Perseus Proteomics, Inc. (4882) AI Stock Analysis

• Market Cap: ¥3.59B
• Dividend Yield: N/A
• Average Volume (3M): 226.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• Revenue Growth: 12.03%
• EPS Growth: 28.11%
• Country: JP
• Employees: 25
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): -11.42
• Shares Outstanding: 16,999,600
• 10 Day Avg. Volume: 184,610
• 30 Day Avg. Volume: 226,583
• PEG Ratio: 0.36
• Price to Book (P/B): 7.33
• Price to Sales (P/S): 87.24
• P/FCF Ratio: -13.22
• 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: 50 Neutral
• Price Target: ¥211.00 ▼(-4.09% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by very large ongoing losses and consistent negative operating/free cash flow despite improving versus 2024. Technicals provide some support (price above key moving averages and positive MACD), but the elevated RSI suggests the recent strength may be extended. Valuation is difficult to justify using P/E due to negative earnings and there is no dividend yield data to offset that.

Positive Factors

Very high gross margins

Persistently very high gross margins indicate strong unit economics and pricing power for core proteomics products and services. Over 2–6 months, this supports scalable gross profit as revenue grows and provides structural cushion to invest in R&D or commercial expansion while retaining margin upside.

Debt-free balance sheet

A zero-debt capital structure materially reduces refinancing and interest-rate risk, giving management flexibility to fund operations via equity or cash reserves. Over the medium term this lowers default risk and preserves strategic optionality for partnerships or capex.

Sustained revenue growth

Consistent top-line growth demonstrates ongoing commercial traction and market demand for the company’s proteomics offerings. With high gross margins, continued revenue expansion can deliver operating leverage and validate product-market fit over the coming months.

Negative Factors

Persistent cash burn

Sustained, large negative operating and free cash flows consume liquidity and shorten runway absent external financing. Over 2–6 months this structural cash burn forces capital-raising or cost cuts, constraining strategic investments and increasing dilution or refinancing risk.

Deep unprofitability

Extremely negative net margins reflect a cost base far exceeding current revenue, indicating the business has not yet achieved breakeven economics. Persisting large losses make it difficult to convert gross profit into sustainable earnings without significant scale or cost restructuring.

Declining equity / capital needs

Ongoing losses have eroded equity, signaling repeated reliance on external funding. Over the medium term this raises the probability of further equity raises, shareholder dilution, or constrained strategic options if capital markets tighten, impacting long-term investor returns.

Perseus Proteomics, Inc. Business Overview & Revenue Model

Company Description

Perseus Proteomics Inc., a drug discovery biotech venture company, develops antibody drugs against cancer and other diseases in Japan. The company is involved in the antibody discovery activities; and antibody research support activities comprising hybridoma antibody sequencing, antibody protein production, and contract antibody research activities, as well as supply of antibody products. Its product pipeline includes PPMX-T001, an anti-hepatocarcinoma antibody; PPMX-T002, an anticancer drug; PPMX-T003, a drug for the treatment of adult T-cell; and PPMX-T004, an antibody drug conjugate. The company was incorporated in 2001 and is headquartered in Tokyo, Japan.

How the Company Makes Money

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Perseus Proteomics, Inc. Financial Statement Overview

Summary

Despite strong and consistent gross margins (~86%–94%) and a debt-free balance sheet, the company remains deeply unprofitable (2025 net margin -752%) with materially negative EBIT/EBITDA and persistent cash burn (2025 operating cash flow -719M; free cash flow -795M). Losses and cash outflows improved versus 2024 but remain the dominant financial risk.

Income Statement

Revenue has grown over the last several years (from 2021–2025 annual reports), with a positive 2025 revenue growth rate (+7.23%). Gross profit margins are consistently very strong (~86%–94%), suggesting good unit economics on the revenue that exists. However, profitability remains deeply negative: 2025 net margin is -752% with materially negative EBIT/EBITDA, indicating the cost structure is far larger than the current revenue base. Net losses improved versus 2024, but the overall earnings profile is still weak and volatile.

Balance Sheet

The balance sheet shows no debt across the period (debt-to-equity at 0.0), which materially reduces financial risk and refinancing pressure. Equity is sizable and the company remains equity-funded, though equity has declined from 2022–2025, consistent with ongoing losses. Returns on equity are strongly negative each year, highlighting that capital is not currently generating profits and dilution/continued capital needs remain a key risk.

Cash Flow

Cash generation is the primary weakness: operating cash flow and free cash flow are negative in every year shown, including 2025 (operating cash flow -719M; free cash flow -795M). While 2025 cash burn improved versus 2024, the business is still consuming significant cash to operate. Free cash flow has generally tracked the net loss (free cash flow to net income ~1.0–1.3), suggesting losses translate into real cash outflow rather than being largely non-cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	122.98M	120.38M	100.40M	94.20M	71.93M	67.95M
Gross Profit	105.51M	104.05M	87.69M	86.53M	67.75M	64.10M
EBITDA	-820.79M	-826.86M	-891.46M	-692.06M	-478.59M	-415.22M
Net Income	-861.71M	-904.80M	-1.10B	-787.00M	-599.02M	-413.22M
Balance Sheet
Total Assets	1.65B	1.82B	1.69B	2.57B	3.30B	1.12B
Cash, Cash Equivalents and Short-Term Investments	1.51B	1.67B	1.54B	2.44B	3.21B	1.07B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	398.55M	386.43M	295.46M	170.10M	148.38M	34.91M
Stockholders Equity	1.26B	1.43B	1.40B	2.40B	3.15B	1.08B
Cash Flow
Free Cash Flow	-181.73M	-794.64M	-976.90M	-734.82M	-510.71M	-425.66M
Operating Cash Flow	-155.77M	-719.49M	-833.90M	-564.27M	-476.84M	-422.84M
Investing Cash Flow	-25.96M	-75.16M	-150.34M	-212.99M	-33.87M	-2.82M
Financing Cash Flow	459.05M	923.38M	63.94M	-20.00K	2.65B	1.01B

Perseus Proteomics, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 220.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4882, the sentiment is Negative. The current price of 220 is below the 20-day moving average (MA) of 240.20, below the 50-day MA of 241.92, and below the 200-day MA of 313.32, indicating a bearish trend. The MACD of -3.09 indicates Positive momentum. The RSI at 37.60 is Neutral, neither overbought nor oversold. The STOCH value of 0.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4882.

Perseus Proteomics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3386	70 Outperform	¥7.29B	22.07	―	4.57%	6.49%	-32.16%
6090	62 Neutral	¥4.18B	6.58	―	2.35%	-0.82%	-21.75%
2342	56 Neutral	¥4.35B	-828.32	―	―	-0.77%	-288.43%
4978	56 Neutral	¥15.50B	120.78	―	―	1.24%	-33.41%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4882	50 Neutral	¥3.59B	-4.91	―	―	12.03%	28.11%
7707	45 Neutral	¥5.70B	169.33	―	―	17.91%	77.32%

Perseus Proteomics, Inc. Corporate Events

Perseus Proteomics Books Subsidy Income but Suffers Asset Impairment in Q3

Perseus Proteomics Inc. reported several non-operating items for the first nine months of its fiscal year ending March 2026, including subsidy income of ¥53.3 million, foreign exchange gains of ¥8.8 million, and interest income of ¥3.4 million. These gains were partially offset by non-operating share issuance costs of ¥1.7 million, highlighting the impact of financing activities on the company’s bottom line.

The company also booked an extraordinary impairment loss of ¥37.0 million on non-current assets under Japan’s accounting standard for fixed asset impairment. All of these items have been incorporated into its third-quarter financial results, giving investors a clearer view of one-off and non-core factors influencing current profitability and asset valuations.

The most recent analyst rating on (JP:4882) stock is a Hold with a Yen228.00 price target. To see the full list of analyst forecasts on Perseus Proteomics, Inc. stock, see the JP:4882 Stock Forecast page.

Perseus Proteomics Narrows Losses but Withholds Full-Year Forecast Amid Ongoing Cash Burn

Perseus Proteomics reported net sales of ¥103 million for the nine months ended December 31, 2025, a 24.1% year-on-year increase, but remained loss-making with an operating loss of ¥573 million and a net loss of ¥547 million. Basic loss per share improved to ¥37.14 from ¥49.20 a year earlier, while shareholders’ equity ratio declined to 60.9% as total assets and net assets fell, and the company again decided not to pay dividends and refrained from issuing a full-year forecast due to the difficulty of making a rational earnings prediction.

The balance sheet weakened compared with the previous fiscal year-end, with total assets dropping to ¥1,322 million and shareholders’ equity decreasing to ¥805 million, signaling continued cash burn as development spending weighs on results. Management left its dividend forecast unchanged at zero and cited uncertainty in its operating environment for not providing guidance, underscoring ongoing financial risk for shareholders despite incremental top-line growth and a slight narrowing of losses.

The most recent analyst rating on (JP:4882) stock is a Hold with a Yen228.00 price target. To see the full list of analyst forecasts on Perseus Proteomics, Inc. stock, see the JP:4882 Stock Forecast page.