CanBas Co., Ltd. (4575) AI Stock Analysis

• Market Cap: ¥17.17B
• Dividend Yield: N/A
• Average Volume (3M): 268.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: N/A
• EPS Growth: 14.03%
• Country: JP
• Employees: 11
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -17.69
• Shares Outstanding: 19,713,655
• 10 Day Avg. Volume: 208,910
• 30 Day Avg. Volume: 268,476
• PEG Ratio: 1.96
• Price to Book (P/B): 7.69
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -29.34
• 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: ¥895.00 ▲(13.72% Upside)

The score is primarily constrained by weak financial performance driven by ongoing losses and cash burn, only partly offset by a cleaner, better-capitalized balance sheet with zero reported debt. Technical signals remain mixed with the stock below key longer-term moving averages and a negative MACD, while valuation is challenging due to negative earnings and no dividend yield data.

Positive Factors

Debt-free balance sheet

A reported zero debt position across 2023–2025 materially reduces leverage risk and interest obligations, improving financial flexibility. For a small R&D biotech this extends runway and strengthens negotiating power with partners and potential acquirers over the next several quarters.

Material equity capitalization improvement

Sharp growth in equity provides a more durable capital base to fund R&D and absorb ongoing losses without immediate refinancing. Stronger capitalization lowers short-term solvency risk and supports continued clinical progress and partnering discussions over the coming 2–6 months.

Partnership/licensing-focused business model

A partnership/licensing model lets the company monetize R&D via upfront, milestone, and royalty payments while sharing development and commercialization risk. For a small biotech, this durable model can conserve cash and scale commercialization through larger partners if clinical progress continues.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow forces ongoing external funding needs. Even with some improvement (2025 OCF/FCC ~-¥0.77bn vs ~-¥1.28bn in 2024), continued cash burn risks dilution, project slowdowns, or constrained R&D sequencing absent partner funding.

Effectively no recent revenue

With near-zero product revenue the company remains pre-commercial and dependent on milestones or fundraising. This creates persistent uncertainty around sustainable cash generation and makes long-term operational planning and reinvestment contingent on pipeline outcomes or external partners.

Negative returns on equity and value erosion

A roughly -39% ROE indicates shareholders' capital has not produced sustainable economic returns, reflecting ongoing operating losses. Over months this elevates governance and financing risks, as continued value erosion can pressure ability to attract favorable partner deals or non-dilutive funding.

CanBas Co., Ltd. Business Overview & Revenue Model

Company Description

CanBas Co., Ltd., a clinical stage biopharmaceutical company, develops therapeutics for cancer patients. It develops CBP501, a calmodulin-modulating peptide to treat various cancer; and CBS9106, a reversible exportin-1inhibitor that is in Phase I clinical trial for the treatment of solid tumors. The company has a collaboration alliance with Stemline Therapeutics, Inc. CanBas Co., Ltd. was incorporated in 2000 and is based in Numazu, Japan.

How the Company Makes Money

CanBas Co., Ltd. generates revenue primarily through the successful development and commercialization of its pharmaceutical products and technologies. The company invests in research and development to create proprietary drugs, which it can then license to larger pharmaceutical companies or bring to market itself. Revenue streams include milestone payments from licensing agreements, royalties from drug sales, and potentially direct sales of its pharmaceutical products. Additionally, strategic partnerships and collaborations with other biotech or pharmaceutical firms play a crucial role in its revenue model, providing both financial support and access to broader markets for its developed therapies.

CanBas Co., Ltd. Financial Statement Overview

Summary

Financials reflect a development-stage biotech profile: income statement is weak with effectively zero recent revenue and persistent operating/net losses, and cash flow shows ongoing negative operating/free cash flow (cash burn), though burn improved in the latest year. The balance sheet is a relative strength with zero reported debt (2023–2025) and materially higher equity, reducing leverage risk, but returns remain strongly negative.

Income Statement

The income statement shows persistent operating losses and net losses across all reported years, with gross profit also negative—consistent with a pre-commercial biotech still funding R&D rather than generating product revenue. Revenue has fallen to effectively zero in recent years (vs. ~¥109–110m in 2020–2021), and profitability has not yet stabilized, keeping overall earnings quality and visibility weak. A modest positive is that the latest annual net loss (2025) is slightly narrower than 2023–2024, but the business remains firmly loss-making.

Balance Sheet

The balance sheet looks comparatively healthier: total debt is reported at zero from 2023–2025, and equity has increased materially (from ~¥0.25bn in 2022 to ~¥2.94bn in 2025), indicating improved capitalization and reduced leverage risk versus earlier years when debt-to-equity was high (>1x in 2021–2022 and >3x in 2020). The key weakness is ongoing value erosion from losses, reflected in consistently negative returns on equity (still about -39% in 2025), meaning shareholders’ capital is not yet generating sustainable returns.

Cash Flow

Cash flow remains a major pressure point: operating cash flow and free cash flow are negative every year shown, indicating continuing cash burn to fund operations. There is some improvement in the latest year (2025 operating/free cash flow of about -¥0.77bn vs. about -¥1.28bn in 2024), but the company is still not self-funding and will likely remain dependent on external financing until revenue traction improves.

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	108.94M
Gross Profit	-820.00M	-820.00M	-984.00M	-671.00M	-608.00M	-322.00M
EBITDA	-1.16B	-1.16B	53.65M	-1.28B	-848.65M	-522.28M
Net Income	-1.16B	-1.16B	-1.21B	-1.24B	-855.58M	-531.03M
Balance Sheet
Total Assets	3.05B	3.05B	2.43B	2.09B	790.71M	1.30B
Cash, Cash Equivalents and Short-Term Investments	2.83B	2.83B	1.89B	1.62B	737.77M	1.15B
Total Debt	0.00	0.00	0.00	0.00	367.34M	749.99M
Total Liabilities	107.00M	107.00M	91.99M	153.85M	540.02M	857.64M
Stockholders Equity	2.94B	2.94B	2.34B	1.93B	250.69M	437.97M
Cash Flow
Free Cash Flow	0.00	-771.45M	-1.28B	-1.40B	-719.81M	-688.57M
Operating Cash Flow	0.00	-771.45M	-1.28B	-1.40B	-719.81M	-688.57M
Investing Cash Flow	0.00	122.00K	0.00	0.00	182.00K	0.00
Financing Cash Flow	0.00	1.75B	1.54B	2.27B	282.75M	728.80M

CanBas Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 787.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4575, the sentiment is Positive. The current price of 787 is below the 20-day moving average (MA) of 860.95, below the 50-day MA of 828.96, and below the 200-day MA of 989.63, indicating a neutral trend. The MACD of 10.80 indicates Positive momentum. The RSI at 53.30 is Neutral, neither overbought nor oversold. The STOCH value of 27.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4575.

CanBas Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7774	57 Neutral	¥21.93B	-47.52	―	―	-5.65%	-469.19%
7776	52 Neutral	¥11.60B	-10.60	―	―	-42.49%	-2.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4575	47 Neutral	¥17.17B	-13.92	―	―	―	14.03%
4889	46 Neutral	¥19.61B	542.68	―	―	-32.68%	―
4593	45 Neutral	¥44.21B	-9.72	―	―	-82.33%	47.73%
4599	43 Neutral	¥18.18B	-9.50	―	―	―	11.34%