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Theralase Technologies
(TLT)
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Rating:42Neutral
Price Target:
C$0.25
▼(-12.50% Downside)
Action:Reiterated
Date:05/31/26
The score is pressured primarily by very weak profitability and ongoing cash burn despite improving revenue and gross margin, raising funding and execution risk. Technicals also point to a bearish trend (below major moving averages with negative MACD), while valuation is constrained by negative earnings and no dividend support.
Positive Factors
Specialized Photomedicine Platform
Theralase’s focus on laser-based photomedicine and PDT for oncology represents a specialized, high-barrier niche. A platform approach to light-activated therapies can support durable IP, repeatable device sales and clinical partnerships, fostering long-term adoption in med-tech markets.
Negative Factors
Persistent Cash Burn
Substantial negative operating and free cash flow indicates ongoing cash burn and reliance on external capital to operate. This structural cash shortfall raises dilution and timing risks for R&D and commercialization, constraining the company’s ability to self-fund growth over the next several quarters.
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Positive Factors
Negative Factors
Specialized Photomedicine Platform
Theralase’s focus on laser-based photomedicine and PDT for oncology represents a specialized, high-barrier niche. A platform approach to light-activated therapies can support durable IP, repeatable device sales and clinical partnerships, fostering long-term adoption in med-tech markets.
Read all positive factors
Theralase Technologies (TLT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$75.40M
Dividend YieldN/A
Average Volume (3M)121.23K
Price to Earnings (P/E)―
Beta (1Y)-0.24
Revenue Growth-9.60%
EPS Growth22.16%
CountryCA
Employees14
SectorGeneral
Sector StrengthN/A
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.01
Shares Outstanding295,671,330
10 Day Avg. Volume149,922
30 Day Avg. Volume121,227
Financial Highlights & Ratios
PEG Ratio1.28
Price to Book (P/B)23.49
Price to Sales (P/S)51.16
P/FCF Ratio-12.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.70Price Target Upside150.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)C$1.25M
Theralase Technologies Business Overview & Revenue Model
Company Description
Theralase Technologies Inc., a clinical stage pharmaceutical company, engages in the research, development, and commercialization of light activated photo dynamic compounds and their associated drug formulations to treat cancers, bacteria, and vir...
How the Company Makes Money
null...
Theralase Technologies Earnings Call Summary
Earnings Call Date:May 29, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a company at a pivotal moment, with significant progress in clinical studies and plans for expansion into multiple high-value indications. While the financials show a decline in revenue and increased expenses, the strategic initiatives and successful capital raising efforts position Theralase for future growth.Positive Updates
Completion of Bladder Cancer Study Enrollment
Theralase is on track to complete enrollment in a critical bladder cancer study by the summer of 2025, marking a significant milestone in their clinical development.
Negative Updates
Revenue Decline
Revenue for the first quarter of 2025 was $91,000, down from $175,000 the previous year, reflecting the focus on bladder cancer clinical study completion.
Read all updates
Q1-2025 Updates
Positive
Negative
Completion of Bladder Cancer Study Enrollment
Theralase is on track to complete enrollment in a critical bladder cancer study by the summer of 2025, marking a significant milestone in their clinical development.
Read all positive updates
Company Guidance
During the call, Theralase Technologies provided guidance on several metrics and strategic initiatives. The company is on track to complete enrollment in its registrational bladder cancer study by summer 2025, with a 15-month patient follow-up expected to conclude by the third quarter of 2026. Theralase plans to file a New Drug Application with Health Canada and the FDA in the fourth quarter of 2026, aiming for marketing approval in early 2027. Financially, the company reported nominal revenues of $91,000 for Q1 2025, largely from its Cool Laser Therapy systems, down from $175,000 the previous year. Despite a net loss of $1.47 million, Theralase has raised nearly $7.5 million over the past 24 months through private placements. The company is exploring a potential U.S. uplist and institutional financing, which could enhance its capital position and broaden its investor base. Additionally, Theralase is advancing a pipeline that includes nine new indications, with plans for Phase I/II clinical studies in 2026. The company highlighted a 62% complete response rate in its bladder cancer study, emphasizing the safety and efficacy of its Ruvidar treatment.Theralase Technologies Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 816.47K | 1.03M | 1.07M | 1.14M | 780.64K |
| Gross Profit | 241.51K | 554.03K | 562.13K | 628.17K | 309.94K |
| EBITDA | -3.91M | -3.96M | -4.25M | -4.90M | -4.31M |
| Net Income | -4.12M | -4.26M | -4.57M | -5.25M | -4.42M |
Balance Sheet | |||||
| Total Assets | 3.49M | 3.25M | 3.28M | 4.16M | 5.94M |
| Cash, Cash Equivalents and Short-Term Investments | 182.91K | 268.76K | 43.91K | 1.51M | 3.69M |
| Total Debt | 458.05K | 293.87K | 386.88K | 473.62K | 35.72K |
| Total Liabilities | 1.72M | 1.18M | 1.37M | 1.07M | 874.79K |
| Stockholders Equity | 1.78M | 2.07M | 1.91M | 3.09M | 5.07M |
Cash Flow | |||||
| Free Cash Flow | -3.33M | -3.35M | -4.11M | -5.20M | -4.13M |
| Operating Cash Flow | -3.29M | -3.33M | -4.07M | -5.13M | -4.03M |
| Investing Cash Flow | -48.94K | -19.97K | -37.27K | -70.41K | -100.82K |
| Financing Cash Flow | 3.25M | 3.57M | 2.65M | 3.02M | -57.37K |
Theralase Technologies Technical Analysis
Positive
0.28
Price Trends
0.26
Positive
0.27
Negative
0.23
Positive
Market Momentum
>-0.01
Negative
49.92
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TLT, the sentiment is Positive. The current price of 0.28 is above the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.26, and above the 200-day MA of 0.23, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.92 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TLT.
Theralase Technologies Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | C$19.91M | -21.77 | -31.12% | ― | 1.69% | 47.72% | |
49 Neutral | C$21.18M | -5.64 | 106.68% | ― | 89.06% | 37.62% | |
48 Neutral | C$342.66M | -5.34 | -78.75% | ― | 57.39% | -2.20% | |
43 Neutral | C$39.22M | -1.63 | -300.64% | ― | 62.49% | 48.83% | |
42 Neutral | C$75.40M | -17.83 | -241.53% | ― | -9.60% | 22.16% |
* General Sector Average
TSE:TLT
Theralase Technologies
0.26
0.06
30.77%
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Theralase Technologies Corporate Events
Business Operations and Strategy
Theralase Posts 100% Preclinical Response in Muscle Invasive Bladder Cancer Study
Positive
Apr 13, 2026
Theralase Technologies reported that its X-ray-activated Rutherrin compound achieved a 100% complete response and cancer-free survival in all animals treated in a preclinical orthotopic model of muscle invasive bladder cancer, outperforming both r...
Business Operations and StrategyPrivate Placements and Financing
Theralase Raises C$2.66 Million to Advance Bladder Cancer Drug Programs
Positive
Apr 10, 2026
Theralase Technologies has raised C$2.66 million through a non-brokered private placement of 6,404,700 units and a C$1 million revolving line of credit with Desjardins, issuing common shares and five-year warrants and paying a modest finder’...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.