SanBio Co (4592) AI Stock Analysis

• Market Cap: ¥148.49B
• Dividend Yield: N/A
• Average Volume (3M): 2.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: N/A
• EPS Growth: -12.69%
• Country: JP
• Employees: 29
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -9.95
• Shares Outstanding: 78,028,330
• 10 Day Avg. Volume: 2,869,570
• 30 Day Avg. Volume: 2,080,090
• PEG Ratio: -5.05
• Price to Book (P/B): 28.13
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.74
• 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: ¥2,050.00
• Price Target Upside: -8.07% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: ¥1,792.00 ▼(-19.64% Downside)

The score is held down primarily by very weak financial performance (no meaningful revenue, large ongoing losses, and persistent cash burn), alongside a bearish technical setup (below key moving averages with negative MACD). Valuation is also constrained by negative earnings and no dividend yield support.

Positive Factors

Proprietary technology platform

Owning a proprietary cell-therapy platform is a durable strategic asset: it creates technical barriers to entry, enables a pipeline across multiple CNS indications, and supports long-term licensing or partnership opportunities that can sustain value even before broad commercialization.

Focused on CNS & stroke indications

Concentration on CNS disorders and stroke targets large, unmet medical needs with high clinical and commercial value. This structural market positioning increases the potential payoff of successful trials and aligns the company with durable demand and specialized payer/regulatory pathways.

Reduced debt / moderate leverage

Lower absolute debt and moderate leverage materially reduce near-term refinancing pressure and interest burden. That structural improvement gives management more runway and strategic flexibility to prioritize R&D or partner deals without immediate debt-service constraints.

Negative Factors

No meaningful revenue

Zero reported revenue across multiple years means the business lacks commercial traction and remains fully pre-revenue. Structurally this forces continued dependence on external capital, raises go-to-market uncertainty, and makes sustainable operations contingent on successful clinical/partnering outcomes.

Persistent cash burn

Consistent negative operating and free cash flow reflects an ongoing financing need; persistent burn increases refinancing and dilution risk. Even with some improvement, structural cash consumption ties corporate viability to capital markets or partner funding over the medium term.

Equity erosion and deep losses

Declining equity and sustained large net losses erode the balance-sheet buffer that absorbs trial setbacks or delays. Structurally this reduces financial resilience, can deter potential partners, and increases the probability of dilutive financing if clinical milestones are missed.

SanBio Co Business Overview & Revenue Model

Company Description

SanBio Company Limited develops, produces, and sells regenerative cell medicines for the central nervous system. The company develops SB623 that has completed a phase 2 clinical trial to treat traumatic brain injury in the United States and Japan. Its research pipeline products also comprise SB623 for ischemic and hemorrhagic strokes, age-related macular degeneration, retinitis pigments, spinal cord injury, Parkinson's disease, Alzheimer's disease, and others; SB618 for peripheral nerve damage; SB308 for muscular dystrophy disease; MSC1 for cancer; and MSC2 for inflammatory disease and optic neuritis. The company was founded in 2001 and is headquartered in Tokyo, Japan.

How the Company Makes Money

SanBio Co. generates revenue through the development and commercialization of its cell therapy products, primarily targeting neurological conditions. The company's revenue model includes product sales, licensing agreements, and strategic partnerships with other pharmaceutical and biotechnology companies. Key revenue streams are anticipated from successful clinical trials leading to market approval and subsequent commercialization of their proprietary therapies. SanBio also collaborates with research institutions and industry partners to enhance its research and development capabilities, which can lead to milestone payments and royalties once products reach the market.

SanBio Co Financial Statement Overview

Summary

Very weak fundamentals: revenue is essentially absent (0 reported in recent years) while losses and cash burn remain large and persistent. Balance-sheet leverage is moderate and debt has fallen, but equity has eroded and profitability is far from break-even, leaving continued dependence on external funding.

Income Statement

Revenue is essentially absent in the most recent years (annual reports show total revenue at 0 from 2021–2025), while losses remain very large. Profitability is deeply negative with EBIT and net income consistently in the billions of yen in the red, although the net loss narrowed in 2024–2025 versus 2023. Overall, the income profile reflects a company still in heavy investment mode with limited commercial traction and weak earnings visibility.

Balance Sheet

Leverage looks moderate in recent years (debt-to-equity around ~0.23 in 2023–2025) and total debt has come down materially from earlier periods, which is a positive. However, equity has also declined sharply over time, and returns to shareholders are strongly negative (return on equity is deeply below zero), consistent with ongoing losses and balance-sheet erosion risk if losses persist.

Cash Flow

Cash burn is substantial and persistent: operating cash flow and free cash flow are negative every year shown, with only partial improvement in 2024–2025 versus 2023. Free cash flow broadly tracks net losses (free cash flow to net income near ~1), indicating limited non-cash addbacks and a business that is consuming cash roughly in line with accounting losses. This raises funding dependence and refinancing/issuance risk unless the burn rate continues to improve.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-8.26M	-9.37M	-14.50M	-24.61M	-132.47M	-74.45M
EBITDA	-4.40B	-3.51B	-4.53B	-4.62B	-4.37B	-5.73B
Net Income	-3.57B	-2.88B	-2.64B	-5.56B	-4.68B	-3.39B
Balance Sheet
Total Assets	3.22B	3.45B	5.05B	7.05B	5.51B	13.34B
Cash, Cash Equivalents and Short-Term Investments	2.74B	2.92B	4.45B	6.73B	4.56B	12.48B
Total Debt	1.36B	397.00M	665.00M	933.00M	2.52B	4.00B
Total Liabilities	1.93B	1.68B	2.25B	2.62B	3.48B	4.99B
Stockholders Equity	1.29B	1.76B	2.79B	4.43B	2.04B	8.35B
Cash Flow
Free Cash Flow	0.00	-3.61B	-4.82B	-7.44B	-6.60B	-5.35B
Operating Cash Flow	0.00	-3.62B	-4.78B	-7.43B	-6.55B	-5.22B
Investing Cash Flow	0.00	-4.27M	-19.03M	-10.10M	-66.26M	4.18B
Financing Cash Flow	0.00	2.09B	2.38B	9.45B	-1.50B	-56.57M

SanBio Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2230.00
• 50DMA: Positive
• 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:4592, the sentiment is Positive. The current price of 2230 is above the 20-day moving average (MA) of 1856.75, above the 50-day MA of 1783.84, and below the 200-day MA of 2433.07, indicating a neutral trend. The MACD of 18.57 indicates Negative momentum. The RSI at 54.46 is Neutral, neither overbought nor oversold. The STOCH value of 40.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4592.

SanBio Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4587	51 Neutral	¥199.61B	-34.18	-10.16%	―	-62.47%	-134.06%
2160	47 Neutral	¥139.76B	-170.07	-1.81%	―	13.78%	-110.02%
4974	47 Neutral	¥96.69B	-15.15	―	2.18%	-0.16%	-802.20%
4599	43 Neutral	¥17.61B	-9.21	―	―	―	11.34%
4592	42 Neutral	¥148.49B	-39.43	-636.97%	―	―	-12.69%
4565	40 Neutral	¥76.92B	-12.47	-9.05%	―	-1.96%	-64.18%

SanBio Co Corporate Events

SanBio Finalizes Employee Stock Option Terms for 75,000 Shares

SanBio has finalized the terms for a new stock option program, approving the issuance of 75,000 share acquisition rights tied to an equal number of common shares at an exercise price of 1,898 yen per share. All of the options will be granted to three employees, underscoring the company’s use of equity-based compensation to align key staff with shareholder interests and support talent retention during its growth phase in the competitive biotech market.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1815.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Issues New Employee Stock Options to Support Long-Term Growth

SanBio has approved the issuance of its 36th series of share acquisition rights as part of its stock option program, granting up to 75,000 stock options linked to an equal number of common shares to three employees. The program is designed to strengthen employee motivation, support the recruitment and retention of key talent, and align staff incentives with the company’s medium- to long-term performance, thereby reinforcing corporate value and shareholder interests through equity-based compensation.

The most recent analyst rating on (JP:4592) stock is a Hold with a Yen1651.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Co. Records Significant Non-Operating Expenses and Deferred Income Taxes

SanBio Co., Ltd. announced the recording of significant non-operating expenses and deferred income taxes in the third quarter of the fiscal year ending January 31, 2026. The company reported a foreign exchange loss of 395 million yen and a foreign currency translation adjustment of 405 million yen due to exchange rate fluctuations, impacting its financial performance. Additionally, SanBio recognized deferred tax liabilities, leading to deferred income taxes of negative 446 million yen, affecting its earnings performance.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1010.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Reports Continued Financial Losses Amid Operational Challenges

SanBio Company Limited reported its consolidated financial results for the nine months ending October 31, 2025, showing a continued net loss with operating and ordinary income also in negative figures. The company’s financial position weakened compared to the previous period, with a significant decrease in total assets and net assets, reflecting ongoing challenges in its operations and market positioning.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1010.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Gains Approval for AKUUGO Marketing Changes

SanBio Co., Ltd. announced that the Ministry of Health, Labour and Welfare in Japan has approved a partial change to the marketing authorization for AKUUGO, a regenerative therapy for brain injuries. This change lifts certain shipment restrictions, allowing the company to proceed with its plans to launch the product following its NHI price listing. The company aims to expand its operations in the U.S. market with a Phase 3 clinical trial for traumatic brain injury and plans to discuss clinical trials for a stroke program in Japan, positioning itself as a leader in regenerative medicine.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1010.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Co. Announces International Offering to Fund Key Clinical Trials

SanBio Co., Ltd. has announced the determination of issue price and other details for its new shares through an international offering, aiming to raise approximately 14,202 million yen. The funds will be used primarily for clinical trials and infrastructure development for its AKUUGO® and SB623 programs, enhancing its market position in Japan and the U.S.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1010.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.

SanBio Co. Announces International Share Offering to Fund Regenerative Medicine Expansion

SanBio Co., Ltd. announced the issuance of new shares through an international offering to fund the launch and marketing of its product AKUUGO® in Japan and to support clinical trials in the U.S. and Japan. This strategic move aims to enhance the company’s growth and corporate value by establishing necessary infrastructure and expanding its market presence in regenerative medicine.

The most recent analyst rating on (JP:4592) stock is a Sell with a Yen1010.00 price target. To see the full list of analyst forecasts on SanBio Co stock, see the JP:4592 Stock Forecast page.