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

• Market Cap: ¥6.58B
• Dividend Yield: N/A
• Average Volume (3M): 85.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• 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: 48 Neutral
• Price Target: ¥150.00 ▲(11.94% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is primarily weighed down by weak financial performance—shrinking revenue, large losses, and ongoing cash burn—partly offset by a debt-free balance sheet. Technicals are neutral-to-soft with limited momentum, and valuation lacks support given negative earnings and no dividend yield.

Positive Factors

Debt-free balance sheet

A debt-free capital structure meaningfully reduces solvency and interest-rate risk, giving management flexibility to prioritize R&D and clinical programs. Over a 2–6 month horizon this lowers near-term default risk and preserves optionality to raise non-debt financing on developer-friendly terms.

Very high gross margins

Near-100% gross margins indicate attractive unit economics for its engineered cell products, implying scalable profitability once revenues recover. This structural margin advantage supports long-term operating leverage and improves eventual commercialization economics versus low-margin peers.

Specialized cell-therapy focus

A focused pipeline in engineered immune-cell therapies targets structurally growing demand in oncology and immunology, supporting durable competitive positioning. Proprietary cell-engineering expertise can create IP moats and differentiated clinical assets that persist beyond short-term market swings.

Negative Factors

Sharp revenue contraction

Sustained and steep revenue decline undermines operating leverage and makes fixed-cost absorption harder, weakening the path to break-even. Over several months this constrains reinvestment into trials and commercialization and increases the likelihood management must delay programs or seek external financing.

Persistent negative cash flow

Chronic negative operating and free cash flows force reliance on equity financings or partnerships, raising dilution risk and creating execution uncertainty. Without sustainable cash generation, funding clinical programs and scaling operations will likely require repeated external capital over the next 2–6 months.

Negative returns and eroding equity

Persistent negative ROE and a shrinking equity base indicate shareholder capital is not producing returns and is being consumed by losses. This structural erosion reduces balance-sheet resilience and increases the risk of dilutive raises or program cuts if cash burn persists over the medium 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

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Noile-Immune Biotech Inc. Financial Statement Overview

Summary

Financials are pressured by sharply contracting and volatile revenue, large ongoing net losses, and consistently negative operating cash flow. The main offsetting positive is a debt-free balance sheet with still-meaningful equity, which reduces solvency risk but does not resolve dilution risk if cash burn continues.

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: Negative
• Last Price: 134.00
• 50DMA: Negative
• 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:4893, the sentiment is Negative. The current price of 134 is below the 20-day moving average (MA) of 163.30, below the 50-day MA of 155.48, and below the 200-day MA of 163.99, indicating a bearish trend. The MACD of 5.73 indicates Negative momentum. The RSI at 45.49 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥7.96B	59.41	―	1.24%	-14.78%	-95.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7776	49 Neutral	¥12.00B	-8.85	―	―	-42.49%	-2.37%
4893	48 Neutral	¥6.58B	-7.26	―	―	-12.01%	26.66%
3750	45 Neutral	¥7.95B	-10.09	―	―	-93.79%	-1332.86%
4599	43 Neutral	¥18.55B	-11.30	―	―	―	11.34%
4564	42 Neutral	¥8.82B	-7.89	-63.25%	―	99.87%	40.60%