AnGes (4563) AI Stock Analysis

• Market Cap: ¥24.53B
• Dividend Yield: N/A
• Average Volume (3M): 3.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• Revenue Growth: 56.75%
• EPS Growth: -97.56%
• Country: JP
• Employees: 55
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.81
• Shares Outstanding: 395,626,560
• 10 Day Avg. Volume: 1,701,110
• 30 Day Avg. Volume: 3,216,076
• PEG Ratio: 0.05
• Price to Book (P/B): 7.04
• Price to Sales (P/S): 24.76
• P/FCF Ratio: -3.75
• 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: 47 Neutral
• Price Target: ¥59.00 ▼(-6.35% Downside)
• Action: Upgraded Date: 02/18/26
• Date: Action: Upgraded 02/18/26

The score is held down primarily by persistent losses and heavy ongoing cash burn despite improving revenue momentum. Technical signals are mixed with a weaker longer-term trend, and valuation is constrained by a negative P/E and no dividend support.

Positive Factors

Revenue Momentum

Sustained revenue acceleration indicates improving commercial traction or progress in monetizable programs, which can extend runway and validate R&D direction. Over 2–6 months this momentum supports funding options, partner interest, and a clearer path toward scaling operations.

Low Leverage

A low-debt balance sheet gives strategic flexibility for a cash-burning biotech: it reduces immediate solvency pressure and preserves capacity to raise project financing or enter partnerships without onerous interest burdens, a durable buffer across near-term development cycles.

Focused DNA-based Therapeutics Platform

A clear, specialized focus on DNA-based and nucleic-acid medicines creates technical expertise and pipeline leverage across indications. This structural positioning aligns with secular interest in gene therapies and supports long-term competitive differentiation and partner/collaboration appeal.

Negative Factors

Heavy Cash Burn

Persistently negative operating and free cash flow erodes liquidity and forces reliance on external capital. Over the next several months this increases dilution or covenant risk, constrains investment pacing, and limits ability to self-fund pivotal trials or commercialization activities.

Sustained Operating Losses

Chronic operating losses indicate the business remains far from break-even and earnings quality is weak. This structural profitability gap limits retained capital for growth, heightens dependence on financing or partners, and raises execution pressure on clinical and commercial milestones.

Eroding Equity and Assets

Declining assets and shareholder equity reduce the balance-sheet cushion, weakening financial flexibility despite low debt. This deterioration increases the probability of future capital raises and limits options for opportunistic M&A or large-scale investments in commercialization.

AnGes Business Overview & Revenue Model

Company Description

AnGes, Inc., a biopharmaceutical company, engages in the research and development of gene-based medical products. Its lead product is Hepatocyte Growth Factor (HGF) Plasmid, a gene therapy for the treatment of critical limb ischemia, a serious impairment of blood circulation in the leg. The company is also developing NF-kB Decoy Oligonucleotide, a nucleic acid medicine that suppresses inflammation for diseases, including low back pain; drugs for treating atopic dermatitis and disc degeneration; medical devices for the prevention of vascular restenosis; cervical intraepithelial neoplasia therapeutic vaccines for cervical cancer; and DNA vaccines for high blood pressure through collaborative research agreement with Osaka University. AnGes, Inc. has alliances with BioMarin Pharmaceutical Inc. to market Naglazyme, a drug for the treatment of mucopolysaccharidosis VI in Japan; and Mitsubishi Tanabe Pharma Corporation for marketing HGF Plasmid for the treatment of peripheral arterial disease in the United States and Japan. It also has alliances with SHIONOGI & CO., LTD. for the marketing of drugs for external use containing NF-kB decoy oligonucleotide for skin diseases; Vical, Inc. for the development and marketing of Allovectin for cancer treatment; and Osaka University to develop a coronavirus vaccine. In addition, the company has a collaboration agreement with Brickell Biotech, Inc. to develop investigational plasmid DNA vaccine intended to prevent coronavirus in the United States, South America, and other markets. The company was formerly known as AnGes MG, Inc. and changed its name to AnGes, Inc. in July 2017. AnGes, Inc. was founded in 1999 and is headquartered in Ibaraki, Japan.

How the Company Makes Money

AnGes generates revenue primarily through the development and commercialization of its biotechnology products, which includes licensing agreements, product sales, and research collaborations. The company often partners with larger pharmaceutical companies to leverage their distribution networks and research capabilities, which can lead to milestone payments and royalties. Additionally, AnGes may receive funding through government grants and research subsidies aimed at supporting its innovative therapeutic developments. The combination of these revenue streams allows AnGes to sustain its operations and invest in further research and product development.

AnGes Financial Statement Overview

Summary

Revenue growth has improved meaningfully, but the financial profile is still dominated by large operating losses, negative net income, and deeply negative operating/free cash flow. Low leverage helps, yet declining assets/equity and ongoing cash burn keep funding risk elevated.

Income Statement

Revenue has accelerated meaningfully (2025 revenue up ~23% YoY and well above prior years), but profitability remains very weak. The company continues to post large operating losses and negative net income across all reported years, indicating the business is still far from break-even and earnings quality is not yet established.

Balance Sheet

Leverage is low, with total debt small relative to equity in recent years, which provides financial flexibility for a biotech business model. However, equity and total assets have declined sharply versus earlier years, suggesting ongoing losses and cash usage are eroding the balance sheet over time.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are deeply negative every year shown, reflecting heavy ongoing cash burn. While free cash flow burn improved versus 2024, the company remains reliant on external funding or balance-sheet resources to sustain operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	710.98M	874.12M	643.00M	152.99M	67.06M	64.15M
Gross Profit	260.04M	320.38M	247.00M	19.45M	-26.83M	7.43M
EBITDA	-6.25B	-5.09B	-5.74B	-8.86B	-13.41B	-13.21B
Net Income	-28.59B	-5.12B	-28.13B	-7.44B	-14.71B	-13.68B
Balance Sheet
Total Assets	5.79B	5.41B	4.67B	28.89B	38.82B	45.46B
Cash, Cash Equivalents and Short-Term Investments	2.91B	1.88B	1.71B	4.16B	11.04B	17.90B
Total Debt	198.79M	54.37M	272.45M	362.68M	1.16B	0.00
Total Liabilities	2.38B	2.33B	2.51B	2.79B	8.40B	6.82B
Stockholders Equity	3.40B	3.08B	2.16B	26.10B	30.43B	38.63B
Cash Flow
Free Cash Flow	0.00	-5.76B	-6.69B	-8.84B	-11.23B	-11.46B
Operating Cash Flow	0.00	-5.75B	-6.61B	-8.74B	-11.21B	-11.38B
Investing Cash Flow	0.00	18.48M	-130.80M	-356.65M	-97.14M	-154.87M
Financing Cash Flow	0.00	5.90B	4.20B	2.04B	3.57B	17.38B

AnGes Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 63.00
• 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 JP:4563, the sentiment is Negative. The current price of 63 is above the 20-day moving average (MA) of 60.20, above the 50-day MA of 60.70, and below the 200-day MA of 71.32, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 34.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4563.

AnGes Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7774	55 Neutral	¥27.57B	-61.60	―	―	-5.65%	-469.19%
4565	52 Neutral	¥82.26B	-6.76	-9.05%	―	-1.96%	-64.18%
4974	52 Neutral	¥138.24B	-19.18	―	2.18%	-0.16%	-802.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4588	50 Neutral	¥67.52B	-33.85	―	―	-9.04%	13.09%
4593	48 Neutral	¥48.74B	-16.08	―	―	-82.33%	47.73%
4563	47 Neutral	¥24.53B	-4.07	-184.71%	―	56.75%	-97.56%