Canadian (TSX) Biotech Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 08 Jun 2026	CA$2.6b	CA$91.1m	-CA$258,707,325.95	1.5x	-10.2x	29x
Wed, 06 May 2026	CA$2.8b	CA$88.4m	-CA$237,383,156.43	27.1x	-11.8x	31.6x
Fri, 03 Apr 2026	CA$2.5b	CA$90.5m	-CA$254,564,092.23	51.7x	-9.9x	27.7x
Sun, 01 Mar 2026	CA$2.9b	CA$92.4m	-CA$239,115,343.87	53.7x	-12.1x	31.2x
Tue, 27 Jan 2026	CA$2.8b	CA$95.6m	-CA$242,249,723.45	22x	-11.6x	29.5x
Thu, 25 Dec 2025	CA$2.4b	CA$95.2m	-CA$240,779,311.31	23x	-10.2x	25.7x
Sat, 22 Nov 2025	CA$2.2b	CA$98.3m	-CA$231,456,871.45	23x	-9.4x	22.2x
Mon, 20 Oct 2025	CA$2.3b	CA$95.7m	-CA$236,129,606.49	23.9x	-9.6x	23.7x
Wed, 17 Sep 2025	CA$1.7b	CA$95.5m	-CA$222,998,008.38	26x	-7.7x	17.9x
Fri, 15 Aug 2025	CA$1.6b	CA$89.6m	-CA$220,390,232.21	18.7x	-7.4x	18.2x
Sun, 13 Jul 2025	CA$1.6b	CA$91.1m	-CA$271,088,522.16	23.4x	-5.9x	17.5x
Tue, 10 Jun 2025	CA$1.5b	CA$90.6m	-CA$303,829,772.73	22.2x	-4.9x	16.4x
Thu, 08 May 2025	CA$1.5b	CA$92.9m	-CA$286,313,165.24	21.2x	-5.2x	16x
Sat, 05 Apr 2025	CA$1.4b	CA$85.7m	-CA$298,875,873.58	22.2x	-4.8x	16.6x
Mon, 03 Mar 2025	CA$1.6b	CA$88.7m	-CA$321,096,678.99	23.8x	-4.9x	17.6x
Wed, 29 Jan 2025	CA$1.5b	CA$87.5m	-CA$318,210,202.51	24.8x	-4.6x	16.8x
Fri, 27 Dec 2024	CA$1.4b	CA$85.6m	-CA$321,836,819.78	15.2x	-4.5x	16.9x
Sun, 24 Nov 2024	CA$1.3b	CA$83.2m	-CA$248,019,917.74	8x	-5.4x	16.2x
Tue, 22 Oct 2024	CA$1.6b	CA$80.4m	-CA$280,352,830.03	8.8x	-5.7x	20x
Thu, 19 Sep 2024	CA$982.1m	CA$80.3m	-CA$274,438,540.66	9.3x	-3.6x	12.2x
Sat, 17 Aug 2024	CA$957.4m	CA$77.4m	-CA$287,856,369.73	9.3x	-3.3x	12.4x
Mon, 15 Jul 2024	CA$1.1b	CA$76.1m	-CA$335,920,138.88	10.4x	-3.4x	15x
Wed, 12 Jun 2024	CA$1.2b	CA$76.9m	-CA$342,661,760.40	11.5x	-3.4x	15.1x
Fri, 10 May 2024	CA$1.1b	CA$78.8m	-CA$342,908,260.28	322.2x	-3.1x	13.7x
Sun, 07 Apr 2024	CA$951.8m	CA$88.1m	-CA$279,564,692.66	10.2x	-3.4x	10.8x
Tue, 05 Mar 2024	CA$1.1b	CA$91.6m	-CA$325,153,900.72	11.1x	-3.5x	12.3x
Thu, 01 Feb 2024	CA$3.6b	CA$87.8m	-CA$517,392,675.00	6.8x	-6.9x	40.7x
Sat, 30 Dec 2023	CA$3.6b	CA$86.1m	-CA$521,728,739.00	7.2x	-7x	42.2x
Mon, 27 Nov 2023	CA$3.9b	CA$86.4m	-CA$546,993,598.00	5.9x	-7.1x	45.1x
Wed, 25 Oct 2023	CA$3.8b	CA$89.0m	-CA$532,614,777.00	5.4x	-7x	42.1x
Fri, 22 Sep 2023	CA$3.9b	CA$88.8m	-CA$517,273,359.00	5.7x	-7.5x	43.9x
Sun, 20 Aug 2023	CA$4.0b	CA$87.3m	-CA$524,804,772.00	6.7x	-7.6x	45.6x
Tue, 18 Jul 2023	CA$4.1b	CA$81.5m	-CA$516,256,990.00	14.5x	-7.9x	49.9x
Thu, 15 Jun 2023	CA$3.9b	CA$86.5m	-CA$552,692,536.00	12.8x	-7.1x	45.2x

Current Industry PE

Investors are optimistic on the Canadian Biotechs industry, and appear confident in long term growth rates.

The 3-year average PS ratio of 24.7x is lower than the industry's current PS ratio of 29.0x.

Past Earnings Growth

The earnings for companies in the Biotechs industry have improved over the last three years.
Meanwhile revenues have remained mostly flat.
This means that companies overall are more efficiently conducting business since losses are shrinking while sales have been flat.

Industry Trends

Which industries have driven the changes within the Canadian Healthcare industry?


CA Market	-0.64%
Healthcare	3.46%
Biotech	-10.13%
Biotech	-10.13%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
PAIN Vector Science and Therapeutics	CA$1.92	13.6% +CA$35.2m	n/a	PB122.4x
METX ME Therapeutics Holdings	CA$1.99	15.7% +CA$8.1m	-80.6%	PB57.3x
SVA Sernova Biotherapeutics	CA$0.15	7.1% +CA$3.8m	-11.8%	PE-4.6x
MRVL Marvel Biosciences	CA$0.20	30.0% +CA$2.8m	116.7%	PE-5.9x
MDNA Medicenna Therapeutics	CA$0.45	5.9% +CA$2.3m	-50.5%	PB6.7x

Company

Last Price

Valuation

PAIN Vector Science and Therapeutics

CA$1.92

13.6%
+CA$35.2m

n/a

PB122.4x

METX ME Therapeutics Holdings

CA$1.99

15.7%
+CA$8.1m

-80.6%

PB57.3x

SVA Sernova Biotherapeutics

CA$0.15

7.1%
+CA$3.8m

-11.8%

PE-4.6x

MRVL Marvel Biosciences

CA$0.20

30.0%
+CA$2.8m

116.7%

PE-5.9x

MDNA Medicenna Therapeutics

CA$0.45

5.9%
+CA$2.3m

-50.5%

PB6.7x

Spectral Medical and Vantive Announce Topline 12 Month Follow-Up Results from Tigris Trial

Spectral Medical and Vantive announced topline mortality data at 12 months for patients enrolled in the Tigris trial. The randomized-controlled trial evaluated the use of Polymyxin B Hemoadsorption (PMX) in adults with endotoxic septic shock. Complete 28-day and 90-day results of the Tigris trial were published in March of this year in The Lancet Respiratory Medicine. The full Bayesian analysis of Tigris revealed an absolute risk reduction for mortality of 10.3% at 28 days corresponding to a number needed to treat (NNT) to prevent one death of 9.7 and 15.5% at 90 days corresponding to a NNT of 6.5. As a secondary endpoint of the trial, preplanned follow-up was conducted on all enrolled Tigris study patients to assess vital status at 12 months. Mortality differences observed earlier in the study persisted through one year, with 12-month mortality of 56/106 (52.8%) in patients treated with PMX compared to 34/51 (66.7%) in patients receiving standard of care alone, representing an absolute risk reduction of 13.9% and a number needed to treat of 7.2. Initial Bayesian statistical analyses based solely on the randomized Tigris trial data, without incorporation of the informative prior from EUPHRATES, demonstrated a 95.9% probability of benefit for PMX at 12 months compared to standard care alone. Additional analyses are ongoing to include the combination of prior EUPHRATES data in Bayesian and non-Bayesian analyses and survival analyses out to one year. Vantive is Spectral's exclusive distributor of PMX in the U.S. and Canada and has non-exclusive rights to distribute EAA globally. Spectral Medical submitted the final Premarket Approval (PMA) module (Module 3) for PMX to the FDA on-May 28, 2026. If approved by the FDA, Vantive plans to commercialize both EAA and PMX, beginning in the United States, to support Targeted Rapid Endotoxin Adsorption (TREA) Therapy. TREA therapy brings precision medicine to sepsis, delivering rapid, decisive treatment for patients with endotoxic septic shock. The Tigris trial was a U.S.-based, multicenter, Phase 3 study evaluating PMX in adults with endotoxic septic shock (ESS), defined by an Endotoxin Activity Assay (EAA) level between 0.60 and 0.90. EAA is an FDA cleared, semiquantitative diagnostic test for measurement of endotoxin activity, allowing for rapid measurements to obtain results in approximately 30 minutes. PMX is not approved for use in the United States. PMX is a single-use therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by the Company’s FDA cleared Endotoxin Activity Assay (EAA), the clinically available test for endotoxin in blood. PMX is approved for therapeutic use in Japan and Europe, licensed by Health Canada, with over 360,000 units sold worldwide to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada, where PMX is licensed but is not yet commercially available. In July 2022, the U.S. FDA granted Breakthrough Device Designation for PMX for the treatment of endotoxic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year. The Tigris Trial is a confirmatory study of PMX in addition to standard care vs standard care alone and is designed as a 2:1 randomized trial of 150 patients using Bayesian statistics. Endotoxic septic shock is a malignant form of sepsis. Complete results of the Tigris trial appeared in the May 2026 issue of the Lancet Respiratory Medicine.

Canadian (TSX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Lead Independent Director recently bought CA$200k worth of stock

Spectral Medical and Vantive Announce Topline 12 Month Follow-Up Results from Tigris Trial

ME Therapeutics Holdings Inc. announced that it expects to receive CAD 0.499999 million in funding

Helix BioPharma Corp. announced that it has received CAD 3.673 million in funding

New major risk - Share price stability

Onco-Innovations Advances 1Kg Scale-Up of B4 Precursor Supporting Onc010 Manufacturing and Clinical Development Program

BriaCell Therapeutics Corp. has completed a Follow-on Equity Offering in the amount of $4.710225 million.

Defence Therapeutics Inc. Appoints Dr. John Lambert as Board Director, Effective 1 June 2026

New major risk - Financial position

We're Hopeful That Eupraxia Pharmaceuticals (TSE:EPRX) Will Use Its Cash Wisely

Vector Science & Therapeutics Corp. Announces Appointment of Dr. Alexander Dobranowski and Scott Kelly to Board of Directors

New minor risk - Share price stability

COO & Senior Scientific Officer recently sold CA$303k worth of stock

Sernova Biotherapeutics Inc announced that it has received CAD 7.564399 million in funding

High number of new and inexperienced directors