Voyageur Pharmaceuticals (VM) AI Stock Analysis

• Market Cap: C$17.86M
• Dividend Yield: N/A
• Average Volume (3M): 72.03K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.63
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): >-0.01
• Shares Outstanding: 178,586,980
• 10 Day Avg. Volume: 61,621
• 30 Day Avg. Volume: 72,034
• PEG Ratio: -0.33
• Price to Book (P/B): 19.88
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -29.59
• 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: 46 Neutral
• Price Target: C$0.17 ▼(-1.76% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held down primarily by weak financial performance (minimal revenue, large losses, and rising cash burn that implies funding/dilution risk), only partly offset by low leverage and positive equity. Technical indicators are broadly neutral and provide limited support, while valuation is constrained by negative earnings and no dividend yield.

Voyageur Pharmaceuticals Business Overview & Revenue Model

Company Description

Voyageur Pharmaceuticals Ltd. focuses on the development of active pharmaceutical ingredients minerals. The company intends to develop barium and iodine radiocontrast products and bromine based pharmaceutical products. It holds 100% interest in three barium sulfate deposits, including two properties suitable in grade for the pharmaceutical barite marketplace located in British Columbia, Canada; and interests in a high-grade iodine, lithium, and bromine brine project in Utah, the United States. The company was formerly known as Voyageur Minerals Ltd. and changed its name to Voyageur Pharmaceuticals Ltd. in December 2019. Voyageur Pharmaceuticals Ltd. is headquartered in Calgary, Canada.

How the Company Makes Money

Voyageur Pharmaceuticals’ expected revenue model is centered on commercializing high-purity barium sulfate derived from its mineral projects and selling it into end markets that require pharmaceutical- or technical-grade material. Key revenue streams would include (1) sales of processed barium sulfate products (e.g., pharmaceutical-grade barium sulfate used as a radiopaque contrast agent ingredient for medical imaging, if produced and qualified), and (2) sales of specialty/industrial-grade barium sulfate to industrial customers (e.g., applications such as fillers or coatings) where applicable. The company may also generate revenue through (3) toll-processing or contract processing arrangements, (4) licensing/royalty or offtake agreements tied to its mineral assets, and/or (5) asset sales or joint venture proceeds; however, specific agreements, customer contracts, pricing, volumes, and the extent of current commercial production are not available here, so details on realized revenue, named partnerships, and confirmed revenue contributions are null.

Voyageur Pharmaceuticals Financial Statement Overview

Summary

Overall fundamentals are weak: TTM revenue is minimal and losses are large, with cash flow showing accelerating burn and reliance on external funding. The balance sheet is a partial offset (low debt and positive/increasing equity), but sharply negative returns and ongoing losses keep the score near the low end.

Income Statement

TTM (Trailing-Twelve-Months) shows minimal revenue ($11k) and deeply negative profitability (gross profit about -$370k; net loss about -$3.1M), implying the business is not yet operating at commercial scale. Annual periods (2020–2024) largely show no revenue with persistent operating losses, and the TTM loss level is materially worse than the most recent annual loss (2024), indicating escalating spending and weak operating leverage. The main positive is that revenue has begun to appear in TTM, but it remains too small to offset the cost base.

Balance Sheet

Leverage appears low, with total debt around $40k in both TTM (Trailing-Twelve-Months) and recent annual periods, and debt-to-equity very small in TTM (~0.03). Equity is positive and has increased versus 2024 (about $1.44M TTM vs. ~$0.45M in 2024), which supports balance-sheet resilience. However, returns are sharply negative (TTM return on equity roughly -3.1), reflecting ongoing losses that could erode equity over time if not funded sustainably.

Cash Flow

TTM (Trailing-Twelve-Months) cash burn is significant, with operating and free cash flow around -$2.44M, materially worse than 2024 (about -$0.30M), signaling increasing cash needs. Free cash flow improved versus the prior period per the provided growth figure, but it remains firmly negative, meaning the company likely depends on external financing. A relative positive is that free cash flow and net income move closely together in TTM (free cash flow to net income ~1.0), suggesting losses are not being masked by large non-cash gains.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Nov 2020
Income Statement
Total Revenue	11.04K	0.00	0.00	0.00	0.00	0.00
Gross Profit	-370.40K	-1.57K	-2.19K	-2.91K	-2.25K	-1.48K
EBITDA	-3.12M	-1.71M	-1.22M	-1.75M	-2.05M	-1.12M
Net Income	-3.13M	-1.71M	-1.40M	-1.75M	-2.05M	-1.14M
Balance Sheet
Total Assets	3.68M	2.60M	2.16M	2.10M	2.57M	1.28M
Cash, Cash Equivalents and Short-Term Investments	943.15K	165.57K	2.08K	31.56K	812.97K	2.97K
Total Debt	40.00K	40.00K	40.00K	25.52K	42.08K	268.41K
Total Liabilities	2.24M	2.15M	727.88K	630.83K	660.64K	968.85K
Stockholders Equity	1.44M	449.96K	1.44M	1.46M	1.91M	306.33K
Cash Flow
Free Cash Flow	-2.44M	-302.29K	-991.25K	-2.00M	-2.09M	-434.13K
Operating Cash Flow	-2.44M	-302.29K	-991.25K	-1.72M	-1.65M	-272.19K
Investing Cash Flow	-213.32K	-165.96K	-174.72K	-274.15K	-432.08K	-151.79K
Financing Cash Flow	3.60M	631.73K	1.14M	1.21M	2.90M	351.34K

Voyageur Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ROMJ	55 Neutral	C$32.92M	3.70	7.78%	―	28.55%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PCLO	50 Neutral	C$9.23M	5.19	―	―	15.64%	58.47%
VM	46 Neutral	C$17.86M	-5.29	-256.01%	―	―	―
AVCN	46 Neutral	C$21.37M	-5.08	-68.32%	―	2.41%	74.61%
INNO	46 Neutral	C$29.92M	-6.72	-71.80%	―	-3.94%	-17.62%
LABS	45 Neutral	C$29.45M	-3.68	-19.10%	―	18.06%	34.58%

Voyageur Pharmaceuticals Corporate Events

Voyageur Advances Vertically Integrated Barium and Iodine Contrast Media Strategy

Voyageur Pharmaceuticals has outlined a strategic roadmap to build a vertically integrated supply chain for barium and iodine contrast media, targeting vulnerabilities in the fast-growing diagnostic imaging market. The company is advancing two bankable feasibility studies covering its radiology drug manufacturing project and the Bayer iodine project, which together aim to secure a resilient North American base for contrast agent production.

A key pillar is the Frances Creek barium project, now in the feasibility stage, which hosts 132,000 tonnes of high-purity pharmaceutical-grade barite and underpins Voyageur’s barium contrast media strategy. Voyageur has already developed five Health Canada–approved barium products with a GMP partner, logged initial sales that support its economic case, and is expanding its client network and distribution opportunities across Canada and international markets to bolster future sales and validate margins for its integrated model.

The most recent analyst rating on (TSE:VM) stock is a Sell with a C$0.16 price target. To see the full list of analyst forecasts on Voyageur Pharmaceuticals stock, see the TSE:VM Stock Forecast page.

Voyageur Confirms High-Purity Barite, Advances to Health Canada Trial

Voyageur Pharmaceuticals has confirmed that barium sulfate sourced from its Frances Creek property meets and exceeds pharmaceutical-grade standards, with independent SGS testing showing an average purity of 98.8% BaSO4 and full compliance with USP monograph and particle size requirements. The material processed efficiently into ultra-fine, micronized particles under GMP conditions, which management views as a major de-risking milestone that validates the quality and cost advantages of its natural barite resource.

Supported by an Alberta Innovates AICE-Market Access Program grant, the company is now progressing to stage two of the program as it completes manufacturing of barium contrast agents for a Health Canada-compliant human clinical trial. The upcoming study will compare Voyageur’s contrast products against existing barium-based and iodinated oral agents in gastrointestinal CT and fluoroscopic applications, potentially paving the way for commercial use and strengthening its competitive position in the medical imaging supply chain.

The most recent analyst rating on (TSE:VM) stock is a Sell with a C$0.16 price target. To see the full list of analyst forecasts on Voyageur Pharmaceuticals stock, see the TSE:VM Stock Forecast page.

Voyageur Pharmaceuticals Secures Bayer Collaboration to Advance Iodine Contrast Supply

Voyageur Pharmaceuticals has signed a collaboration and funding agreement with Bayer that could provide up to USD 2.35 million in milestone-based funding to advance a potential iodine production project in Oklahoma for use in contrast media drugs. Under the deal, Bayer receives exclusive rights to negotiate an offtake agreement for iodine from the project, while all project-related intellectual property remains with Voyageur.

The parties will first complete a feasibility study on the iodine extraction plant, funded in stages by Bayer, and may later consider an offtake-linked production financing arrangement in which Bayer would provide capital and Voyageur would operate the project. In parallel, Voyageur is progressing its own feasibility work on a broader radiology drug production project for barium and iodine contrast agents, a dual track that could secure non-dilutive financing for a new manufacturing facility and strengthen North American healthcare supply chain resilience in a fast-growing global contrast media market.

The most recent analyst rating on (TSE:VM) stock is a Sell with a C$0.16 price target. To see the full list of analyst forecasts on Voyageur Pharmaceuticals stock, see the TSE:VM Stock Forecast page.

Voyageur Pharmaceuticals Gains Full Control of Iodine Technology, Names New Director of Chemistry

Voyageur Pharmaceuticals has secured 100% ownership of the proprietary “Mueller Process” iodine extraction technology and appointed its inventor, Dr. Brian Mueller, as Director of Chemistry, strengthening its in-house scientific capabilities and tightening control over key intellectual property. The deal is expected to enhance the company’s iodine extraction projects in the Anadarko Basin by improving cost efficiency, operational flexibility and long-term supply security, while potentially enabling Voyageur’s Streamlined API process to bypass traditional iodine flake production and manufacture iodine drugs directly from brine, positioning the firm to pursue one of the lowest cost structures in the multibillion‑dollar iodine contrast drug market and to tap additional mineral opportunities at its Paradox Basin claims.

The most recent analyst rating on (TSE:VM) stock is a Sell with a C$0.16 price target. To see the full list of analyst forecasts on Voyageur Pharmaceuticals stock, see the TSE:VM Stock Forecast page.