Rankings Pharma & medtech Faron Pharmaceuticals
Faron Pharmaceuticals
40
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−10
- Dilution and financing−9
- Capital allocation−8
Strengths
- Net cash+2
- Insider buying+1
How the score is built
From 100 to 40, 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 . Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- –
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- 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? · 4 findings−25 of −30
- −10MarginNo revenue. The operating result was −EUR 19.5m (TTM) and −11.1m in H1 2026. There have been losses every year (−18.7 to −28.6m EUR in operating result 2021–2025), and the accumulated deficit is EUR 231m.
- −8Capital allocationThe share count has gone from 53m (2021) to 206.5m shares. The issue in April 2026 (EUR 40.1m at EUR 0.50) was only 52% subscribed with subscription rights, the rest came from underwriters, and costs were EUR 7.3m (18% of gross proceeds).
- −5Moat / segment of the futureThe whole company rests on one molecule, bexmarilimab (anti-Clever-1, macrophage immunotherapy). There is no other clinical engine, and after several years of trials there is still no partner to share the costs.
- −2Quality of growthPhase 2b in high-risk MDS (90 patients, placebo-controlled with azacitidine) has not yet started (planned H2 2026), and data only come in 2027. The actual value creation is thus at least a year away, and the company has no income source of its own in the meantime.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −5Multiples vs own historyThere are no earnings or revenue to measure by. P/B is 7.6 on equity of only EUR 11.6m, which was negative (−19m) at the end of 2025. The price is pure option value of bexmarilimab.
- −3PeersEV is about EUR 72m (market cap 86.5 + debt 17.8 - cash 32.0) for one asset in phase 2. BioInvent has an EV of about SEK 1.19bn (about EUR 105m) with several clinical programs and net cash. Faron is not cheap relative to peers.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−24 of −35
- −9Dilution and financingThe Heights Capital convertibles (up to EUR 35m, of which 25m issued) are amortised over three years, and Faron can pay in shares, which gives a continuous supply of new shares. The company gives no short-term guidance, and money will almost certainly have to be raised again before or around the phase 2b data.
- −8Binary clinical riskHigh-risk MDS in first line is a graveyard for combinations with azacitidine: venetoclax (VERONA, HR 0.908), magrolimab (ENHANCE, stopped for futility) and sabatolimab (STIMULUS) have all failed in phase 3. Bexmarilimab has to beat the same standard.
- −4Price risk and overhangThe price has fallen about 79-80% over a year and now stands at EUR 0.419, below the April issue price of EUR 0.50. The underwriters received about 24.5m shares and may sell.
- −3DebtTotal debt is EUR 17.8m (8.5m short-term) against cash of EUR 32.0m. Cash repayments on the bonds eat directly into runway if they are not paid in shares.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashCash of EUR 32.0m exceeds debt of EUR 17.8m (net cash about EUR 14m), and the company states runway to Q4 2027, i.e. past the start of phase 2b.
- +1Insider buyingCEO Juho Jalkanen and related parties subscribed shares at EUR 0.50 in the issue in March 2026 (incl. Sirpa Jalkanen 100,008 shares). The amounts are small, but they are purchases, not sales.
Caveats
What the score does not capture, or where the data is weak.
No stockanalysis page for the Helsinki listing (quote/hel/FARON/statistics returns 404, even though the search knows the path). Figures are taken from the AIM listing quote/aim/FARN, where the accounts are in EUR and the price in GBX. Path is set to best guess (Helsinki). The share count after the issue is 206.5m shares. No analysts (forecast 404). Cash is at 30/6-2026; Q3 spending is not known. The exact terms of the amortization of the Heights bonds (conversion price/discount) have not been reviewed. Short interest in Finland has not been checked. The ownership list is from before the issue in April 2026.
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