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Theralase Technologies
(TLT)
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Rating:43Neutral
Price Target:
C$0.18
▼(-0.56% Downside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by weak financial performance—declining small revenue, very large losses, and substantial ongoing cash burn—despite a comparatively low-leverage balance sheet. Technicals are also bearish (below major moving averages with negative MACD), and valuation is difficult to justify given negative earnings and no dividend support.
Positive Factors
Low leverage
Very low leverage reduces refinancing pressure and preserves financial flexibility compared with a highly indebted structure. This gives Theralase more capacity to direct available resources toward device commercialization and pharmaceutical development, although it does not by itself resolve the company’s operating losses.
Negative Factors
Declining revenue
Small and declining revenue indicates that the current commercial base is not yet producing dependable scale. Without a sustained return to growth, Theralase may struggle to spread development and operating costs across sales, limiting the company’s ability to convert its technology portfolio into recurring financial strength.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Very low leverage reduces refinancing pressure and preserves financial flexibility compared with a highly indebted structure. This gives Theralase more capacity to direct available resources toward device commercialization and pharmaceutical development, although it does not by itself resolve the company’s operating losses.
Read all positive factors
Theralase Technologies (TLT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$57.44M
Dividend YieldN/A
Average Volume (3M)356.56K
Price to Earnings (P/E)―
Beta (1Y)-0.19
Revenue Growth-24.86%
EPS Growth18.29%
CountryCA
Employees16
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding310,483,300
10 Day Avg. Volume308,880
30 Day Avg. Volume356,563
Financial Highlights & Ratios
PEG Ratio1.28
Price to Book (P/B)23.49
Price to Sales (P/S)51.16
P/FCF Ratio-12.52
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)-0.01
Revenue Forecast (FY)C$802.00K
Theralase Technologies Business Overview & Revenue Model
Company Description
Theralase Technologies Inc., a clinical stage pharmaceutical company, engages in the research, development, and commercialization of light activated photo dynamic compounds and their associated drug formulations to treat cancers, bacteria, and vir...
How the Company Makes Money
Public, consistently detailed line-item disclosure of Theralase’s recurring revenue streams (e.g., material product sales by category, service/maintenance revenue, licensing/royalties, milestone payments) is not available in the prompt and may var...
Theralase Technologies Earnings Call Summary
Earnings Call Date:May 29, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Dec 02, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a company at a pivotal moment, with significant progress in clinical studies and plans for expansion into multiple high-value indications. While the financials show a decline in revenue and increased expenses, the strategic initiatives and successful capital raising efforts position Theralase for future growth.Positive Updates
Completion of Bladder Cancer Study Enrollment
Theralase is on track to complete enrollment in a critical bladder cancer study by the summer of 2025, marking a significant milestone in their clinical development.
Negative Updates
Revenue Decline
Revenue for the first quarter of 2025 was $91,000, down from $175,000 the previous year, reflecting the focus on bladder cancer clinical study completion.
Read all updates
Q1-2025 Updates
Positive
Negative
Completion of Bladder Cancer Study Enrollment
Theralase is on track to complete enrollment in a critical bladder cancer study by the summer of 2025, marking a significant milestone in their clinical development.
Read all positive updates
Company Guidance
During the call, Theralase Technologies provided guidance on several metrics and strategic initiatives. The company is on track to complete enrollment in its registrational bladder cancer study by summer 2025, with a 15-month patient follow-up expected to conclude by the third quarter of 2026. Theralase plans to file a New Drug Application with Health Canada and the FDA in the fourth quarter of 2026, aiming for marketing approval in early 2027. Financially, the company reported nominal revenues of $91,000 for Q1 2025, largely from its Cool Laser Therapy systems, down from $175,000 the previous year. Despite a net loss of $1.47 million, Theralase has raised nearly $7.5 million over the past 24 months through private placements. The company is exploring a potential U.S. uplist and institutional financing, which could enhance its capital position and broaden its investor base. Additionally, Theralase is advancing a pipeline that includes nine new indications, with plans for Phase I/II clinical studies in 2026. The company highlighted a 62% complete response rate in its bladder cancer study, emphasizing the safety and efficacy of its Ruvidar treatment.Theralase Technologies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
56
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 802.46K | 816.47K | 1.03M | 1.07M | 1.14M | 780.64K |
| Gross Profit | 354.74K | 241.51K | 554.03K | 562.13K | 628.17K | 309.94K |
| EBITDA | -3.53M | -3.91M | -3.96M | -4.25M | -4.90M | -4.31M |
| Net Income | -3.79M | -4.12M | -4.26M | -4.57M | -5.25M | -4.42M |
Balance Sheet | ||||||
| Total Assets | 8.13M | 3.49M | 3.25M | 3.28M | 4.16M | 5.94M |
| Cash, Cash Equivalents and Short-Term Investments | 5.26M | 182.91K | 268.76K | 43.91K | 1.51M | 3.69M |
| Total Debt | 148.72K | 458.05K | 293.87K | 386.88K | 473.62K | 35.72K |
| Total Liabilities | 1.28M | 1.72M | 1.18M | 1.37M | 1.07M | 874.79K |
| Stockholders Equity | 6.84M | 1.78M | 2.07M | 1.91M | 3.09M | 5.07M |
Cash Flow | ||||||
| Free Cash Flow | -3.37M | -3.33M | -3.35M | -4.11M | -5.20M | -4.13M |
| Operating Cash Flow | -3.39M | -3.29M | -3.33M | -4.07M | -5.13M | -4.03M |
| Investing Cash Flow | 25.07K | -48.94K | -19.97K | -37.27K | -70.41K | -100.82K |
| Financing Cash Flow | 8.58M | 3.25M | 3.57M | 2.65M | 3.02M | -57.37K |
Theralase Technologies Technical Analysis
Neutral
0.18
Price Trends
0.23
Negative
0.25
Negative
0.24
Negative
Market Momentum
-0.01
Negative
42.65
Neutral
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TLT, the sentiment is Neutral. The current price of 0.18 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.23, and below the 200-day MA of 0.24, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 42.65 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:TLT.
Theralase Technologies Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | C$348.52M | -7.03 | -62.45% | ― | 59.60% | 32.53% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | C$46.03M | -2.39 | -303.05% | ― | 35.27% | 58.34% | |
48 Neutral | C$12.49M | -7.54 | -34.32% | ― | -5.42% | -5.37% | |
43 Neutral | C$57.44M | -13.38 | -130.04% | ― | -24.86% | 18.29% | |
43 Neutral | C$18.32M | -4.87 | 78.25% | ― | 89.06% | 37.62% |
* General Sector Average
TSE:TLT
Theralase Technologies
0.19
>-0.01
-2.56%
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0.30
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36.36%
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9.39
4.04
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-13.64%
Theralase Technologies Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Theralase Narrows Loss, Bolsters Cash as Bladder Cancer Trial Advances
Positive
Aug 28, 2026
Theralase reported a modest 5% year-over-year revenue decline to $296,927 for the first half of 2026, though gross margin improved to 50% as cost of sales fell, while overall net loss narrowed by 14% to $2.09 million on reduced research and develo...
Business Operations and StrategyPrivate Placements and Financing
Theralase Raises C$3.6 Million to Advance Cancer and Antiviral Pipeline
Positive
Aug 24, 2026
Theralase Technologies has closed a brokered private placement, issuing 14,812,500 units at C$0.24 each for gross proceeds of C$3.56 million, with attached warrants expected to trade on the TSX Venture Exchange under TLT.WT. The agent, Research Ca...
Business Operations and StrategyPrivate Placements and Financing
Theralase launches up to C$5 million LIFE financing to advance cancer and antiviral pipeline
Positive
Aug 10, 2026
Theralase Technologies has launched a brokered private placement under the listed issuer financing exemption, offering units at C$0.24 each to raise between C$3 million and C$5 million, with each unit comprising one common share and a warrant exer...
Business Operations and Strategy
Theralase Grants 7 Million Stock Options to Advance Growth Plans
Positive
Aug 7, 2026
Theralase Technologies has granted 7,000,000 stock options to eligible participants under its stock option plan, with an exercise price of C$0.265 per common share. The options will vest over three years, carry a five-year term and remain subject ...
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.