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N4 Pharma
(LSE:THAT)
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Rating:48Neutral
Price Target:
0.69 p
▲(6.62% Upside)
Action:Reiterated
Date:07/23/26
The score is primarily held back by weak financial performance—persistent large losses and ongoing cash burn outweigh the benefit of having no debt. Technicals provide partial support with an improving uptrend and positive MACD, but the very high RSI indicates overextended momentum. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Debt-free balance sheet
Having no debt is a durable financial strength: it lowers default and interest-rate risk, preserves flexibility to pursue partnering or licensing deals, and gives management time to negotiate non-dilutive collaborations. This structural capital flexibility supports long-term platform development despite cash burn.
Negative Factors
Persistent cash burn
Negative operating and free cash flow each year is a long-lasting constraint: it forces reliance on external funding or dilutive financings, limits ability to self-fund development or scale, and increases execution risk if partner deals or capital markets access slow down over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Having no debt is a durable financial strength: it lowers default and interest-rate risk, preserves flexibility to pursue partnering or licensing deals, and gives management time to negotiate non-dilutive collaborations. This structural capital flexibility supports long-term platform development despite cash burn.
Read all positive factors
N4 Pharma (THAT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£16.03M
Dividend YieldN/A
Average Volume (3M)562.53K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth-0.25%
EPS Growth45.16%
CountryUK
Employees3
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,775,721,000
10 Day Avg. Volume374,415
30 Day Avg. Volume562,527
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)3.55
Price to Sales (P/S)523.56
P/FCF Ratio-3.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
N4 Pharma Business Overview & Revenue Model
Company Description
Thalia Therapeutics Plc, a specialized pharmaceutical company established in 1979 and headquartered in Chellaston, UK, focuses on developing advanced nanoparticle silica delivery systems. These innovative systems are designed to enhance the cellul...
How the Company Makes Money
N4 Pharma’s primary intended sources of revenue are partnering and licensing arrangements related to its Nuvec® delivery technology. Under this model, the company seeks to generate income through (i) upfront payments for granting access to or lice...
N4 Pharma Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.26K | 7.28K | 1.95K | 0.00 | 0.00 |
| Gross Profit | 0.00 | 7.28K | 1.95K | 0.00 | 0.00 |
| EBITDA | -1.10M | -1.22M | -1.33M | -1.19M | -1.84M |
| Net Income | -1.21M | -1.06M | -1.27M | -1.03M | -1.54M |
Balance Sheet | |||||
| Total Assets | 1.17M | 775.77K | 1.28M | 2.17M | 2.34M |
| Cash, Cash Equivalents and Short-Term Investments | 1.08M | 625.97K | 1.03M | 1.92M | 1.78M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 97.96K | 124.37K | 81.73K | 77.89K | 212.73K |
| Stockholders Equity | 1.07M | 647.65K | 1.13M | 2.09M | 2.13M |
Cash Flow | |||||
| Free Cash Flow | -1.16M | -971.50K | -1.21M | -828.26K | -1.77M |
| Operating Cash Flow | -1.16M | -971.50K | -1.21M | -828.26K | -1.77M |
| Investing Cash Flow | 0.00 | 0.00 | 781.00 | 0.00 | 0.00 |
| Financing Cash Flow | 1.61M | 570.36K | 315.90K | 963.77K | 677.00 |
N4 Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | £66.74M | 30.50 | 2.55% | ― | 9.96% | 29.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | £16.03M | -3.82 | -84.97% | ― | -0.25% | 45.16% | |
45 Neutral | £24.63M | -105.00 | -49.45% | ― | -27.38% | -50.00% | |
44 Neutral | £65.26M | -7.31 | 64.57% | ― | 36.19% | 60.75% | |
43 Neutral | £1.05M | >-0.01 | 233.76% | ― | ― | ― |
* Healthcare Sector Average
GB:THAT
N4 Pharma
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13.04%
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N4 Pharma Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder Meetings
Thalia Therapeutics Grants Major Director Option Package Tied to Share Price Targets
Neutral
Jul 23, 2026
Thalia Therapeutics has granted options over 200,000,000 ordinary shares to five directors under its share option plan, following its recent AGM and the completion of the acquisition of Sanmirna Therapeutics. The board says the ten-year options, p...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and FinancingShareholder Meetings
Thalia Therapeutics Completes Sanmirna Deal and Enlarges Capital Base After AGM
Positive
Jul 17, 2026
Thalia Therapeutics has secured shareholder approval for all resolutions at its annual general meeting, including the re-election and election of directors and the appointment of a new auditor, Gravita Audit II Limited. The strong voting support c...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Thalia Therapeutics Targets Clinical-Stage Growth With Sanmirna Deal and RNA Pipeline Push
Positive
Jul 17, 2026
Thalia Therapeutics is accelerating its shift into a clinical-stage RNA therapeutics business, underpinned by a proposed acquisition of Sanmirna Therapeutics and an oversubscribed £2.75 million fundraise. The deal is expected to bring in miRi...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingShareholder Meetings
Thalia Therapeutics Sets AGM to Vote on Sanmirna Acquisition and Fundraise
Positive
Jun 24, 2026
Thalia Therapeutics has published its Annual Report for the year ended 31 December 2025 and circulated the Notice of its upcoming Annual General Meeting to shareholders, with both documents now available on the company’s investor website. Th...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Thalia Therapeutics buys Sanmirna and raises £2.75m to fast-track AML RNA therapy
Positive
Jun 24, 2026
Thalia Therapeutics has agreed to acquire US-based Sanmirna Therapeutics, securing an exclusive clinical-stage RNA therapy, miRisten, for Acute Myeloid Leukaemia in a deal worth an initial £3.675 million plus up to £13 million in milesto...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Thalia Therapeutics pivots to RNA therapeutics as Nuvec platform advances toward clinic
Positive
Jun 23, 2026
Thalia Therapeutics reported audited 2025 results highlighting progress in validating its Nuvec platform for oral and targeted RNA delivery, including positive in vivo data in inflammatory bowel disease and oncology-focused work with SRI Internati...
Business Operations and Strategy
Thalia Therapeutics Showcases RNA Strategy in European Biotech Feature
Positive
Jun 9, 2026
Thalia Therapeutics has highlighted its participation in European Biotechnology Magazine’s RNA Therapeutics Special, where CEO Dr David Solomon features in an article titled “RNA medicine enters its second act.” In the piece, he ...
Business Operations and Strategy
Thalia Therapeutics Showcases Differentiated RNA Strategy and Cardiovascular Candidate
Positive
Jun 2, 2026
Thalia Therapeutics has released a video interview with CEO Dr David Solomon, in which he outlines the company’s strategy to build a differentiated presence in the growing RNA therapeutics space. He highlights the significant scope for innov...
Business Operations and Strategy
Thalia Therapeutics CEO Outlines Strategic Pivot to High-Value RNA Therapies
Positive
May 13, 2026
Thalia Therapeutics has released a CEO video interview in which Chief Executive Dr David Solomon outlines the company’s strategic transition under the Thalia brand and its sharpening focus on high-value RNA therapeutics. He discusses ongoing...
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.