Noile-Immune Biotech Inc. (4893) AI Stock Analysis

• Market Cap: ¥7.14B
• Dividend Yield: N/A
• Average Volume (3M): 85.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: -12.01%
• EPS Growth: 26.66%
• Country: JP
• Employees: 25
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -4.36
• Shares Outstanding: 43,276,764
• 10 Day Avg. Volume: 110,290
• 30 Day Avg. Volume: 85,173
• PEG Ratio: 0.41
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 1151.82
• P/FCF Ratio: 0.00
• 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): -34
• Revenue Forecast (FY): ¥300.00M

• Rating: 47 Neutral
• Price Target: ¥159.00 ▲(18.66% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held down primarily by weak financial performance (shrinking revenue, large losses, and negative operating cash flow) and limited valuation support due to negative earnings and no dividend. These are partially offset by a debt-free balance sheet and moderately positive near-term technical momentum.

Positive Factors

Debt-free balance sheet

No reported debt meaningfully lowers financial risk and interest burden, giving management flexibility to prioritize R&D and clinical programs. This structural strength extends the company's runway compared with leveraged peers and supports downside resilience while it pursues commercialization or partnerships.

Very high gross margins

Near-100% gross margins indicate favorable product or IP economics common in proprietary biologics and platform tech. If revenue scales or licensing deals materialize, operating leverage could quickly translate high contribution margins into improved operating profitability over time, supporting sustainable margins.

Proprietary cell-engineering pipeline

A focused proprietary platform in engineered immune cells creates a durable competitive moat and multiple commercialization pathways (partners, licenses, or direct sales). Platform IP and pipeline optionality align with long-term structural growth in immuno-oncology and could unlock non-dilutive partnerships or milestone revenue.

Negative Factors

Shrinking and volatile revenue

Material and persistent revenue decline undermines scalability: with revenues falling ~45% in 2025 and volatility across years, the company lacks stable top-line traction. This reduces predictability for R&D investment returns and heightens the need for external funding or transformative partnerships to restore growth.

Persistent operating cash burn

Consistent negative operating cash flow means the business cannot self-fund its development cycle and remains dependent on external financing. Even with no debt, ongoing cash burn will erode equity, create dilution risk, and constrain strategic choices absent durable revenue or non-dilutive partner financing.

Large net losses and negative margins

Very large net losses and dramatically negative margins indicate failure to convert high gross margins into operating profitability. Persistent losses reduce retained capital and make multi-year reinvestment dependent on financings, limiting the firm's ability to demonstrate durable returns for shareholders in the near term.

Noile-Immune Biotech Inc. Business Overview & Revenue Model

Company Description

Noile-Immune Biotech Inc. researches and develops CAR-T cells for cancer immunotherapies. The company was incorporated in 2015 and is headquartered in Minato, Japan.

How the Company Makes Money

Noile-Immune Biotech Inc. generates revenue through the development and commercialization of its proprietary immunotherapy products. The company's primary revenue streams include licensing agreements, partnerships with pharmaceutical companies, and milestone payments related to the progress of its drug candidates through clinical trials. Additionally, Noile-Immune Biotech may receive royalties from the commercialization of its licensed technologies and products. Strategic collaborations with other biotech firms and research institutions also play a significant role in advancing its research and development efforts, potentially leading to additional revenue opportunities.

Noile-Immune Biotech Inc. Financial Statement Overview

Summary

Financials are weak overall: revenue has contracted sharply and remains volatile, the company is deeply unprofitable with very large net losses and negative margins, and operating cash flow is negative with ongoing cash burn. The main offset is a strong, debt-free balance sheet with sizeable (though declining) equity.

Income Statement

Revenue has been highly volatile and has contracted sharply in recent years (2023–2025), with 2025 revenue down ~45% year over year after a steep drop in 2024. While gross margin is consistently very high (near 100%), the company is deeply unprofitable: net losses remain large each year and profit margins have deteriorated dramatically as revenue shrank (2025 net margin roughly -159%). A modest positive is that the 2025 loss narrowed versus 2024, but overall earnings quality and operating leverage remain weak.

Balance Sheet

The balance sheet is conservatively financed with no debt across all reported years, which meaningfully reduces financial risk. Equity remains sizeable, though it has declined from prior peaks, consistent with ongoing losses. Returns on equity are persistently negative (roughly -9% to -25% historically), signaling that shareholder capital is not currently generating profits; the key risk is continued cash burn eroding the equity base over time despite the lack of leverage.

Cash Flow

Cash generation is weak, with operating cash flow negative every year, reflecting ongoing spending ahead of commercialization. Cash burn improved in 2025 versus 2024, but it remains substantial. Free cash flow is also negative in most years (and reported as 0 in 2025), so the business likely depends on existing cash/equity funding rather than self-funding operations; this keeps financing risk elevated even without debt.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.14M	5.00M	7.59M	316.82M	625.78M	100.73M
Gross Profit	9.14M	5.00M	7.39M	314.56M	618.71M	77.83M
EBITDA	-519.02M	-797.25M	-1.07B	-775.39M	-106.34M	-767.51M
Net Income	-692.16M	-793.54M	-964.46M	-1.13B	-386.62M	-795.03M
Balance Sheet
Total Assets	4.38B	4.01B	4.80B	5.78B	4.64B	4.27B
Cash, Cash Equivalents and Short-Term Investments	4.31B	3.92B	4.67B	5.56B	4.52B	4.14B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	68.07M	79.64M	74.67M	91.49M	340.42M	85.72M
Stockholders Equity	4.31B	3.93B	4.73B	5.69B	4.30B	4.19B
Cash Flow
Free Cash Flow	0.00	0.00	-887.81M	-873.08M	-107.18M	-777.14M
Operating Cash Flow	0.00	-752.22M	-887.81M	-873.08M	-107.18M	-777.14M
Investing Cash Flow	0.00	-378.00K	557.00K	-5.32M	0.00	-4.03M
Financing Cash Flow	0.00	-20.00K	2.50M	1.91B	487.62M	2.37B

Noile-Immune Biotech Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 134.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4893, the sentiment is Positive. The current price of 134 is below the 20-day moving average (MA) of 156.15, below the 50-day MA of 147.26, and below the 200-day MA of 163.79, indicating a bullish trend. The MACD of 3.96 indicates Negative momentum. The RSI at 62.17 is Neutral, neither overbought nor oversold. The STOCH value of 62.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4893.

Noile-Immune Biotech Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4880	57 Neutral	¥8.39B	786.25	―	1.24%	-14.78%	-95.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7776	49 Neutral	¥14.17B	-11.63	―	―	-42.49%	-2.37%
4893	47 Neutral	¥7.14B	-9.00	―	―	-12.01%	26.66%
3750	45 Neutral	¥7.88B	-4.62	―	―	-93.79%	-1332.86%
4599	43 Neutral	¥19.24B	-10.06	―	―	―	11.34%
4564	42 Neutral	¥7.91B	-7.29	-63.25%	―	99.87%	40.60%