Has the Canadian Biotech Industry valuation changed over the past few years?

Investors are optimistic on the Canadian Biotechnology industry, and appear confident in long term growth rates. The industry's 3-year average PS ratio of 23.3x is exceeded by the industry's current PS ratio of 31.3x.

How does Canadian Biotech compare with similar industries?

There are no additional sub-industries under this industry.

Canadian (TSX) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 04 Sep 2026	CA$3.0b	CA$95.7m	-CA$262,109,100.06	10.5x	-11.4x	31.3x
Sun, 02 Aug 2026	CA$2.8b	CA$91.5m	-CA$257,034,365.46	10.3x	-10.8x	30.4x
Tue, 30 Jun 2026	CA$2.7b	CA$91.4m	-CA$267,909,014.18	1.5x	-10.2x	29.8x
Thu, 28 May 2026	CA$2.9b	CA$91.1m	-CA$264,959,750.03	18.9x	-11x	32.1x
Sat, 25 Apr 2026	CA$2.7b	CA$85.8m	-CA$242,753,365.53	55.1x	-11.3x	31.9x
Mon, 23 Mar 2026	CA$2.5b	CA$92.5m	-CA$253,679,737.75	48.3x	-9.9x	27.1x
Wed, 18 Feb 2026	CA$2.7b	CA$93.7m	-CA$250,320,641.35	21.3x	-10.8x	28.8x
Fri, 16 Jan 2026	CA$2.8b	CA$95.8m	-CA$244,228,871.19	23.2x	-11.5x	29.4x
Sun, 14 Dec 2025	CA$2.4b	CA$97.8m	-CA$234,143,915.74	24.4x	-10.1x	24.2x
Tue, 11 Nov 2025	CA$2.1b	CA$95.7m	-CA$232,523,702.34	23.8x	-9.1x	22.1x
Thu, 09 Oct 2025	CA$2.3b	CA$95.7m	-CA$225,934,347.44	24.4x	-10.2x	24x
Sat, 06 Sep 2025	CA$1.7b	CA$95.6m	-CA$221,723,599.36	27x	-7.6x	17.5x
Mon, 04 Aug 2025	CA$1.5b	CA$91.2m	-CA$216,536,232.68	22.3x	-7x	16.5x
Wed, 02 Jul 2025	CA$1.5b	CA$91.0m	-CA$271,844,973.55	22.2x	-5.6x	16.8x
Fri, 30 May 2025	CA$1.5b	CA$90.7m	-CA$306,646,468.82	23.9x	-4.9x	16.7x
Sun, 27 Apr 2025	CA$1.4b	CA$92.9m	-CA$284,749,406.15	19.5x	-5x	15.2x
Tue, 25 Mar 2025	CA$1.5b	CA$88.6m	-CA$306,947,539.23	21.9x	-5x	17.4x
Thu, 20 Feb 2025	CA$1.7b	CA$85.1m	-CA$318,118,013.59	33.5x	-5.3x	19.8x
Sat, 18 Jan 2025	CA$1.5b	CA$87.6m	-CA$319,005,857.07	24.7x	-4.8x	17.5x
Mon, 16 Dec 2024	CA$1.5b	CA$83.5m	-CA$311,463,267.95	9.3x	-4.8x	18x
Wed, 13 Nov 2024	CA$1.4b	CA$80.4m	-CA$276,181,541.25	8.4x	-5.1x	17.4x
Fri, 11 Oct 2024	CA$1.1b	CA$80.3m	-CA$279,579,773.71	9.1x	-3.8x	13.1x
Sun, 08 Sep 2024	CA$950.1m	CA$80.3m	-CA$281,868,541.09	10.1x	-3.4x	11.8x
Tue, 06 Aug 2024	CA$1.1b	CA$76.2m	-CA$333,606,676.29	11.1x	-3.3x	14.6x
Thu, 04 Jul 2024	CA$1.1b	CA$76.8m	-CA$349,965,098.02	10.3x	-3.2x	14.4x
Sat, 01 Jun 2024	CA$1.2b	CA$76.8m	-CA$358,962,685.28	10.8x	-3.2x	15.2x
Mon, 29 Apr 2024	CA$935.1m	CA$79.4m	-CA$301,014,407.49	12x	-3.1x	11.8x
Wed, 27 Mar 2024	CA$1.1b	CA$91.7m	-CA$321,452,899.68	11.6x	-3.4x	12x
Fri, 23 Feb 2024	CA$1.2b	CA$93.1m	-CA$320,707,468.10	12.6x	-3.7x	12.6x
Sun, 21 Jan 2024	CA$3.5b	CA$86.3m	-CA$516,793,114.00	6.5x	-6.9x	41.1x
Tue, 19 Dec 2023	CA$3.6b	CA$86.3m	-CA$525,469,714.00	6.7x	-6.9x	41.9x
Thu, 16 Nov 2023	CA$3.8b	CA$89.2m	-CA$540,587,711.00	6.4x	-7.1x	43x
Sat, 14 Oct 2023	CA$3.8b	CA$88.9m	-CA$532,187,214.00	5.4x	-7.2x	42.9x
Mon, 11 Sep 2023	CA$4.0b	CA$87.4m	-CA$507,213,451.00	5.7x	-7.9x	45.7x


CA Market	-0.28%
Healthcare	-0.53%
Biotech	-1.13%
Biotech	-1.13%

Company	Last Price	7D	1Y	Valuation
PAIN Vector Science and Therapeutics	CA$2.09	9.4% +CA$28.1m	n/a	PB137.4x
EPRX Eupraxia Pharmaceuticals	CA$10.36	1.9% +CA$12.5m	41.0%	PB4.9x
NRX NurExone Biologic	CA$0.62	25.3% +CA$12.0m	-25.3%	PB34.2x
METX ME Therapeutics Holdings	CA$2.50	16.3% +CA$10.6m	-37.5%	PB117.8x
MPH Medicure	CA$2.45	28.9% +CA$5.7m	85.6%	PS0.8x

Announcement • Aug 24

BriaCell Therapeutics Corp. Advances Personalized Melanoma Immunotherapy Vaccine Candidate Bria-MEL+

BriaCell Therapeutics Corp. announced that Bria-MEL+, its personalized whole cell melanoma immunotherapy vaccine candidate, has achieved a key genetic engineering milestone, advancing the program toward clinical development. Bria-MEL+ is a cell-based therapeutic cancer vaccine designed to harness a patient’s own immune system to combat melanoma. The program is personalized yet ‘off-the-shelf’: a simple patient saliva test will determine which of the several premanufactured treatment cell lines will be selected for personalized treatment, avoiding the need to manufacture a unique product for each individual patient. Bria-MEL+ is a personalized, off-the-shelf, genetically modified whole-cell cancer vaccine designed to activate multiple components of the immune system, including innate and adaptive immune responses, to target and destroy melanoma cells. The program is derived from BriaCell’s Bria-OTS+ (off-the-shelf) cellular immunotherapy platform and is being developed using premanufactured cell lines selected through patient HLA matching. BriaCell’s Bria-MEL+ expands the Company’s personalized immunotherapy platform which is led by Bria-IMT, currently in a pivotal Phase 3 trial for metastatic breast cancer. BriaCell is also advancing Bria-OTS in breast cancer, in which the first patient dosed experienced sustained complete resolution of a lung metastasis, and Bria-PROS+ in prostate cancer which has recently received FDA clearance to initiate clinical evaluation. The Bria-MEL+, Bria-PROS+ and Bria-OTS programs are based on matching patient HLA type with the corresponding immunotherapy cell line. Earlier in 2026, BriaCell reported preclinical data from the Bria-OTS+ platform at the AACR Annual Meeting, Bria-OTS+ demonstrated activation of both adaptive and innate immunity, including naïve/resting T cells, dendritic cells, and natural killer (NK) cells, inducing immune memory and eliciting “serial killer” activity against cancer cells. BriaCell believes this multipronged immune activation supports the potential of the Bria-OTS+ platform to generate anti-tumor immune responses and informs the development of Bria-MEL+ for melanoma. BriaCell has commenced development activities to support production of Bria-MEL+ for potential clinical use. Bria-MEL+ recently passed a key milestone in the genetic engineering process, streamlining the path to the clinic.

Announcement • Jul 17

Telo Genomics Provides Positive Interim Data from Ongoing Clinical Trial Advancing Genomic Instability-Based Relapse Risk Assessment

Telo Genomics Corp. announced positive interim results from an ongoing retrospective clinical study conducted in collaboration with National and Kapodistrian University of Athens. The clinical trial, which is expected to conclude in summer 2026, analyzes baseline blood samples from multiple myeloma patients treated with standard-of-care regimens. The study cohort includes patients with known two-year clinical outcomes, enabling direct comparisons between patients who relapsed and those who remained in remission. The interim analysis evaluated diagnostic blood samples from 50 multiple myeloma patients with sufficient follow-up data. The study identified “Average Distance to Nuclear Center,” a telomere-associated nuclear architecture parameter linked to genomic instability, as the strongest predictor of relapse status. Receiver Operating Characteristic (ROC) analysis demonstrated strong discriminatory performance, with the assay achieving an Area Under the Curve (AUC) of 0.849, a level considered highly predictive in clinical diagnostics. The interim data suggest that Telo Genomics’ platform may offer a differentiated precision-medicine approach to multiple myeloma by combining disease detection, relapse-risk prediction, and monitoring of disease progression in a single genomic instability-based assay. Specifically, the interim results demonstrate several important clinical and technological capabilities: Telomere-driven nuclear architecture patterns may serve as predictive biomarkers of relapse risk. The platform may identify biologically aggressive disease not apparent through conventional residual disease measurements. The assay may combine residual disease detection and relapse-risk stratification within a single test. Serial 3D telomere profiling may enable monitoring of disease evolution over time. Blood-based testing may reduce dependence on repeated bone marrow sampling. To the Company's knowledge, no clinically implemented MRD scoring model currently integrates residual disease detection with single-cell genomic-instability profiling to predict relapse risk in this manner. Telo Genomics combines highly sensitive CTC detection with single-cell 3D telomere profiling to assess the genomic instability and biologic behavior of residual tumor cells. This approach has the potential to provide relapse-risk stratification that complements tumor-burden measurements and supports clinically important treatment decisions. The Company believes the platform’s ability to combine MRD assessment, malignant cell identification, and relapse-risk prognostication within a single assay could support more personalized treatment decisions and improve clinical management of multiple myeloma patients. Telo Genomics has also partnered with the Cleveland Clinic and Montreal Jewish General Hospital to analyze MRD in a cumulative cohort of approximately 20 multiple myeloma patients, with blood and bone marrow samples from different stages of treatment progression. Telo Genomics previously demonstrated an analytical limit of detection of one tumor cell per 10 million white blood cells, which was published in BioTechniques (PMID: 41873241). Building on these findings, the current study is designed to directly compare Telo Genomics' ability to isolate and characterize circulating tumor cells from peripheral blood in a clinical multiple myeloma cohort against NGS-based MRD results by Adaptive Biotechnologies' ClonoSEQ®, a leading NGS-based MRD platform. In addition to MRD status assessment, the study evaluates Telo Genomics platform by incorporating serial three-dimensional telomere profiling of circulating tumor cells. The studies are designed to longitudinally monitor both MRD status and genomic instability over time, enabling evaluation of how changes in telomere architecture correlate with disease evolution, treatment response and eventual clinical outcomes. Telo Genomics intends to continue validating its technology against current standards of care, including directly with EuroFlow, Adaptive and other established MRD methodologies, with broader validation efforts expected through the end of 2026. MRD refers to the small number of cancer cells that remain in the body after treatment and may ultimately lead to relapse. MRD testing is increasingly being adopted as an important clinical endpoint in oncology and hematologic malignancies, including multiple myeloma. Existing MRD technologies primarily focus on detecting residual tumor cells and often require invasive bone marrow biopsies. Telo Genomics’ blood-based platform is designed to add prognostic insight by analyzing 3D telomere architecture and genomic instability associated with disease evolution and relapse risk.

Canadian (TSX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Comparison

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Latest News

New major risk - Revenue and earnings growth

Third quarter 2026 earnings: EPS and revenues exceed analyst expectations

CEO, Interim CFO & Director exercised options and sold CA$439k worth of stock

BriaCell Therapeutics Corp. Advances Personalized Melanoma Immunotherapy Vaccine Candidate Bria-MEL+

Independent Director recently bought CA$207k worth of stock

New minor risk - Shareholder dilution

Vector Science and Therapeutics Corp Files Provisional Patent Application on Integrated Platform for Orthopedic Tissue Regeneration Using Peptides

Price target increased by 7.7% to CA$139

Less than half of directors are independent

New major risk - Revenue and earnings growth

Insufficient new directors

Second quarter 2026 earnings released: CA$0.14 loss per share (vs CA$0.075 loss in 2Q 2025)

Third quarter 2026 earnings released: CA$0.006 loss per share (vs CA$0.012 loss in 3Q 2025)

No independent directors

New minor risk - Shareholder dilution

Telo Genomics Provides Positive Interim Data from Ongoing Clinical Trial Advancing Genomic Instability-Based Relapse Risk Assessment