Rankings Pharma & medtech Anavex
Anavex
45
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−15
- Governance and control−10
- Regulation−9
Strengths
- Net cash+3
How the score is built
From 100 to 45, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.14 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −86%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−26 of −30
- −15MarginNo revenue ever. The operating loss was USD 38–53m every year in 2021–2025; the TTM figure of −17m is only low because of a reversal of share-based pay of 17.4m in Q3.
- −4Capital allocationTen years of burn (accumulated deficit USD 386m) ended in a rejected EU application. The share count rose 5.9% over a year via ATM (6.0m shares for USD 36.4m), and treasury shares were also bought for 2.7m in 2025, shortly before the price fell 80%.
- −7Moat and competitionIn Alzheimer's, Leqembi and Kisunla are approved, and blarcamesine has no approved indication. In Rett, Acadia's Daybue has been approved since 2023, while Anavex's paediatric EXCELLENCE study did not meet its primary endpoints. The patents expire 2034–2040.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyP/B 1.50 is the lowest ever vs 3.78–9.01 in 2021–2025. The market value (USD 169m) has fallen from 764m at the end of fiscal 2025; the price is close to cash.
- −2PeersEV about USD 50m with no registration study under way, vs Cassava (EV -38m, failed Alzheimer's phase 3) and Annovis (EV 32m, phase 3 in Alzheimer's ongoing). Anavex is priced above peers with similar or better clinical status.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−23 of −35
- −10Governance and controlCEO Christopher Missling was fired 'for cause' on 30/4-2026; he has started arbitration and a derivative suit against four independent board members. Two 10-Qs were filed late (Nasdaq notice 20/5-2026), and internal controls were not effective for four quarters in a row.
- −9RegulationThe CHMP gave a negative opinion in Dec 2025, and the application was withdrawn in March 2026. According to the EMA's assessment report, the co-primary endpoints were not met, and the cognitive effect was only nominally significant in a post hoc analysis. In the USA a new phase 3 study (AD-005) is required, which has not yet started.
- −4Financing of the next phaseCash of USD 118m covers current operations to 2028, but not both a Rett phase 3 study (about 170 adults) and a large Alzheimer's phase 3 study. The ATM (USD 113.6m remaining) has been suspended since the investigation, and several programs (ANAVEX 3-71, 1-41) have been paused for lack of money.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Net cashUSD 118.3m in cash and no debt equals USD 1.28 per share or approx. 70% of the market cap.
Caveats
What the score does not capture, or where the data is weak.
Fiscal year ends 30/9. The TTM operating loss (USD −17m) is flattered by a reversal of share-based compensation of USD 16–17m after the dismissal of the former CEO; normal burn is about USD 7m per quarter. Runway is calculated before a phase 3 study in Alzheimer's, which will require far more capital. Largest owners and insider trades have not been reviewed. Nordnet's market cap (DKK 1,440m) is from a higher price than today.
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