NanoCarrier Co., Ltd. (4571) AI Stock Analysis

• Market Cap: ¥14.02B
• Dividend Yield: N/A
• Average Volume (3M): 2.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: 172.39%
• EPS Growth: 8.27%
• Country: JP
• Employees: 18
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.86
• Shares Outstanding: 75,374,160
• 10 Day Avg. Volume: 484,410
• 30 Day Avg. Volume: 2,345,523
• PEG Ratio: -1.80
• Price to Book (P/B): 3.71
• Price to Sales (P/S): 93.58
• P/FCF Ratio: 0.00
• 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: 52 Neutral
• Price Target: ¥188.00 ▲(40.30% Upside)
• Action: Upgraded Date: 02/28/26
• Date: Action: Upgraded 02/28/26

The score is held back primarily by weak financial performance (shrinking revenue, large ongoing losses, and continued cash burn). Technical momentum is a meaningful offset with the stock trading above major moving averages and positive MACD, while valuation remains constrained by negative earnings and no dividend.

Positive Factors

High gross margin

A sustained ~72% gross margin signals that the DDS platform captures meaningful value per unit of revenue. If the company scales via partnerships or licensing, these margins support attractive incremental economics and long-term profitability potential once fixed R&D and SG&A are contained.

Manageable financial leverage

Low leverage and a materially reduced debt stock improve financial flexibility for a precommercial biotech. Manageable debt limits interest burdens and preserves borrowing capacity to fund trials or licensing activities without imposing heavy fixed obligations as the company pursues value-inflection milestones.

Platform licensing/partnership model

A technology-centric DDS platform with revenue from collaborations, upfronts, milestones and potential royalties aligns incentives with partners and reduces need for full commercialization buildout. Structurally, this model can scale revenue via partner-funded development and de-risks capital intensity if partnerships progress.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow means the company cannot self-fund development and must rely on external financing or milestone receipts. Over a multi-quarter horizon this raises dilution risk, can delay trials if capital access tightens, and constrains strategic optionality.

Shrinking revenue & large losses

Declining revenue combined with extremely large net losses and negative margins indicates weak commercial traction and poor operating leverage. Without reversing the revenue decline or securing material partnership milestones, fixed costs will continue to outpace revenues and impede a durable path to breakeven.

Eroding equity and negative ROE

Repeated losses that erode shareholder equity and produce deeply negative ROE reduce balance sheet resilience. Over months this increases dependence on outside capital, raises governance and solvency risk if losses persist, and limits the firm's ability to self-finance development or withstand adverse shocks.

NanoCarrier Co., Ltd. Business Overview & Revenue Model

Company Description

NANO MRNA Co., Ltd. engages in the research, development, and production of pharmaceuticals using micellar nanoparticles technology. The company develops biopharmaceutical products focused on the medication of cancer and other intractable diseases. It also engages in the research, development, manufacture, and sale of anti-cancer drugs based on micellar nanoparticle technology. The company was founded by Kazunori Kataoka, Teruo Okano, and Ichiro Nakatomi on June 14, 1996 and is headquartered in Tokyo, Japan.

How the Company Makes Money

NanoCarrier Co., Ltd. generates revenue primarily through the development, licensing, and commercialization of its proprietary drug delivery systems. The company collaborates with pharmaceutical companies to co-develop drugs using its nanotechnology platforms, earning revenues from licensing fees, milestone payments, and royalties on sales of co-developed products. Additionally, NanoCarrier may receive funding from government grants or private investments to support its research and development activities. Strategic partnerships and collaborations with other biotech and pharmaceutical companies also play a significant role in enhancing its market reach and financial performance.

NanoCarrier Co., Ltd. Financial Statement Overview

Summary

Overall financial quality is weak: revenue has been shrinking, losses remain very large, and cash flow is consistently negative. The balance sheet leverage is modest and improving (lower debt-to-equity), but ongoing losses and cash burn continue to erode equity and dominate the risk profile.

Income Statement

Revenue has been shrinking for several years (down again in FY2025), which is a clear negative for scale and operating leverage. While gross margin remains very high (~72% in FY2025), the company continues to post very large operating and net losses (FY2025 net margin roughly -770%), indicating that operating expenses and R&D spend are far above the current revenue base. Losses have improved versus the worst year (FY2022–FY2023), but profitability remains structurally weak and visibility to breakeven appears limited based on the provided trend.

Balance Sheet

Leverage looks manageable with debt-to-equity around 0.20 in FY2025 and total debt reduced materially versus FY2024, which supports financial flexibility. However, equity has been declining over time, consistent with repeated net losses, and returns on equity remain deeply negative (about -30% in FY2025). Overall, the balance sheet is not highly levered, but ongoing losses are eroding the capital base and remain the key risk.

Cash Flow

Cash generation is weak: operating cash flow is negative across all reported years and was still meaningfully negative in FY2025, implying continued cash burn to fund operations. Free cash flow has been negative historically (notably FY2022–FY2024), and the business has not demonstrated a sustained ability to self-fund, increasing reliance on financing or existing liquidity. The pace of burn has improved from earlier years, but remains a material overhang.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	116.10M	108.52M	135.51M	202.19M	264.03M	313.26M
Gross Profit	84.46M	78.17M	110.96M	159.60M	222.74M	274.89M
EBITDA	-776.70M	-832.57M	-863.00M	-1.25B	-2.06B	-1.30B
Net Income	-879.96M	-835.38M	-780.00M	-1.31B	-1.88B	-2.84B
Balance Sheet
Total Assets	3.93B	4.00B	5.07B	5.78B	7.14B	7.82B
Cash, Cash Equivalents and Short-Term Investments	3.40B	3.51B	4.28B	4.44B	5.95B	6.40B
Total Debt	540.24M	540.24M	1.11B	1.11B	1.15B	0.00
Total Liabilities	1.28B	1.26B	1.65B	1.53B	1.57B	321.00M
Stockholders Equity	2.66B	2.74B	3.42B	4.25B	5.57B	7.50B
Cash Flow
Free Cash Flow	0.00	0.00	-585.08M	-1.09B	-1.76B	-1.25B
Operating Cash Flow	0.00	-401.62M	-585.08M	-1.09B	-1.75B	-1.25B
Investing Cash Flow	0.00	587.53M	793.01M	1.21B	-244.13M	-871.69M
Financing Cash Flow	0.00	-568.77M	3.73M	32.20M	1.15B	-11.46M

NanoCarrier Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 134.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4571, the sentiment is Positive. The current price of 134 is below the 20-day moving average (MA) of 154.65, below the 50-day MA of 147.18, and below the 200-day MA of 146.26, indicating a bullish trend. The MACD of 9.65 indicates Negative momentum. The RSI at 65.70 is Neutral, neither overbought nor oversold. The STOCH value of 74.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4571.

NanoCarrier Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4584	59 Neutral	¥13.59B	258.32	―	―	83.60%	―
4594	53 Neutral	¥8.92B	-5.19	―	―	1221.43%	30.54%
4571	52 Neutral	¥14.02B	-14.93	-26.70%	―	172.39%	8.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4588	50 Neutral	¥79.87B	-34.13	―	―	-9.04%	13.09%
4583	47 Neutral	¥7.78B	-7.74	―	―	25.28%	39.15%
2370	46 Neutral	¥8.54B	-6.05	―	―	5.44%	-2.17%