Defence Therapeutics (DTC) AI Stock Analysis

• Market Cap: C$30.10M
• Dividend Yield: N/A
• Average Volume (3M): 68.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: N/A
• EPS Growth: 72.92%
• Country: CA
• Employees: 5
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 54,725,370
• 10 Day Avg. Volume: 109,889
• 30 Day Avg. Volume: 68,269
• PEG Ratio: 0.13
• Price to Book (P/B): -27.77
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.26
• 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: 45 Neutral
• Price Target: C$0.54 ▼(-31.28% Downside)

The score is held down primarily by very weak financial performance (no revenue, cash burn, negative equity) and bearish technical signals (below key moving averages with negative MACD). Positive corporate developments around the Accum®/ADC platform and strategic governance/financing actions provide some support but are not enough to outweigh the current financial and trend risks.

Positive Factors

Proprietary Accum platform

The Accum™ delivery platform is a durable technological asset that can be applied across ADCs, vaccines and other biologics. Platform breadth increases optionality for licensing, partnerships and multiple product programs, strengthening long-term commercial and R&D leverage.

Reduced operating losses

A material reduction in net loss indicates management has cut operating intensity and improved cost discipline. Sustained lower burn improves runway and reduces near-term funding needs, increasing the odds the company can advance lead programs without immediate dilutive financings.

Governance and capital structure actions

Establishing a scientific advisory board boosts R&D credibility and trial design capability, supporting program advancement. Converting convertible debt to equity eases leverage, reduces interest obligations and aligns stakeholders, improving financing flexibility over the medium term.

Negative Factors

No revenue

Being fully pre-revenue is a structural business risk: the company lacks product cash flow and depends on external financing to fund R&D and trials. This prolongs the path to sustainable earnings and raises execution and dilution risks until commercialization or licensing occurs.

Negative shareholders' equity and higher debt

Negative equity and increasing debt materially limit financial flexibility. Distorted leverage metrics and a weaker capital base raise refinancing and covenant risks, potentially increasing financing costs and constraining the company’s ability to fund trials or pursue strategic partnerships.

Persistent operating cash burn

Consistently negative operating cash flow necessitates external capital to sustain operations. Continued cash burn creates recurring dilution risk, limits investments in trials or scale-up, and makes program timelines and partner milestone payments critical to survival over the medium term.

Defence Therapeutics Business Overview & Revenue Model

Company Description

Defence Therapeutics Inc., a biotechnology company, engages in the research and development of biological/biosimilar therapeutic drugs for cancer and infectious diseases. Its proprietary platform is the ACCUMTM technology, which enables precision delivery of vaccine antigens or ADCs in their intact form to target cells. The company focuses on developing dendritic cell cancer vaccines; protein-based vaccine formulation against COVID and infectious diseases; and antibody drug conjugates (ADC) products targeting various cancers. The company was formerly known as Accum Therapeutics Inc. and changed its name to Defence Therapeutics Inc. in March 2020. Defence Therapeutics Inc. was incorporated in 2017 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Defence Therapeutics generates revenue through the development and commercialization of its proprietary Accum™ technology, which is licensed to pharmaceutical companies and research institutions. The company earns income from licensing agreements, research and development collaborations, and potentially milestone payments and royalties from partners that utilize its technology in their therapeutic development. Additionally, Defence Therapeutics may receive funding from government grants or subsidies for their contribution to advancing healthcare solutions.

Defence Therapeutics Financial Statement Overview

Summary

Financials are very weak: no revenue, ongoing losses, and continued operating cash burn. Losses have improved sharply versus 2024, but negative shareholders’ equity and higher debt in the latest TTM view elevate financing and balance-sheet risk.

Income Statement

The income statement is very weak: the company reports no revenue across the available periods, while losses remain material. Net loss improved sharply from 2024 (-13.2M) to 2025 annual (-3.5M) and is similar in TTM (Trailing-Twelve-Months) (-3.6M), indicating a meaningful reduction in cash operating intensity. However, gross profit is negative and profitability remains deeply loss-making, leaving the path to sustainable earnings highly uncertain.

Balance Sheet

The balance sheet shows elevated financial risk, driven by negative shareholders’ equity in the latest periods (2025 annual and TTM (Trailing-Twelve-Months)), which limits financial flexibility and can pressure future financing terms. Total debt also increased meaningfully in TTM (Trailing-Twelve-Months) (~3.0M) versus 2025 annual (~1.5M). Total assets improved versus 2024, but the capital structure remains strained with leverage metrics distorted by negative equity.

Cash Flow

Cash flow remains a key weakness: operating cash flow is consistently negative (TTM (Trailing-Twelve-Months) about -4.2M; 2025 annual about -3.4M), implying ongoing cash burn typical of earlier-stage biotech but still a clear funding dependency. Free cash flow is also negative, though TTM (Trailing-Twelve-Months) free cash flow improved versus 2025 annual (less negative), suggesting some moderation in burn rate. Overall, the company still requires external capital to sustain operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-53.16K	-72.34K	-90.92K	-13.82K	0.00	0.00
EBITDA	-3.25M	-3.13M	-12.68M	-6.48M	0.00	0.00
Net Income	-3.62M	-3.52M	-13.19M	-6.76M	-7.34M	-2.86M
Balance Sheet
Total Assets	2.77M	1.65M	477.75K	3.53M	719.67K	5.61M
Cash, Cash Equivalents and Short-Term Investments	2.32M	1.23M	56.55K	2.79M	506.70K	5.45M
Total Debt	2.97M	1.50M	1.75M	1.75M	0.00	0.00
Total Liabilities	4.18M	2.91M	4.06M	1.97M	1.11M	122.26K
Stockholders Equity	-1.41M	-1.26M	-3.58M	1.57M	-387.56K	5.49M
Cash Flow
Free Cash Flow	-3.41M	-3.40M	-4.49M	-7.72M	-6.04M	-2.29M
Operating Cash Flow	-4.21M	-3.40M	-4.29M	-7.66M	-6.04M	-2.29M
Investing Cash Flow	-17.52K	3.60K	-203.24K	-65.80K	0.00	0.00
Financing Cash Flow	6.41M	4.57M	1.76M	10.01M	1.10M	5.88M

Defence Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.78
• 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 TSE:DTC, the sentiment is Negative. The current price of 0.78 is above the 20-day moving average (MA) of 0.64, above the 50-day MA of 0.73, and above the 200-day MA of 0.76, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 33.14 is Neutral, neither overbought nor oversold. The STOCH value of 36.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:DTC.

Defence Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
APS	51 Neutral	C$5.79M	-0.20	―	―	―	90.81%
DTC	45 Neutral	C$30.10M	-7.77	―	―	―	72.92%
MDNA	44 Neutral	C$60.48M	-5.19	-91.21%	―	―	54.74%
BCT	44 Neutral	C$36.52M	-0.09	-409.25%	―	―	62.01%
BIOV	29 Underperform	C$5.25M	-0.81	―	―	―	25.09%

Defence Therapeutics Corporate Events

Defence Therapeutics Deepens CNL Partnership to Fast-Track Radiopharmaceutical Pipeline

Defence Therapeutics has expanded its long-standing collaboration with Canadian Nuclear Laboratories to accelerate development of its Accum®-enhanced radiopharmaceutical pipeline. Building on progress in a lead radio-immunoconjugate program that is nearing candidate selection and preparation for first-in-human clinical studies, the partners will now initiate multiple additional radioisotope programs using Defence’s intracellular delivery technology. The move elevates radiopharmaceuticals to one of Defence’s top development priorities alongside its ADC program, strengthens its position in targeted cancer therapies, and is intended to speed the translation of its proprietary platform into the clinic, with potential implications for more potent, less toxic first-line cancer treatments.

The most recent analyst rating on (TSE:DTC) stock is a Hold with a C$0.60 price target. To see the full list of analyst forecasts on Defence Therapeutics stock, see the TSE:DTC Stock Forecast page.

Defence Therapeutics Refines Strategy Around Accum® Precision Drug-Delivery Platform

Defence Therapeutics has refined its corporate positioning to emphasize its role as a precision intracellular drug-delivery specialist centered on its proprietary Accum® platform. By improving cellular uptake and payload release, Accum® is designed to boost the effectiveness of complex cancer biologics at lower doses, potentially reducing toxicity and enabling certain therapies traditionally reserved for later treatment lines to be used earlier in care. The company is pursuing a dual strategy of advancing its own R&D programs while expanding strategic partnerships across the biotech and pharmaceutical ecosystem, with the aim of creating scalable value for partners and strengthening its position in precision oncology while seeking to deliver better outcomes for patients and long-term value for shareholders.

The most recent analyst rating on (TSE:DTC) stock is a Hold with a C$0.58 price target. To see the full list of analyst forecasts on Defence Therapeutics stock, see the TSE:DTC Stock Forecast page.

Defence Therapeutics Announces AGM Results and Strategic Updates

Defence Therapeutics announced the successful approval of all matters at its annual general meeting, including the election of directors and the appointment of auditors. The company has granted 800,000 stock options and amended the terms of 967,000 common share purchase warrants, extending their expiry date and adjusting the exercise price. Additionally, Defence has engaged i2i Marketing Group for a two-month online marketing campaign to enhance its market presence.

Defence Therapeutics Forms Scientific Advisory Board to Propel ADC Programs

Defence Therapeutics has announced the formation of its inaugural Scientific Advisory Board (SAB) to guide the advancement of its Accum-enhanced Antibody Drug Conjugate (ADC) programs. The SAB, comprising experts in antibody-based therapeutics and biotechnology, will provide strategic guidance as the company progresses its Accum-enabled ADC programs from preclinical development towards clinical applications. This move is expected to strengthen Defence’s scientific foundation and support its long-term development strategy, potentially enhancing its position in the biotechnology industry.

Defence Therapeutics Completes Convertible Debenture Conversion

Defence Therapeutics has announced the conversion of its 8% convertible debentures into 2,607,600 common shares, valued at a total of $1,594,080, upon reaching maturity. This strategic financial move reflects the company’s ongoing efforts to bolster its capital structure, potentially enhancing its market position and operational capabilities in the biotechnology sector.

Defence Therapeutics Advances ADC Drug Delivery with Accum® Technology

Defence Therapeutics announced a significant advancement in cancer treatment by enhancing the potency and reducing the toxicity of ADCs through its Accum® technology. Following successful engagements at major industry conferences, the company is set to supply its platform to ADC companies facing challenges with dosing and toxicity, aiming to transform ADC cancer therapies and establish itself as a leader in ADC drug delivery.

Defence Therapeutics Expands Accum® Platform Evaluation After Successful ADC Conference Presentation

Defence Therapeutics announced a successful presentation at the World ADC Conference in San Diego, showcasing new data on its Accum® platform. The presentation highlighted how Accum® enhances intracellular delivery and payload release, boosting the potency and therapeutic index of ADCs. Following the positive response, Defence plans to expand its evaluation of Accum® across various commercial and clinical-stage ADCs, aiming to validate its potential as a universal enhancer for targeted cancer therapies. The company is engaging with industry partners to accelerate these evaluations, which could significantly impact the development of more effective cancer treatments.

Defence Therapeutics Reports Breakthrough Preclinical Results for Accum®-Kadcyla in Breast Cancer

Defence Therapeutics has announced promising preclinical results for its Accum®-Kadcyla, a novel version of the ADC Kadcyla®, showing a 20-fold increase in anti-tumor efficacy in HER2-positive breast cancer models compared to Kadcyla® alone. This advancement could potentially shift current ADC therapies from second-line to first-line treatments, offering significant benefits to patients by reducing toxicity and side effects. Following these results, Defence plans to expand its program to additional tumor models and engage with potential pharmaceutical partners.