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

• Market Cap: ¥14.75B
• Dividend Yield: N/A
• Average Volume (3M): 268.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• Revenue Growth: N/A
• EPS Growth: 14.03%
• Country: JP
• Employees: 11
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• 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: 51 Neutral
• Price Target: ¥752.00 ▼(-4.45% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily held back by weak financial performance—persistent losses, minimal revenue, and ongoing cash burn—despite balance-sheet de-risking from zero debt and higher equity. Technical indicators are moderately supportive with price above key medium-term averages and positive momentum, while valuation remains constrained by a negative P/E and no dividend yield.

Positive Factors

De‑risked balance sheet: zero debt, materially higher equity

Zero reported debt and a meaningful equity increase materially reduce near‑term leverage and refinancing risk. This stronger capitalization preserves strategic optionality to fund R&D, negotiate partnerships, or absorb delays, improving survivability while clinical programs progress.

Improving cash‑burn trend

Operating and free cash flow remain negative but have meaningfully improved year‑over‑year, indicating better cash efficiency or temporary reduction in outlays. A narrowing burn rate extends runway, lowering immediate funding pressure and enabling management to advance R&D or seek partner deals with less urgent dilution risk.

Partnering/licensing focused business model

A partnership/licensing model suits a small R&D biotech: it allows out‑licensing of development/ commercialization risk, milestone and royalty upside, and co‑funded trials. Structurally this reduces capital intensity and can accelerate commercialization pathways without becoming a large commercial operator.

Negative Factors

Persistent operating and net losses

Recurring operating and net losses signal the company is not yet generating sustainable profits. Over the medium term this increases reliance on external financing or dilutive deals, constrains strategic flexibility, and heightens execution risk if clinical progress or partner interest slows.

Minimal product revenue; pre‑commercial status

Near‑zero revenue means no internal product cash generation to fund operations. The company depends on milestone payments or collaborators; delays in clinical development or partner deals would materially reduce visibility into funding and extend the timeline to sustainable revenues.

Negative returns on equity indicating value erosion

A roughly -39% ROE shows shareholders’ capital is not producing returns and reflects ongoing value erosion. Persistently negative ROE can weaken investor support, raise the cost of future capital, and make fundraising more dilutive, increasing long‑term financing strain absent clear clinical or partner milestones.

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 generates (or aims to generate) revenue primarily through (1) partnering and licensing arrangements for its drug candidates and related intellectual property—such as upfront payments, development and regulatory milestone payments, sales-based milestone payments, and royalties on net sales if a partnered product is commercialized—and (2) proceeds from collaborative research or co-development agreements where counterparties fund portions of R&D activities. As an R&D-stage biotech, its earnings capacity is heavily influenced by the progress of its development pipeline (preclinical and clinical results), the ability to secure partners, and the timing/achievement of contractual milestones. Specific partner names, product-by-product revenue contributions, and the relative weight of each revenue stream are null.

CanBas Co., Ltd. Financial Statement Overview

Summary

Income statement fundamentals are weak with recurring operating/net losses and revenue effectively near zero in recent years, consistent with a pre-commercial biotech. Cash flow is persistently negative (ongoing burn), though the latest year shows some improvement. The main offset is a strengthened balance sheet with zero debt reported (2023–2025) and materially higher equity, reducing near-term leverage risk.

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	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	108.94M
Gross Profit	-820.00M	-984.00M	-671.00M	-608.00M	-322.00M
EBITDA	-1.16B	53.65M	-1.28B	-848.65M	-522.28M
Net Income	-1.16B	-1.21B	-1.24B	-855.58M	-531.03M
Balance Sheet
Total Assets	3.05B	2.43B	2.09B	790.71M	1.30B
Cash, Cash Equivalents and Short-Term Investments	2.83B	1.89B	1.62B	737.77M	1.15B
Total Debt	0.00	0.00	0.00	367.34M	749.99M
Total Liabilities	107.00M	91.99M	153.85M	540.02M	857.64M
Stockholders Equity	2.94B	2.34B	1.93B	250.69M	437.97M
Cash Flow
Free Cash Flow	-771.45M	-1.28B	-1.40B	-719.81M	-688.57M
Operating Cash Flow	-771.45M	-1.28B	-1.40B	-719.81M	-688.57M
Investing Cash Flow	122.00K	0.00	0.00	182.00K	0.00
Financing Cash Flow	1.75B	1.54B	2.27B	282.75M	728.80M

CanBas Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 787.00
• 50DMA: Negative
• 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 Negative. The current price of 787 is below the 20-day moving average (MA) of 809.80, below the 50-day MA of 847.40, and below the 200-day MA of 953.18, indicating a bearish trend. The MACD of -21.79 indicates Positive momentum. The RSI at 39.67 is Neutral, neither overbought nor oversold. The STOCH value of 26.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4575.

CanBas Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4978	56 Neutral	¥16.02B	120.78	―	―	1.24%	-33.41%
7774	54 Neutral	¥24.81B	-34.16	―	―	-5.65%	-469.19%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4575	51 Neutral	¥14.75B	-17.96	―	―	―	14.03%
4593	50 Neutral	¥53.60B	-13.30	―	―	-82.33%	47.73%
7776	49 Neutral	¥12.00B	-8.14	―	―	-42.49%	-2.37%
4599	43 Neutral	¥18.55B	-11.30	―	―	―	11.34%