Announcement • Jun 24
THX Pharma Announces Appointment of Sophie Jacq Lapointe to Board of Directors THX Pharma had announced the appointment of Sophie Jacq Lapointe to its Board of Directors. Sophie Jacq Lapointe brought more than twenty years of experience in the pharmaceutical and biotechnology sectors. She had held executive and strategic leadership positions at Roche, Sanofi, Sanofi Genzyme and Ipsen. She contributed to more than twenty successful product launches across France, Europe and emerging markets, including Dupixent(R) at Sanofi Genzyme, one of the group's most successful launches in Europe. Her appointment was fully aligned with THX Pharma's new strategy, which aimed to accelerate the registration, market access and international commercialization of its drug candidates for rare diseases. Her expertise in corporate strategy, portfolio development, market access and governance would be a major asset in supporting the company's next phases of growth. Sophie Jacq Lapointe was a graduate of ESSEC Business School, further completed her education with a specialization in immuno-oncology from Harvard Medical School and a corporate governance certification from the French Institute of Directors (Institut Français des Administrateurs). Announcement • May 20
THX Pharma Société Anonyme, Annual General Meeting, Jun 23, 2026 THX Pharma Société Anonyme, Annual General Meeting, Jun 23, 2026. Location: 28 rue de la redoute, fontenay aux roses France New Risk • Apr 30
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: €813k (US$952k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-€1.9m). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m (€813k revenue, or US$952k). Minor Risk Market cap is less than US$100m (€47.5m market cap, or US$55.6m). New Risk • Apr 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-€1.9m). Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€876k revenue, or US$1.0m). Market cap is less than US$100m (€43.7m market cap, or US$51.2m). Announcement • Jan 08
THX Pharma Announces Appointment of Julien Veys as Deputy Chief Executive Officer THX Pharma announced the appointment of Julien Veys as Deputy Chief Executive Officer. Julien joined THX Pharma (Theranexus) in January 2016 and successively held the positions of Chief Business Development Officer, and then Chief Operating Officer since January 2025. In these roles, he played a key part in several major milestones in the company's development, including Theranexus' initial public offering on the Euronext Growth market in 2017, the in-licensing of the Batten-1 program in 2019 from the Beyond Batten Disease Foundation, and the out-licensing of the TX01 program in 2024 to Exeltis (Insud Pharma Group). Between 2005 and 2015, he held several strategic positions within the biotech company Trophos, ultimately serving as Chief Business Development Officer. During this period, he notably contributed to raising EUR 17 million in R&D funding and to the acquisition of the company by Roche for EUR 470 million. Julien holds a degree in science from Aix-Marseille University and an MBA from HEC Paris. He is also a member of the Board of Directors. New Risk • Nov 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 78% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€1.9m). Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Minor Risks Revenue is less than US$5m (€876k revenue, or US$1.0m). Market cap is less than US$100m (€23.1m market cap, or US$26.6m). Announcement • Oct 23
Theranexus Société Anonyme has filed a Follow-on Equity Offering in the amount of €7.842247 million. Theranexus Société Anonyme has filed a Follow-on Equity Offering in the amount of €7.842247 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,356,804
Price\Range: €1.8
Transaction Features: Rights Offering New Risk • Oct 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-€1.7m). Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Revenue is less than US$5m (€879k revenue, or US$1.0m). Market cap is less than US$100m (€23.6m market cap, or US$27.4m). Announcement • May 22
Theranexus Société Anonyme, Annual General Meeting, Jun 26, 2025 Theranexus Société Anonyme, Annual General Meeting, Jun 26, 2025. Location: 28 rue de la redoute, fontenay aux roses France New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-€3.4k). Earnings have declined by 1.1% per year over the past 5 years. Market cap is less than US$10m (€3.34m market cap, or US$3.77m). Minor Risk Revenue is less than US$5m (€2.3m revenue, or US$2.6m). New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-€3.4k). Market cap is less than US$10m (€3.09m market cap, or US$3.51m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (€2.3m revenue, or US$2.6m). New Risk • Dec 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-€3.4k). Market cap is less than US$10m (€4.95m market cap, or US$5.18m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€4.9m). Revenue is less than US$5m (€2.3m revenue, or US$2.4m). New Risk • Oct 06
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€3.4k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€4.9m free cash flow). Negative equity (-€3.4k). Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Market cap is less than US$10m (€4.17m market cap, or US$4.58m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€4.9m net loss in 2 years). Share price has been volatile over the past 3 months (8.8% average weekly change). Revenue is less than US$5m (€2.3m revenue, or US$2.5m). New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 9.6% per year over the past 5 years. Revenue is less than US$1m (€247k revenue, or US$262k). Market cap is less than US$10m (€8.34m market cap, or US$8.87m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (45% increase in shares outstanding). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. Independent Director Eric Doulat was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 24
Theranexus Société Anonyme to Report First Half, 2024 Results on Sep 26, 2024 Theranexus Société Anonyme announced that they will report first half, 2024 results on Sep 26, 2024 New Risk • Jul 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m (€415k revenue, or US$460k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€7.1m net loss in 3 years). Market cap is less than US$100m (€9.78m market cap, or US$10.8m). Announcement • May 10
Theranexus and BBDF Win FDA Approval on Efficacy Endpoints for the Phase III Trial to Evaluate Batten-1 in CLN3 Batten Disease Theranexus and the Beyond Batten Disease Foundation have announced receipt of approval from the Food and Drug Administration (FDA) for the design and primary and secondary endpoints of the pivotal Phase III trial for Batten disease CLN3, at a meeting with the Division of Rare Diseases and Medical Genetics (DRDMG) held in mid-April. Theranexus and BBDF worked with the FDA's DRDMG to define the following criteria for the protocol of the Phase III multicenter trial for evaluating Batten-1 in patients with juvenile Batten disease (CLN3): The trial will be a randomized, double-blind study conducted versus placebo in 2 parallel groups to assess the efficacy of Batten-1 at a dose of 15 mg/kg and up to 600 mg/day for a 2-year treatment period, The target population will be a pediatric cohort involving approximately 60 patients aged 4 to 16 years, with randomization stratified into 3 age groups of 4 to 8 years, 9 to 12 years and 13 to 16 years to achieve suitable representation for all age groups assessed, The primary endpoint will be visual acuity, measured using either the quantitative LogMAR[1] scale, or a qualitative scale in the most impaired patients for whom quantitative assessment is not possible, The secondary endpoints will include cognitive function, assessed by the Verbal Comprehension Index from the Wechsler Intelligence Scale for Children according to age, motor function assessed by a selection of motor items from the Unified Batten Disease Rating Scale (UBDRS), and visual function, assessed by OCT scan, An assessment of functional ability in everyday activities and a Quality-of-Life measurement will also be performed. An additional open-label cohort of 9 patients' representative of the different age groups of the target population will be enrolled in parallel. This will allow to enrich the statistical analysis plan, in particular in comparison with natural history data, for the primary and secondary endpoints on trial completion, and produce interim results every 6 months, including measurements of biomarkers (notably glycosphingolipids given their toxic accumulation resulting in neuronal death) and efficacy data on the same criteria as the main 60-patient cohort. Patient enrollment should begin in the end of 2023. The trial will run in parallel in several centers throughout the United States and Europe. Provided positive results are registered, the FDA confirms that a sole Phase III trial as defined above would secure approval of the Batten-1 candidate in Batten disease. The company's goal is to use the results of this trial to win product approval in both the United States and Europe. As a reminder, the Phase III trial follows on from Phase I/II whose initial results showed good safety and tolerability of miglustat in a population of CLN3 patients over 17 years of age, and a pharmacokinetic profile in line with expectations. Announcement • Jan 06
Theranexus Announces the Initial Results of Their Phase I/II Clinical Trial for Juvenile Batten Disease Theranexus announced the initial results of their Phase I/II clinical trial for juvenile Batten disease (CLN3). After a 9-week course of Batten-1 with the maximum dose of 600 mg/day, the first results of the Phase I/II trial enrolling six patients with juvenile Batten disease (CLN3) aged 17 and over showed good patient safety and tolerability, and a pharmacokinetic profile in line with expectations. Price Target Changed • Nov 16
Price target decreased to €6.45 Down from €13.45, the current price target is an average from 2 analysts. New target price is 242% above last closing price of €1.89. Stock is down 73% over the past year. The company is forecast to post a net loss per share of €1.34 next year compared to a net loss per share of €1.62 last year. Price Target Changed • Jul 27
Price target decreased to €10.97 Down from €13.45, the current price target is provided by 1 analyst. New target price is 444% above last closing price of €2.02. Stock is down 75% over the past year. The company is forecast to post a net loss per share of €1.34 next year compared to a net loss per share of €1.62 last year. Price Target Changed • Apr 27
Price target decreased to €12.55 Down from €27.10, the current price target is an average from 2 analysts. New target price is 524% above last closing price of €2.01. Stock is down 85% over the past year. The company is forecast to post earnings per share of €2.08 next year compared to a net loss per share of €1.17 last year. Breakeven Date Change • Dec 31
No longer forecast to breakeven The 3 analysts covering Theranexus Société Anonyme no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €6.20m in 2021. New consensus forecast suggests the company will make a loss of €7.00m in 2022. Breakeven Date Change • Jul 10
No longer forecast to breakeven The 2 analysts covering Theranexus Société Anonyme no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €6.20m in 2021. New consensus forecast suggests the company will make a loss of €6.10m in 2022. Price Target Changed • Apr 09
Price target decreased to €20.25 Down from €21.83, the current price target is provided by 1 analyst. New target price is 61% above last closing price of €12.60. Stock is up 83% over the past year. Is New 90 Day High Low • Feb 19
New 90-day low: €11.70 The company is down 24% from its price of €15.35 on 20 November 2020. The French market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 8.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: €21.60 The company is up 131% from its price of €9.36 on 16 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 6.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: €20.50 The company is up 154% from its price of €8.06 on 29 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 30
New 90-day high: €17.40 The company is up 90% from its price of €9.16 on 01 September 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 02
New 90-day high: €11.85 The company is up 19% from its price of €9.94 on 04 August 2020. The French market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Sep 24
New 90-day low: €7.86 The company is down 25% from its price of €10.45 on 26 June 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
