Book (P/B): 0.32
• Price to Sales (P/S): 21.27
• P/FCF Ratio: -1.11
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: HK$2.50 ▲(11.11% Upside)

The score is primarily driven down by weak financial performance (declining revenue, sizable losses, and cash burn). Technical indicators are mixed with negative MACD and price below longer-term averages, offering only limited support. Valuation is also constrained by negative earnings (negative P/E) and no dividend yield data.

Positive Factors

Moderate leverage / balance sheet stability

A debt-to-equity of 0.33 signals moderate leverage, reducing short-term refinancing risk and helping preserve financial flexibility. For a biotech requiring multi-year R&D, lower leverage improves prospects to fund trials or absorb delays without immediate dilutive financing.

Solid gross margin on products

A recurring ~35.5% gross margin indicates underlying product economics and potential manufacturing/pricing leverage. If commercialized candidates scale, this margin base supports recovery of R&D and SG&A, improving medium-term path to operating leverage once revenue stabilizes.

Biologics focus and diversified revenue streams

Specialization in monoclonal antibodies and biologics aligns with durable structural demand in oncology and autoimmune care. Multiple revenue channels—sales, licensing, milestone and collaboration income—provide non-dilutive funding options and partnership pathways for commercialization scale.

Negative Factors

Declining revenue and persistent losses

Steep and sustained revenue declines combined with deeply negative margins indicate the company is failing to commercialize at scale. Over months this erodes runway, constrains reinvestment in R&D/commercialization, and raises reliance on external capital, harming long-term viability.

Negative operating and free cash flow

Persistent negative operating and free cash flows force dependence on financing or partnerships to fund trials and commercialization. Over a 2–6 month horizon this reduces strategic optionality, increases dilution risk, and can delay critical development milestones if capital access tightens.

Poor returns and operational inefficiency

Negative ROE and operating margins signal the firm cannot convert capital and operations into profit. Structurally this reflects execution or portfolio issues that impede scalability; without sustained improvement, shareholder value creation and ability to self-fund growth remain compromised.

Transcenta Holding Limited Business Overview & Revenue Model

Company Description

Transcenta Holding Limited, a clinical stage biopharmaceutical company, engages in the discovery, research, development, manufacture, and commercialization of various drugs in the People's Republic of China and the United States. The company develops MSB2311, a humanized PD-L1 monoclonal antibody (mAb) candidate for TMB-H solid tumors; TST001, a humanized claudin 18.2 mAb candidate for solid tumors, such as gastric cancer and is under Phase II clinical trial; TST005, a PD-L1/TGF-ß bi-functional antibody candidate which is under Phase Ia clinical trial for solid tumors, including certain lung cancers; TST010, an antibody candidate targeting regulatory T cells to enhance T cell mediated tumor killing;TST002 (Blosozumab), a humanized sclerostin mAb candidate for osteoporosis; and TST004, a humanized mannan-binding lectin serine protease 2 (MASP 2) mAb candidate for IgA kidney diseases. It also develops TST003, an antibody candidate targeting a novel immune regulatory protein produced by tumor-associated fibroblasts or tumor cells with mesenchymal phenotype; TST006, a bi-specific claudin 18.2/PD-L1 antibody; TST008, a tri-functional antibody combining a MASP2 antibody fused with a truncated transmembrane activator and CAML interactor protein; MSB0254, a humanized VEGFR-2 mAb candidate for solid tumors and is under Phase Ib/IIa clinical trials; and MSB2311, A humanized PD-L1 mAb Candidate for solid tumors and is under Phase Ib/IIa clinical trials Transcenta Holding Limited has collaboration agreements with Eli Lilly and Company, Alebund Pharmaceuticals, and Merck. The company was formerly known as MabSpace International Limited and changed its name to Transcenta Holding Limited in June 2019. Transcenta Holding Limited was incorporated in 2010 and is headquartered in Suzhou, the People's Republic of China.

How the Company Makes Money

Transcenta generates revenue primarily through the development and commercialization of its biopharmaceutical products. Key revenue streams include sales from approved drugs, licensing agreements with other pharmaceutical companies, and collaborations for research and development initiatives. The company may also earn revenue through milestone payments and royalties associated with its partnered products. Significant partnerships with larger pharmaceutical firms can enhance its financial stability and provide additional resources for product development, thus contributing to its overall earnings.

Transcenta Holding Limited Financial Statement Overview

Summary

Weak fundamentals: revenue declined (-8.97% TTM) and profitability is deeply negative (net margin -25.78%) with negative EBIT/EBITDA margins. Balance sheet leverage is moderate (debt-to-equity 0.33) but returns are poor (negative ROE), and cash flow remains pressured with ongoing burn and declining free cash flow (-10.48% TTM).

Income Statement

The income statement reveals significant challenges, with negative growth and profitability metrics. The TTM data shows a decline in revenue by 8.97%, and the net profit margin is deeply negative at -25.78%. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies. Despite a consistent gross profit margin around 35.5%, the overall financial health is weak due to substantial losses.

Balance Sheet

The balance sheet shows moderate leverage with a debt-to-equity ratio of 0.33, which is relatively stable. However, the return on equity is negative, indicating that the company is not generating profits from its equity base. The equity ratio is not explicitly provided, but the overall financial position suggests a need for improved profitability and asset management.

Cash Flow

Cash flow analysis highlights ongoing cash burn, with negative operating and free cash flows. The free cash flow growth rate is negative at -10.48% in the TTM period, and the operating cash flow to net income ratio is also negative, reflecting cash flow challenges. The free cash flow to net income ratio is slightly above 1, indicating that cash outflows are closely aligned with net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.41M	11.26M	53.85M	101.89M	50.24M	80.98M
Gross Profit	3.27M	4.00M	14.40M	19.89M	9.37M	18.20M
EBITDA	-211.90M	-233.12M	-393.01M	-334.09M	-1.65B	-264.81M
Net Income	-266.36M	-290.29M	-462.57M	-406.75M	-1.72B	-316.63M
Balance Sheet
Total Assets	1.04B	1.20B	1.69B	2.13B	2.54B	2.09B
Cash, Cash Equivalents and Short-Term Investments	45.81M	169.42M	546.03M	895.45M	1.22B	813.59M
Total Debt	210.14M	250.61M	409.63M	411.46M	364.71M	254.30M
Total Liabilities	386.57M	448.64M	665.67M	660.64M	579.39M	2.91B
Stockholders Equity	652.13M	751.64M	1.03B	1.47B	1.97B	-816.25M
Cash Flow
Free Cash Flow	-175.14M	-216.15M	-373.80M	-318.03M	-457.84M	-237.73M
Operating Cash Flow	-170.07M	-213.83M	-358.04M	-295.81M	-384.50M	-174.40M
Investing Cash Flow	8.23M	14.28M	57.47M	-102.61M	-69.77M	-57.74M
Financing Cash Flow	-157.75M	-178.06M	-47.20M	26.72M	879.71M	620.17M

Transcenta Holding Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6628, the sentiment is Positive. The current price of 2.25 is below the 20-day moving average (MA) of 2.33, below the 50-day MA of 2.42, and below the 200-day MA of 2.63, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 51.53 is Neutral, neither overbought nor oversold. The STOCH value of 60.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:6628.

Transcenta Holding Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1875	60 Neutral	HK$3.18B	392.38	0.99%	―	9.41%	-32.69%
2197	52 Neutral	HK$2.92B	-2.80	―	―	79.98%	-3.40%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9939	48 Neutral	HK$1.39B	-6.79	-54.87%	―	―	81.67%
3681	45 Neutral	HK$1.87B	-9.46	-55.33%	―	-100.00%	30.68%
2257	44 Neutral	HK$830.97M	-6.12	―	―	―	83.89%
6628	43 Neutral	HK$1.05B	-3.36	-34.18%	―	-57.84%	24.58%

Transcenta Holding Limited Corporate Events

Transcenta Advances Dealmaking, Licensing and Financing to Resolve Audit Disclaimer and Bolster Liquidity

Transcenta has provided an operational update on the measures it is taking to resolve a disclaimer of opinion in its 2024 annual report, highlighting continued progress on nine key initiatives intended to strengthen its financial position and liquidity. The company is advancing term sheet-level negotiations with global and regional pharma partners and investors for its lead drug candidate osemitamab, targeting completion of one or more deals and initiation of a Phase 3 trial in 2026, while also pursuing out-licensing, joint-development arrangements and potential NewCos to fund and advance several other pipeline assets. In parallel, Transcenta is pushing diversified financing initiatives with institutional investors, has signed a non-exclusive licensing and strategic collaboration deal with EirGenix for its Highly Intensified Continuous Bioprocessing platform with potential upfront, milestone and royalty revenues, and is expanding partnerships with leading culture media and CDMO players to generate recurring technology license–linked sales and deepen its position in the global biomanufacturing supply chain.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta Grants 2 Million Incentive Shares to Key Employee Under Performance-Linked Scheme

Transcenta Holding Limited has granted 2,000,000 award shares, equivalent to about 0.44% of its issued share capital (excluding treasury shares), to a single employee participant under its share incentive scheme. Half of the award is tied to the achievement of product development milestones and half to a four-year time-based vesting schedule, with all shares subject to a minimum 12‑month vesting period and detailed clawback provisions linked to employment status and conduct, underscoring the company’s efforts to align executive incentives with long-term performance and shareholder interests.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta Licenses HiCB Biomanufacturing Platform to EirGenix in Strategic Collaboration

Transcenta Holding Limited has entered into a strategic collaboration and non-exclusive licensing agreement with Taiwan-listed EirGenix Inc., under which EirGenix will adopt Transcenta’s HiCB continuous biomanufacturing platform for its biologics development programs and manufacturing operations, including services for CDMO clients seeking intensified and continuous production solutions. The deal provides Transcenta with upfront, milestone and future royalty payments, supporting reinvestment in its technology platform and R&D pipeline, while broadening the global deployment of its cost-efficient manufacturing technology and reinforcing its positioning as a leader in continuous bioprocessing aimed at improving affordability and access to innovative biologic therapies worldwide.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta’s Osemitamab Shows Promising Results in Cancer Trial

Transcenta Holding Limited announced promising updated efficacy data from its phase I/II Transtar102 trial involving osemitamab combined with nivolumab and CAPOX for first-line treatment of gastric/gastroesophageal junction cancer. The trial results, presented at the ESMO Asia Congress 2025, showed significant clinical benefits, including a median progression-free survival of 16.6 months and an overall response rate of 68% in patients with higher CLDN18.2 expression. These findings reinforce the potential of osemitamab as a meaningful treatment option, demonstrating consistent benefits across different PD-L1 subgroups and a favorable safety profile.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta Announces Share and Option Grants to Boost Strategic Goals

Transcenta Holding Limited announced the grant of 200,000 Award Shares and 800,000 Options under its Share Incentive Scheme. The shares are granted to service providers based on performance targets related to fundraising and partnership milestones, with a clawback mechanism in place for certain circumstances. This initiative aims to align the interests of the grantees with the company’s strategic goals, potentially impacting its operational efficiency and market positioning.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta Holding Limited Announces Auditor Change to Ernst & Young

Transcenta Holding Limited has announced a change in its auditor, with Deloitte Touche Tohmatsu resigning due to a disagreement over audit fees for the financial year ending December 31, 2025. The company has appointed Ernst & Young as the new auditor, citing a more competitive proposal that aligns with its cost-control objectives. The transition is not expected to impact the company’s annual audit or financial results release, and the Board expresses gratitude to Deloitte for its past services.

The most recent analyst rating on (HK:6628) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.

Transcenta’s Partner Inhibrx Reports Positive Phase 2 Results for Ozekibart in Chondrosarcoma

Transcenta Holding Limited announced that its partner, Inhibrx Biosciences, has reported positive Phase 2 results for ozekibart in treating chondrosarcoma, a cancer with no approved systemic options. The promising results from the ChonDRAgon study highlight ozekibart’s potential as a significant treatment option, with plans for a Biologics License Application submission by 2026. This development strengthens Transcenta’s position in the oncology sector, particularly in regions where it holds exclusive commercialization rights.

The most recent analyst rating on (HK:6628) stock is a Sell with a HK$3.00 price target. To see the full list of analyst forecasts on Transcenta Holding Limited stock, see the HK:6628 Stock Forecast page.