Rankings Pharma & medtech Herantis Pharma
Herantis Pharma
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
- Funding and dilution−14
- Margin and returns−10
- Clinical risk and a single asset−9
Strengths
- Non-dilutive and institutional financing+3
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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.19 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −47%
- 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−28 of −30
- −10Margin and returnsNo revenue. Operating loss of EUR 6.5m over the last 12 months (H1 2026: −3.3m), and operating cash flow −6.0m.
- −6Technology and moatHER-096 is a small peptidomimetic molecule based on the active site of CDNF and given subcutaneously. Phase 1b showed good tolerability and a biomarker response, but no clinical effect has been shown, and disease-modifying treatment of Parkinson's has never succeeded for anyone.
- −6Capital allocationDilution of 17% a year in 2021–2025 and +12% over the last 12 months (2.4m new shares in 2026 via a directed issue of EUR 4.2m). Market cap is largely unchanged since 2021 (EUR 27–49m).
- −6Time horizonPhase 2 starts in H1 2027 at the earliest with results in H1 2029; Inderes assumes commercialization in 2034-35 and a 15% probability of success.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Price vs history and peersEV EUR 34m, in the middle of the EUR 25-45m range since 2021. Gain Therapeutics (Parkinson's, phase 1b) has an EV of USD 62m, so Herantis is not expensive vs peers, but the price reflects a funding gap of about EUR 10m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−26 of −35
- −14Funding and dilutionCash was only EUR 3.5m at 30/6-2026 vs spending of about 1.7m per quarter. Phase 2 costs about EUR 20m (about 30m incl. administration), of which 8.0m (EU) and 10.8m (EIC Fund commitment) are secured. Inderes expects an issue of about EUR 12m, i.e. about 30% dilution at the current price.
- −9Clinical risk and a single assetAll the value rests on HER-096 in Parkinson's. The company's earlier CDNF protein (brain infusion) did not reach clinical breakthrough and was replaced by HER-096, and the Parkinson's field has a long line of failed disease-modifying studies.
- −3No partnerThe company has held 'active discussions' with potential pharma partners for several years without a deal, and phase 2 must now be started with its own and public funds.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Non-dilutive and institutional financingHerantis leads a consortium that has received EUR 8.0m from Horizon Europe for phase 2, and the EIC Fund has committed EUR 10.8m and has owned over 10% since 2/3-2026.
Caveats
What the score does not capture, or where the data is weak.
No revenue and no analysts at stockanalysis (forecast 404); Inderes covers (Accumulate, target price EUR 2.0). Stockanalysis shows negative equity (P/B −47), presumably because of capital loans; this is not reconciled. The company says the cash lasts to the end of H1 2027, but that assumes lower costs than in H1 (Inderes) and possibly prepayment of grants; the formula gives c. 6 months. It is unclear how large a part of the Horizon grant of EUR 8.0m goes to Herantis, and what conditions apply to the EIC Fund commitment of EUR 10.8m. Market cap 26.50m shares × 1.402 = EUR 37.2m ≈ DKK 277m (Nordnet 283). Owner list partly behind a paywall; short register not checked.
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