Perseus Proteomics, Inc. (4882) AI Stock Analysis

• Market Cap: ¥3.45B
• Dividend Yield: N/A
• Average Volume (3M): 226.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.04
• 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: 14,749,600
• 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: 43 Neutral
• Price Target: ¥239.00 ▲(8.64% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held down primarily by weak financial performance driven by heavy losses and ongoing cash burn, reinforced by bearish technical trend signals. A debt-free balance sheet and strong gross margins provide some support, but valuation metrics do not improve the picture because earnings are negative and no dividend is indicated.

Positive Factors

Debt-free balance sheet

A debt-free capital structure materially reduces refinancing and interest-rate risk, giving management flexibility to allocate cash to R&D and operations. Over the next several months this improves financial stability and lowers default risk, extending runway versus leveraged peers.

Very high gross margins

Consistently very high gross margins point to strong unit economics and pricing power in the company’s proteomics products/services. This durable advantage supports potential operating leverage as revenue scales, increasing the chance of sustainable profitability if operating expenses are managed.

Positive revenue growth trend

Ongoing revenue growth demonstrates persistent market demand for protein/antibody technologies and services. Over a multi-month horizon, sustained top-line expansion combined with high gross margins creates a credible path to improving operating margins, assuming fixed-cost discipline and scaling efficiencies.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow shows the business consumes real cash to sustain operations, forcing reliance on external financing or equity raises. This structural cash burn increases dilution and refinancing risk across the coming months absent material revenue growth or cost reduction.

Severe net losses and margins

An extreme negative net margin indicates the cost base far exceeds revenue, meaning profitability remains a distant prospect. Structurally large losses require either rapid revenue scale-up or significant cost restructuring to correct, raising the prospect of ongoing capital needs and operational uncertainty.

Eroding equity and negative ROE

Declining shareholders' equity and persistently negative ROE reflect capital erosion from operating losses, limiting the company’s internal ability to fund growth. Over months this constrains strategic flexibility, raises probability of dilutive financing, and signals challenges restoring capital efficiency without structural improvement.

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

Perseus Proteomics, Inc. generates revenue primarily through the development and commercialization of antibody-based therapeutics. The company's revenue streams include licensing agreements, collaborations with pharmaceutical and biotechnology companies, and sales of its developed products. Significant partnerships with larger pharmaceutical firms may provide upfront payments, milestone payments upon reaching certain development stages, and royalties from product sales. The company also invests in proprietary research to build a robust pipeline of potential therapies that can be licensed or sold, further contributing to its earnings.

Perseus Proteomics, Inc. Financial Statement Overview

Summary

High gross margins and no debt support financial stability, but the overall profile is pressured by extremely large ongoing losses (2025 net margin -752%) and persistent negative operating/free cash flow (2025 FCF -795M), indicating the business is still far from self-funding.

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	123.46M	120.38M	100.40M	94.20M	71.93M	67.95M
Gross Profit	105.68M	104.05M	87.69M	86.53M	67.75M	64.10M
EBITDA	-790.19M	-899.49M	-892.00M	-692.00M	-471.00M	-411.23M
Net Income	-861.44M	-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	-992.87M	-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: Neutral

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 234.75, below the 50-day MA of 235.32, and below the 200-day MA of 329.51, indicating a bearish trend. The MACD of -4.02 indicates Positive momentum. The RSI at 47.67 is Neutral, neither overbought nor oversold. The STOCH value of 23.81 is Neutral, 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	¥8.08B	23.54	―	4.57%	6.49%	-32.16%
6090	67 Neutral	¥4.16B	19.57	―	2.35%	-0.82%	-21.75%
4978	59 Neutral	¥17.82B	-54.84	―	―	1.24%	-33.41%
2342	56 Neutral	¥5.25B	-6.73	―	―	-0.77%	-288.43%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7707	45 Neutral	¥6.97B	-195.83	―	―	17.91%	77.32%
4882	43 Neutral	¥3.45B	-4.55	―	―	12.03%	28.11%

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.

Perseus Proteomics Partners with Eurus Therapeutics for Antibody Research

Perseus Proteomics, Inc. has entered a joint research agreement with Eurus Therapeutics Inc. to combine their technologies for developing new therapeutic agents. This collaboration aims to explore new antibody candidates and assess their potential as therapeutic tools, though it is expected to have minimal immediate impact on Perseus’s performance.