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N4 Pharma
(LSE:THAT)
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Rating:43Neutral
Price Target:
0.60 p
▼(-7.23% Downside)
Action:Reiterated
Date:09/08/26
The score is primarily held down by weak financial performance—persistent losses, very small/volatile revenue, and ongoing cash burn—despite the benefit of having no debt. Technicals add pressure with a clear downtrend (below key moving averages and negative MACD), even though the stock is extremely oversold. Valuation is also constrained by a negative P/E and no provided dividend yield.
Positive Factors
Proprietary Drug-Delivery Platform
Nuvec gives N4 Pharma a defined technology platform rather than a single drug candidate, with potential applications across vaccines, oncology and other therapies. External collaborations and multiple development areas could broaden commercialization opportunities if the platform demonstrates consistent delivery and performance benefits.
Negative Factors
Persistent Operating Losses
Deep and persistent operating losses show that the current business model has not yet converted development activity into economic profitability. Margins far below zero indicate costs substantially exceed the revenue base, creating a material execution burden before the company can become self-sustaining.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary Drug-Delivery Platform
Nuvec gives N4 Pharma a defined technology platform rather than a single drug candidate, with potential applications across vaccines, oncology and other therapies. External collaborations and multiple development areas could broaden commercialization opportunities if the platform demonstrates consistent delivery and performance benefits.
Read all positive factors
N4 Pharma (THAT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£15.42M
Dividend YieldN/A
Average Volume (3M)1.07M
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth2.12%
EPS Growth29.17%
CountryUK
Employees3
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,775,721,000
10 Day Avg. Volume902,861
30 Day Avg. Volume1,071,874
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 is an R&D-stage drug delivery company; specific, consistently recurring commercial revenue streams are not publicly evidenced in the information available to me here, so a definitive breakdown of how it currently makes money cannot be st...
N4 Pharma Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.22K | 7.26K | 7.28K | 1.95K | 0.00 | 0.00 |
| Gross Profit | 0.00 | 7.26K | 7.28K | 1.95K | 0.00 | 0.00 |
| EBITDA | -1.39M | -1.10M | -1.22M | -1.33M | -1.19M | -1.84M |
| Net Income | -1.46M | -1.21M | -1.06M | -1.27M | -1.03M | -1.54M |
Balance Sheet | ||||||
| Total Assets | 2.71M | 1.17M | 775.77K | 1.28M | 2.17M | 2.34M |
| Cash, Cash Equivalents and Short-Term Investments | 1.50M | 1.08M | 625.97K | 1.03M | 1.92M | 1.78M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 245.66K | 97.96K | 124.37K | 81.73K | 77.89K | 212.73K |
| Stockholders Equity | 2.46M | 1.07M | 647.65K | 1.13M | 2.09M | 2.13M |
Cash Flow | ||||||
| Free Cash Flow | -1.46M | -1.16M | -971.50K | -1.21M | -828.26K | -1.77M |
| Operating Cash Flow | -1.46M | -1.16M | -971.50K | -1.21M | -828.26K | -1.77M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 781.00 | 0.00 | 0.00 |
| Financing Cash Flow | 1.24M | 1.61M | 570.36K | 315.90K | 963.77K | 677.00 |
N4 Pharma Technical Analysis
Positive
0.65
Price Trends
0.63
Negative
0.63
Negative
0.57
Positive
Market Momentum
>-0.01
Negative
61.33
Neutral
70.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:THAT, the sentiment is Positive. The current price of 0.65 is above the 20-day moving average (MA) of 0.58, above the 50-day MA of 0.63, and above the 200-day MA of 0.57, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 61.33 is Neutral, neither overbought nor oversold. The STOCH value of 70.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:THAT.
N4 Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | £66.40M | 30.34 | 2.55% | 0.31% | 9.96% | 29.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | £64.99M | -8.04 | 64.57% | ― | 36.19% | 60.75% | |
45 Neutral | £22.05M | -48.00 | -44.78% | ― | -2.14% | ― | |
43 Neutral | £15.42M | -7.81 | -82.76% | ― | 2.12% | 29.17% | |
40 Underperform | £915.12K | >-0.01 | 233.76% | ― | ― | ― |
* Healthcare Sector Average
GB:THAT
N4 Pharma
0.63
0.00
0.00%
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N4 Pharma Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Thalia Therapeutics Accelerates RNA Strategy With Sanmirna Deal and Clinical-Stage Pipeline
Positive
Sep 30, 2026
Thalia Therapeutics reported interim results marking its strategic transformation from a delivery-platform business into a diversified, clinical-stage RNA therapeutics company in oncology and cardiovascular disease. The appointment of CEO Dr David...
Business Operations and Strategy
Thalia Therapeutics Secures Chinese Patent for Lead AML Drug miRisten
Positive
Sep 29, 2026
Thalia Therapeutics has secured a new patent in China for its lead acute myeloid leukaemia drug candidate miRisten, extending protection for the RNA-based therapy in a major oncology market. The patent builds on existing rights licensed from City ...
Business Operations and StrategyProduct-Related Announcements
Thalia Therapeutics Advances Dual-Target RNA Cardiovascular Drug THAT-002
Positive
Sep 25, 2026
Thalia Therapeutics has completed initial chemistry synthesis for THAT-002, a bispecific siRNA gene-silencing therapy targeting PCSK9 and lipoprotein(a) to lower cardiovascular disease risk. The programme, developed with WuXi AppTec, marks a key e...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Thalia Therapeutics Advances RNA Portfolio After Strategic Transformation
Positive
Sep 15, 2026
Thalia Therapeutics has completed its transition into a clinical-stage RNA therapeutics business after rebranding from N4 Pharma and acquiring Sanmirna Therapeutics, and will report interim results for the six months to 30 June 2026 on 30 Septembe...
Business Operations and StrategyRegulatory Filings and Compliance
Thalia Therapeutics Updates Voting Rights as RNA Therapy Pipeline Advances
Positive
Jul 31, 2026
Thalia Therapeutics plc, an AIM-listed clinical-stage biotech specialising in RNA-based therapies for cancer and cardiovascular conditions, is advancing a differentiated pipeline anchored by validated genetic targets and proprietary delivery techn...
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...
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.