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JW (Cayman) Therapeutics Co. Ltd.
(2126)
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Rating:52Neutral
Price Target:
HK$2.00
▼(-20.00% Downside)
Action:Reiterated
Date:09/23/26
The score is held down primarily by weak financial fundamentals—large ongoing losses, negative free cash flow, and equity erosion—despite improving revenue growth and reduced cash burn in 2025. Technical indicators are a meaningful positive (price above major moving averages with positive MACD), but the negative P/E and lack of dividend support limit the valuation component.
Positive Factors
Revenue and gross-margin improvement
The sharp 2025 revenue rebound, alongside improved gross margin, indicates stronger commercialization and better economics for the company’s therapy portfolio. If sustained, this combination can expand operating leverage, support reinvestment in clinical programs, and improve the path toward eventual profitability.
Negative Factors
Deep and persistent unprofitability
Despite stronger revenue and narrower losses, the company remains far from operating break-even. A deeply negative net margin means commercial growth is not yet translating into sustainable earnings, leaving profitability dependent on further scale, cost improvement, or successful product expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and gross-margin improvement
The sharp 2025 revenue rebound, alongside improved gross margin, indicates stronger commercialization and better economics for the company’s therapy portfolio. If sustained, this combination can expand operating leverage, support reinvestment in clinical programs, and improve the path toward eventual profitability.
Read all positive factors
JW (Cayman) Therapeutics Co. Ltd. (2126) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$925.48M
Dividend YieldN/A
Average Volume (3M)1.94M
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth67.48%
EPS Growth43.84%
CountryHK
Employees303
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.80
Shares Outstanding416,883,360
10 Day Avg. Volume1,067,750
30 Day Avg. Volume1,936,389
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)1.68
Price to Sales (P/S)3.39
P/FCF Ratio-11.95
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)-0.77
Revenue Forecast (FY)HK$312.38M
JW (Cayman) Therapeutics Co. Ltd. Business Overview & Revenue Model
Company Description
JW (Cayman) Therapeutics Co. Ltd is a clinical-stage biotechnology company dedicated to the development, manufacture, and commercialization of cell-based immunotherapies. The company primarily targets hematological cancers and solid tumors through...
How the Company Makes Money
The company makes money primarily through commercialization of its approved CAR-T therapies, recognizing revenue from product sales to healthcare providers and/or distribution channels where it has marketing authorization. Additional revenue can c...
JW (Cayman) Therapeutics Co. Ltd. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
54
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 285.83M | 276.31M | 158.22M | 173.86M | 145.70M | 30.80M |
| Gross Profit | 113.77M | 118.91M | 77.32M | 88.22M | 58.76M | 9.04M |
| EBITDA | -199.78M | -159.83M | -369.37M | -655.75M | -752.27M | -723.49M |
| Net Income | -333.70M | -540.92M | -590.62M | -768.00M | -846.13M | -702.33M |
Balance Sheet | ||||||
| Total Assets | 833.03M | 987.32M | 1.68B | 2.15B | 2.79B | 3.12B |
| Cash, Cash Equivalents and Short-Term Investments | 392.02M | 503.28M | 762.53M | 1.01B | 1.39B | 1.84B |
| Total Debt | 254.85M | 262.67M | 422.40M | 318.80M | 279.13M | 147.03M |
| Total Liabilities | 380.71M | 430.82M | 511.20M | 462.26M | 437.06M | 325.75M |
| Stockholders Equity | 452.32M | 556.50M | 1.17B | 1.68B | 2.35B | 2.79B |
Cash Flow | ||||||
| Free Cash Flow | -111.96M | -78.46M | -348.87M | -413.00M | -613.60M | -634.28M |
| Operating Cash Flow | -109.52M | -76.85M | -333.44M | -398.42M | -536.72M | -561.20M |
| Investing Cash Flow | -3.04M | -1.49M | -15.43M | 9.90M | -124.08M | -137.13M |
| Financing Cash Flow | -129.40M | -169.81M | 90.49M | 275.00K | 112.35M | -30.62M |
JW (Cayman) Therapeutics Co. Ltd. Technical Analysis
Negative
2.50
Price Trends
2.37
Negative
2.04
Positive
2.15
Positive
Market Momentum
-0.06
Positive
40.06
Neutral
20.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2126, the sentiment is Negative. The current price of 2.5 is below the 20-day moving average (MA) of 2.60, above the 50-day MA of 2.37, and above the 200-day MA of 2.15, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 40.06 is Neutral, neither overbought nor oversold. The STOCH value of 20.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2126.
JW (Cayman) Therapeutics Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | HK$925.48M | -2.35 | -66.16% | ― | 67.48% | 43.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$1.79B | 17.80 | 48.25% | ― | 88.38% | ― | |
48 Neutral | HK$6.32B | -56.20 | -9.45% | ― | 68.12% | 81.84% | |
47 Neutral | HK$6.06B | -30.68 | -10.27% | ― | -31.77% | -177.01% | |
44 Neutral | HK$1.25B | -4.64 | -32.32% | ― | 28.93% | 27.27% | |
41 Neutral | HK$7.77B | -15.53 | -43.54% | ― | 116.67% | -0.42% |
* Healthcare Sector Average
HK:2126
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JW (Cayman) Therapeutics Co. Ltd. Corporate Events
JW Therapeutics Narrows Interim Loss as Carteyva Sales Jump and Costs Ease
Aug 27, 2026
JW (Cayman) Therapeutics reported interim revenue of RMB111.4 million for the six months to June 30, 2026, up 4.7% year on year, driven almost entirely by Carteyva® sales, which surged 36.9% to RMB111.2 million. While gross profit fell due to...
JW Therapeutics Sets Board Meeting to Approve Interim 2026 Results
Aug 12, 2026
JW (Cayman) Therapeutics Co. Ltd. has scheduled a board meeting for August 27, 2026, to review and approve its unaudited interim results for the six months ended June 30, 2026. The meeting will also address other business items, signaling routine ...
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.