Mycenax Biotech Inc. (4726) AI Stock Analysis

Mycenax Biotech Inc.

(TPEx:4726)

Select Model

Rating:38Underperform

Price Target:TWD 19.50▼(-12.95% Downside)

Action:initiatedcoverage

Date:11/10/26

Weak financial performance driven by persistent losses, rising leverage, and cash burn is the dominant factor keeping the score low; negative valuation metrics add further pressure while oversold technical signals provide only modest offset.

Positive Factors

2025 Revenue ReboundThe 2025 revenue rebound indicates renewed top-line momentum after slower prior growth. If sustained, a larger revenue base could improve operating leverage, support broader commercialization efforts, and create a stronger foundation for reducing the company’s losses over coming quarters.

Negative Factors

Persistent UnprofitabilityNegative gross profit across four consecutive years indicates that the core economics remain structurally weak rather than reflecting only temporary operating expenses. The deeply negative 2025 net margin shows the company remains far from sustainable profitability, limiting internal funding capacity.

Mycenax Biotech Inc. (4726) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.64B
Dividend Yield: ―
Average Volume (3M): 131.46K
Price to Earnings (P/E): -12.2
Beta (1Y): 0.40
Revenue Growth: 52.81%
EPS Growth: 38.53%
Country: TW
Employees: 387
Sector: General
Sector Strength: 55
Industry: Biotechnology

Mycenax Biotech Inc. Business Overview & Revenue Model

Company Description

Mycenax Biotech Inc. specializes in the research, development, and manufacturing of biopharmaceutical products, leveraging both mammalian and microbial cell culture systems. Its market reach extends across Taiwan, Europe, Asia, and the United States....

Mycenax Biotech Inc. Financial Statement Overview

Summary

Revenue grew 14% recently but gross profit remains deeply negative with large net losses over 60% of revenue; equity has declined while debt rises, and operating cash flow plus free cash flow show persistent heavy burn.

Income Statement

37Negative

Balance Sheet

44Neutral

Cash Flow

23Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	815.87M	740.24M	683.92M	652.62M	732.28M	774.27M
Gross Profit	-143.34M	-181.41M	-241.36M	-375.19M	-113.67M	137.61M
EBITDA	-111.20M	-119.51M	-136.46M	-339.48M	-160.34M	82.83M
Net Income	-381.91M	-448.63M	-467.13M	-682.85M	-453.63M	-89.86M
Balance Sheet
Total Assets	3.28B	3.26B	3.37B	3.77B	4.45B	3.14B
Cash, Cash Equivalents and Short-Term Investments	264.94M	225.75M	278.06M	668.89M	1.34B	295.43M
Total Debt	1.12B	1.07B	883.39M	726.28M	955.85M	744.64M
Total Liabilities	1.87B	1.66B	1.34B	1.32B	1.35B	1.23B
Stockholders Equity	1.41B	1.60B	2.02B	2.45B	3.11B	1.91B
Cash Flow
Free Cash Flow	-22.44M	-126.32M	-522.19M	-428.78M	-789.16M	-1.26B
Operating Cash Flow	123.94M	-27.24M	-191.68M	-131.18M	-150.19M	-146.23M
Investing Cash Flow	-138.05M	-112.44M	-174.93M	-443.15M	-745.24M	-1.03B
Financing Cash Flow	65.44M	94.91M	116.58M	-229.73M	1.93B	1.17B

Mycenax Biotech Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4726 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1760	64Neutral	TWD 4.23B	24.71	―	4.19%	1.43%	-5.24%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3176	42Neutral	TWD 4.62B	-16.65	―	―	1.11%	-94.39%
TW:4726	38Underperform	TWD 4.76B	-12.16	―	―	52.81%	38.53%

* General Sector Average

Performance Comparison

TW:4726 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4726	Mycenax Biotech Inc.	22.40	-10.85	-32.63%
TW:1760	Panion & BF Biotech Inc.	47.70	-17.70	-27.07%
TW:3176	Medigen Biotechnology Corporation	30.10	0.15	0.50%
TW:6610	TWi Biotechnology, Inc	17.50	-18.80	-51.79%
TW:6634	Sinew Pharma, Inc.	63.20	22.70	56.05%
TW:7920	Tripartite Therapeutics, Inc.	6.85	-0.23	-3.25%

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.

Date of analysis: Nov 09, 2026

Mycenax Biotech Inc. AI Stock Analysis