Immunotech Biopharm Ltd (6978) AI Stock Analysis

• Market Cap: HK$1.71B
• Dividend Yield: N/A
• Average Volume (3M): 1.34M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: N/A
• EPS Growth: 27.90%
• Country: HK
• Employees: 154
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.25
• Shares Outstanding: 617,500,800
• 10 Day Avg. Volume: 1,608,107
• 30 Day Avg. Volume: 1,338,788
• PEG Ratio: 0.13
• Price to Book (P/B): -83.60
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.23
• 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 ▼(-6.72% Downside)

The score is weighed down primarily by weak financial fundamentals—no revenue, ongoing losses/negative free cash flow, and a high-risk balance sheet with negative equity and elevated debt. Technicals also point to a continued downtrend, while valuation support is limited due to negative earnings and no dividend data.

Positive Factors

Improved Cash Burn

The reduction in cash burn indicates better spending discipline, which can enhance financial sustainability if maintained over time.

Rights Issue Success

The successful rights issue reflects strong investor confidence and provides capital to support operational and strategic initiatives.

Strategic Financial Investment

This strategic investment could enhance financial returns and asset management, potentially improving financial stability.

Negative Factors

Negative Equity

Negative equity indicates financial instability and increases the risk of refinancing challenges, impacting long-term viability.

Persistent Losses

Ongoing losses without revenue generation suggest weak profitability prospects, limiting growth and scalability potential.

High Debt Levels

Elevated debt levels increase financial risk and reduce flexibility, potentially hindering future investment and growth opportunities.

Immunotech Biopharm Ltd Business Overview & Revenue Model

Company Description

Immunotech Biopharm Ltd, a cellular immunotherapy biopharmaceutical company, focuses on the research, development, and commercialization of T cell immunotherapy products for the treatment of cancers in the People's Republic of China. Its core product is EAL, a multi-target cellular immunotherapy product that is in Phase II clinical trials for the prevention of postsurgical recurrence of liver cancer. The company is also conducting pre-clinical and clinical trial studies for EAL to treat lung cancer, glioma, gastric cancer, and colorectal cancer. In addition, it develops 6B11-OCIK injection that is in Phase I clinical trial for ovarian cancer; CAR-T-19 injection product for B-cell acute lymphoblastic leukaemia; and TCR-T cell series products to treat solid tumors. The company was founded in 2006 and is headquartered in Beijing, the People's Republic of China.

How the Company Makes Money

Immunotech Biopharm Ltd generates revenue through the development and commercialization of its proprietary cellular immunotherapy products. The company's primary revenue streams include the sale of its approved therapies and treatments to healthcare providers and hospitals. Additionally, Immunotech Biopharm Ltd may engage in partnerships or licensing agreements with other pharmaceutical companies, which can provide upfront payments, milestone payments, and royalties based on product sales. The company's earnings are also influenced by its investment in research and development, which can lead to the discovery of new treatments and expansion of its product portfolio.

Immunotech Biopharm Ltd Financial Statement Overview

Summary

Immunotech Biopharm Ltd faces severe financial challenges, including zero revenue generation, persistent losses, and negative equity. Although there is minor improvement in net losses, the lack of operational cash flow and depleted cash reserves highlight significant liquidity issues. The company's financial health is precarious, with urgent need for strategic pivots or additional funding to sustain operations.

Income Statement

Immunotech Biopharm Ltd consistently reports zero revenue, indicating the absence of commercial operations or product sales. The company shows persistent net losses, with a slight improvement in net income from -334.8 million in 2023 to -186.9 million in 2024. The EBIT and EBITDA margins remain negative, reflecting ongoing operational challenges and high costs relative to non-existent revenue.

Balance Sheet

The balance sheet reveals a concerning negative stockholders' equity of -13.3 million in 2024, indicating financial instability and potential insolvency issues. The debt-to-equity ratio cannot be used due to negative equity, and the overall equity ratio is negative. The company has significantly reduced cash reserves from 177 million in 2023 to 57.5 million in 2024, limiting financial flexibility.

Cash Flow

Cash flow analysis shows no free cash flow in 2024, with previous years reflecting negative free cash flow trends. The operating cash flow was zero in 2024, suggesting potential issues with cash generation from core activities. Despite past reliance on financing activities, there is reduced financing cash flow in 2024, pointing towards funding constraints.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-122.01M	-148.68M	-178.83M	-231.11M	-324.33M	-333.99M
Net Income	-223.50M	-186.91M	-334.82M	-318.11M	-354.22M	-439.05M
Balance Sheet
Total Assets	488.90M	564.04M	846.28M	879.44M	1.10B	1.21B
Cash, Cash Equivalents and Short-Term Investments	21.05M	57.49M	176.97M	79.46M	353.34M	845.39M
Total Debt	111.73M	384.56M	784.01M	149.81M	111.05M	51.06M
Total Liabilities	634.38M	580.50M	675.39M	373.07M	274.51M	81.38M
Stockholders Equity	-142.40M	-13.30M	173.62M	508.44M	822.26M	1.13B
Cash Flow
Free Cash Flow	-53.83K	-153.81M	-186.17M	-277.49M	-435.89M	-339.34M
Operating Cash Flow	-46.23K	-125.74M	-163.63M	-180.92M	-254.65M	-263.67M
Investing Cash Flow	23.43K	141.10M	-116.60M	23.38M	-328.21M	-204.07M
Financing Cash Flow	-9.91K	-20.59M	273.92M	-36.06M	-11.00M	1.05B

Immunotech Biopharm Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.68
• 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:6978, the sentiment is Negative. The current price of 2.68 is below the 20-day moving average (MA) of 2.83, below the 50-day MA of 3.03, and below the 200-day MA of 3.53, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 41.77 is Neutral, neither overbought nor oversold. The STOCH value of 39.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6978.

Immunotech Biopharm Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1875	61 Neutral	HK$1.93B	238.10	0.99%	―	9.41%	-32.69%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
6622	47 Neutral	HK$1.85B	-6.12	-14.84%	―	-38.38%	-22.12%
3681	45 Neutral	HK$2.35B	-11.90	-55.33%	―	-100.00%	30.68%
2185	44 Neutral	HK$1.45B	-14.99	-14.87%	―	―	22.65%
6978	43 Neutral	HK$1.71B	-6.43	―	―	―	27.90%
2179	41 Neutral	HK$1.90B	-2.69	-129.05%	―	―	-18.99%

Immunotech Biopharm Ltd Corporate Events

Immunotech Biopharm Ltd Engages in Strategic Financial Investment

Immunotech Biopharm Ltd has announced a discloseable transaction involving the subscription of structured deposit products from Bank of China Limited, with a total investment value of RMB120,000,000. This strategic financial move is subject to the notification and announcement requirements under the Listing Rules, highlighting the company’s efforts to manage its financial assets effectively and potentially enhance its financial returns through structured investments.

Immunotech Biopharm Ltd’s Rights Issue Oversubscribed, Raising HK$257.29 Million

Immunotech Biopharm Ltd announced the successful completion of its rights issue, which was significantly oversubscribed. The company raised approximately HK$257.29 million in gross proceeds, with net proceeds estimated at HK$251.88 million, which will be used according to their planned allocation. The oversubscription indicates strong investor confidence and could enhance the company’s financial position and operational capabilities.

Immunotech Biopharm Ltd Announces Board Changes

Immunotech Biopharm Ltd has announced a change in its board of directors, effective from October 16, 2025. Mr. Cao Ran has been appointed as a non-executive director and a member of the audit committee, bringing extensive experience in pharmaceutical production management. Concurrently, Ms. Yu Xiaohui has resigned from her position due to other job arrangements. The company has expressed gratitude for Ms. Yu’s contributions and warmly welcomed Mr. Cao, which may impact the company’s strategic direction and governance.

Immunotech Biopharm Ltd Announces Board Composition and Committee Roles

Immunotech Biopharm Ltd has announced the composition of its board of directors and the roles they will undertake. The board includes executive, non-executive, and independent non-executive directors, and has established three committees: Audit, Remuneration, and Nomination, each with designated members. This announcement is significant for stakeholders as it outlines the governance structure and leadership roles, which are crucial for strategic decision-making and operational oversight.