PharmaTher Holdings Ltd (PHRM) AI Stock Analysis

• Market Cap: C$8.19M
• Dividend Yield: N/A
• Average Volume (3M): 158.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: N/A
• EPS Growth: 27.35%
• Country: CA
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): >-0.01
• Shares Outstanding: 91,019,066
• 10 Day Avg. Volume: 117,358
• 30 Day Avg. Volume: 158,340
• PEG Ratio: 0.20
• Price to Book (P/B): 16.46
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.24
• 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$0.09 ▼(-12.00% Downside)

Overall score is held down primarily by weak financial performance (pre-revenue, ongoing losses/negative cash flow, shrinking equity) and bearish technical signals (below major moving averages with negative MACD). Positive corporate events (asset sale and program focus) provide some offset, but valuation support is limited given negative earnings and no dividend yield provided.

Positive Factors

Low leverage

No reported debt reduces interest burden and lowers near-term solvency risk. Over a 2-6 month horizon this gives management flexibility to pursue non-dilutive options (partnerships, milestone financing, asset sales) and extends runway versus a highly leveraged peer.

Narrowing losses

Material reduction in net losses demonstrates improved cost control and operational discipline. Sustained narrowing of losses can meaningfully extend cash runway, reduce near-term financing needs, and improve the company’s ability to execute strategic options like partnerships or commercialization preparations.

Asset monetization and program rights

Divesting the ANDA for upfront proceeds and milestone upside, while securing rights to a long-acting injectable program, shifts the company toward a more capital-light model. This structural move improves liquidity and creates partnered development/commercial optionality over the medium term.

Negative Factors

Pre-revenue operations

Absence of commercial revenue means core value depends on clinical and regulatory milestones rather than product sales. Over several months this raises persistent funding risk, makes cash needs binary on program events, and increases dependence on external financing or asset monetizations.

Eroding equity cushion

Severe equity erosion indicates cumulative losses have depleted the company’s balance-sheet buffer. With a thinner equity base the firm has less ability to absorb setbacks without dilutive capital raises, raising long-term dilution risk and reducing strategic flexibility for trials or commercialization.

Negative operating cash flow

Persistent negative operating and free cash flow, despite improvement, signals ongoing dependence on financing or asset deals to fund R&D. This structural cash deficit increases dilution risk and can delay projects or partnerships if capital markets or milestone timing are unfavorable over the next several quarters.

PharmaTher Holdings Ltd Business Overview & Revenue Model

Company Description

PharmaTher Holdings Ltd., a clinical-stage psychedelics biotech company, focuses on the research, development, and commercialization of novel uses, formulations, and delivery methods of psychedelics to treat mental illness, neurological, and pain disorders. The company's product in pipeline includes Ketamine intravenous injection, which is in Phase II and III clinical trials for Parkinson's disease, anesthesia and sedation, and amyotrophic lateral sclerosis indications. Its pipeline also comprises Ketamine Patch that is in Phase I and II clinical trials for treating depression, mental health, complex regional pain syndrome, and pain disorders; and Ketamine Pump, which is in Phase II clinical trial to treat metal health, pain disorders, and surgery/procedure. In addition, the company engages in the development of PHARMAPATCH, a microneedle patch to deliver psychedelics. It has collaboration agreements with LTS Lohmann Therapie-Systeme AG for developing Ketamin microneedle patch; Alcami Corporation to develop Ketamin injectables/infusions; BioRAE, Inc. for the development of Ketamin pumps; Revive Therapeutics Ltd. to develop psilocybin microneedle patch; Gesval S.A. for the development of patented continuous-flow process technology for the preparation of ketamine and ketamine analogs; and PharmaTher's to create a proprietary wearable ketamine delivery solution for mental health, neurological and pain disorders. The company was incorporated in 2019 and is headquartered in Toronto, Canada.

How the Company Makes Money

PharmaTher Holdings Ltd generates revenue primarily through the development and commercialization of its proprietary psychedelic-based therapies. The company's revenue model includes licensing agreements, partnerships, and collaborative research and development efforts with other pharmaceutical companies. These agreements often involve upfront payments, milestone payments, and royalties on sales of successful therapies. Additionally, PharmaTher may receive funding from grants and government programs that support research in psychedelic medicine. The company's focus on strategic collaborations and intellectual property development plays a critical role in its ability to generate revenue and sustain growth in the competitive biotech landscape.

PharmaTher Holdings Ltd Financial Statement Overview

Summary

Still pre-revenue with ongoing net losses and negative operating/free cash flow, and equity has eroded substantially—raising ongoing funding risk. Positives include materially narrowing losses/cash burn versus prior years and no reported debt, which reduces leverage risk.

Income Statement

The company is still pre-revenue (revenue is 0 across annual periods and TTM (Trailing-Twelve-Months)), and profitability remains negative with EBIT and net losses continuing in TTM (net loss of ~1.6M). A key positive is that losses have narrowed materially versus prior years (annual net loss improved from ~6.4M in 2023 and ~3.1M in 2024 to ~1.5M in 2025), suggesting improved cost control. However, the lack of commercial revenue and ongoing negative earnings keep the income statement weak and highly dependent on funding and future product/clinical progress.

Balance Sheet

Balance sheet leverage is low with total debt reported at 0 (debt-to-equity at 0), which reduces financial risk. The main concern is shrinking equity over time (from ~11.8M in 2022 to ~0.8M in TTM (Trailing-Twelve-Months)), reflecting cumulative losses and balance-sheet burn. Returns on equity are deeply negative, highlighting that current capital is not generating profits and leaving a thinner cushion if losses persist.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) (about -1.1M), consistent with an R&D-driven business model without revenue. Cash burn has improved versus 2024 (operating cash flow was about -3.5M), but free cash flow growth in TTM is sharply negative, indicating near-term volatility in cash usage. With ongoing negative cash flow, the company likely remains reliant on external financing despite the reduced burn rate.

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	0.00	0.00	-711.00	-1.42K	-1.78K	-355.00
EBITDA	-1.65M	-1.52M	-3.04M	-3.96M	-3.96M	-2.43M
Net Income	-1.59M	-1.53M	-3.12M	-6.42M	-4.01M	2.66M
Balance Sheet
Total Assets	1.26M	1.34M	2.59M	6.31M	12.16M	5.94M
Cash, Cash Equivalents and Short-Term Investments	1.04M	1.12M	2.30M	6.25M	12.12M	5.88M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	472.86K	366.33K	252.90K	892.48K	330.32K	361.06K
Stockholders Equity	784.35K	973.54K	2.34M	5.42M	11.83M	5.58M
Cash Flow
Free Cash Flow	-1.11M	-1.21M	-3.52M	-3.24M	-3.51M	917.92K
Operating Cash Flow	-1.11M	-1.21M	-3.52M	-3.24M	-3.51M	922.19K
Investing Cash Flow	0.00	0.00	-300.00K	0.00	0.00	214.77K
Financing Cash Flow	250.00K	0.00	35.00K	0.00	9.89M	1.25M

PharmaTher Holdings Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.10
• 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 TSE:PHRM, the sentiment is Negative. The current price of 0.1 is above the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.11, and below the 200-day MA of 0.25, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 39.97 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PHRM.

PharmaTher Holdings Ltd 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%
PHRM	45 Neutral	C$8.19M	-5.49	-112.32%	―	―	27.35%
BETR	43 Neutral	C$7.59M	-3.76	―	―	―	62.43%
MRVL	42 Neutral	C$7.83M	-3.00	―	―	―	―
KNE	41 Neutral	C$7.26M	-3.28	―	―	―	―
BIOV	29 Underperform	C$5.25M	-0.81	―	―	―	25.09%

PharmaTher Holdings Ltd Corporate Events

PharmaTher Extends Microneedle Patch Platform to GLP-1 Obesity Market

PharmaTher Holdings Ltd. announced a strategic expansion of its PharmaPatch microneedle patch platform into GLP-1 therapies aimed at treating obesity, building on preclinical progress and design know-how from its ketamine and psychedelic patch programs. The company plans to develop a needle-free, at-home, long-acting GLP-1 patch, potentially offering up to one month of sustained drug delivery, targeting a rapidly growing U.S. obesity treatment market projected to more than quadruple by 2030, and it is advancing feasibility, preclinical work and related patent protection to secure a differentiated position in this high-growth segment.

The most recent analyst rating on (TSE:PHRM) stock is a Sell with a C$0.10 price target. To see the full list of analyst forecasts on PharmaTher Holdings Ltd stock, see the TSE:PHRM Stock Forecast page.

PharmaTher CEO Targets 2026 Asset Monetization After Ketamine ANDA Sale and FDA Win

PharmaTher CEO Fabio Chianelli outlined how 2025 marked a transition from development to validation, highlighted by U.S. FDA approval of the company’s ketamine ANDA and its subsequent sale in a deal structured with upfront payments, milestones and profit-sharing that could exceed US$25 million. With reduced cash burn, a lean operating structure and expected receipts from the ketamine ANDA sale, PharmaTher says it is positioned to pursue 2026 goals without raising additional operating funds, focusing on international ketamine commercialization, strategic partnerships in Parkinson’s disease and drug delivery, monetization of its stake in Sairiyo Therapeutics, and development of next-generation and long-acting ketamine programs and platform tools such as KetaVault and KetAImine to accelerate asset monetization and strengthen its position as an asset-focused value creation company.

The most recent analyst rating on (TSE:PHRM) stock is a Hold with a C$0.10 price target. To see the full list of analyst forecasts on PharmaTher Holdings Ltd stock, see the TSE:PHRM Stock Forecast page.

PharmaTher Sells Ketamine ANDA to Focus on Long-Acting Injectable Program

PharmaTher Holdings Ltd. has completed the sale of its Abbreviated New Drug Application for Ketamine Hydrochloride Injection USP, receiving an upfront cash payment and potential future milestone and profit-sharing payments. This move allows PharmaTher to concentrate on its long-acting injectable ketamine program, which aims to provide a more convenient and effective treatment option for neuropsychiatric disorders, potentially improving patient adherence and expanding market access.

PharmaTher Secures Rights to Long-Acting Ketamine Program for Neuropsychiatric Disorders

PharmaTher Holdings Ltd. has entered into an exclusive agreement with Oakwood Laboratories to evaluate and potentially license a patented long-acting injectable ketamine program. This initiative is part of PharmaTher’s strategy to enhance its ketamine franchise by offering a differentiated product that could redefine treatment standards for neuropsychiatric disorders. The program aims to provide more convenient dosing, improve patient adherence, and expand access to ketamine-based therapies, potentially offering significant commercial and strategic advantages.