PhoenixBio Co., Ltd. (6190) AI Stock Analysis

• Market Cap: ¥1.98B
• Dividend Yield: N/A
• Average Volume (3M): 360.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: -6.92%
• EPS Growth: -144.96%
• Country: JP
• Employees: 70
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 19.91
• Shares Outstanding: 4,076,933
• 10 Day Avg. Volume: 91,460
• 30 Day Avg. Volume: 360,670
• PEG Ratio: <0.01
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.97
• P/FCF Ratio: -15.84
• 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: 56 Neutral
• Price Target: ¥481.00 ▼(-0.62% Downside)
• Action: Reiterated Date: 12/10/25
• Date: Action: Reiterated 12/10/25

PhoenixBio Co., Ltd. shows strong technical momentum, which is the most significant positive factor. However, financial performance and valuation are concerning due to negative profitability and cash flow issues, as well as a negative P/E ratio. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Proprietary humanized‑mouse platform

Owning a specialized PXB humanized‑mouse platform creates a durable, high‑barrier business model. It supports recurring revenue from model sales, licensing and fee‑for‑service studies for drug metabolism and toxicity, anchoring long‑term customer relationships and sticky demand.

Healthy equity ratio / moderate leverage

A stable equity base and moderate debt provide financial flexibility during R&D cycles and negative cash flow periods. Lower reliance on debt reduces refinancing risk and preserves the company’s ability to fund ongoing platform operations and selective investments over months ahead.

Historically strong gross margins

Sustained strong gross margins indicate the platform and products command pricing power and efficient direct costs. Even with revenue variability, margin strength supports unit economics for service contracts and product sales, improving potential profitability as volumes normalize.

Negative Factors

Negative operating cash flow

Persistent negative operating and free cash flow constrains the firm’s ability to self‑fund R&D, capacity expansion, or absorb cyclical revenue dips. Over a 2–6 month horizon this raises reliance on external financing and limits strategic optionality.

Ongoing negative profitability

Negative operating and net margins reflect structural profitability challenges. Without margin recovery, the business struggles to generate earnings despite a strong platform, reducing reinvestment capacity and making long‑term commercial scale harder to achieve.

Declining revenues and asset base

Falling revenues coupled with a shrinking asset base suggest contraction in scale or utilization. This undermines fixed‑cost absorption and may weaken competitive positioning, limiting the company’s ability to capitalize on its platform without restoring growth.

PhoenixBio Co., Ltd. Business Overview & Revenue Model

Company Description

PhoenixBio Co., Ltd. provides contract study services for drug discovery and development primarily in Japan. The company uses PXB-mouse, a chimeric mouse with a humanized liver for use in drug development experiments; and in vitro studies using fresh human hepatocytes taken from PXB-cells. The chimeric mouse model with a humanized liver is used for in vivo studies in gene therapeutics, NASH/NAFLD drug development programs, anti-viral therapeutic tests, DMPK/toxicity studies, and custom transplantations. The company was founded in 2002 and is headquartered in Higashihiroshima, Japan.

How the Company Makes Money

PhoenixBio generates revenue through multiple streams, primarily from the sale of its proprietary biopharmaceutical products and therapies. The company partners with pharmaceutical firms and research institutions to co-develop drugs, which often leads to milestone payments and royalties. Additionally, PhoenixBio may engage in licensing agreements for its technologies, allowing other companies to utilize its research in exchange for licensing fees. Grants and funding from governmental and non-governmental organizations for research projects also contribute to its revenue, along with potential investments from venture capitalists interested in the biotech field.

PhoenixBio Co., Ltd. Financial Statement Overview

Summary

PhoenixBio Co., Ltd. faces challenges in profitability and cash generation, with declining revenues and negative margins. The balance sheet is stable with moderate leverage, but the company's ability to generate cash from operations is concerning.

Income Statement

PhoenixBio Co., Ltd. has experienced fluctuations in its revenue with a significant decline in 2025. Gross profit margins have been strong historically, but the company faced a negative EBIT and EBITDA margin in 2025, indicating operational challenges. Net profit margins have also been negative in recent years, reflecting ongoing profitability issues.

Balance Sheet

The company's balance sheet shows a relatively stable equity base with a moderate debt-to-equity ratio. However, total assets have decreased over the years. The equity ratio remains healthy, suggesting that the company is not overly reliant on debt financing.

Cash Flow

PhoenixBio's cash flow statement reveals negative operating cash flows in recent years, indicating challenges in generating cash from operations. Free cash flow has also been negative, which could constrain future growth investments. The operating cash flow to net income ratio has been unfavorable, reflecting the difficulty in converting profits into cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.49B	1.54B	1.72B	2.12B	1.32B	1.01B
Gross Profit	1.09B	1.11B	1.20B	1.56B	727.79M	588.14M
EBITDA	-245.63M	-396.12M	87.94M	537.42M	-305.81M	-167.27M
Net Income	-448.70M	-445.65M	26.38M	493.33M	-387.97M	-238.00M
Balance Sheet
Total Assets	2.23B	2.29B	2.72B	3.02B	2.28B	2.52B
Cash, Cash Equivalents and Short-Term Investments	1.04B	1.15B	1.39B	1.56B	1.33B	1.33B
Total Debt	503.59M	565.36M	723.93M	1.13B	1.07B	1.04B
Total Liabilities	860.05M	919.92M	917.71M	1.50B	1.45B	1.42B
Stockholders Equity	1.37B	1.37B	1.80B	1.51B	828.15M	1.09B
Cash Flow
Free Cash Flow	0.00	-94.24M	-118.08M	265.12M	9.63M	-284.23M
Operating Cash Flow	0.00	-73.00M	-79.31M	277.49M	16.40M	-101.91M
Investing Cash Flow	0.00	-27.98M	115.36M	-156.34M	-6.97M	-184.78M
Financing Cash Flow	0.00	-128.00M	-244.88M	86.63M	-34.66M	-160.19M

PhoenixBio Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 484.00
• 50DMA: Positive
• 100DMA: Negative
• 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:6190, the sentiment is Positive. The current price of 484 is above the 20-day moving average (MA) of 481.85, above the 50-day MA of 480.82, and above the 200-day MA of 447.88, indicating a bullish trend. The MACD of 3.95 indicates Negative momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 33.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6190.

PhoenixBio Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2385	58 Neutral	¥6.77B	40.70	―	2.08%	-10.24%	―
2342	56 Neutral	¥4.99B	-6.40	―	―	-0.77%	-288.43%
6190	56 Neutral	¥1.98B	-9.59	―	―	-6.92%	-144.96%
4594	53 Neutral	¥8.65B	-5.03	―	―	1221.43%	30.54%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4881	48 Neutral	¥3.81B	-1.84	―	―	-16.23%	-51.84%
4591	43 Neutral	¥4.67B	-3.88	―	―	-100.00%	7.60%