New Risk • May 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€1.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-€1.9m free cash flow). Share price has been highly volatile over the past 3 months (8.9% average weekly change). Earnings have declined by 49% per year over the past 5 years. Minor Risks Revenue is less than US$5m (€1.9m revenue, or US$2.2m). Market cap is less than US$100m (€15.8m market cap, or US$18.3m). Reported Earnings • Apr 16
Full year 2025 earnings released Full year 2025 results: Revenue: €2.23m (up 191% from FY 2024). Net loss: €4.38m (loss narrowed 26% from FY 2024). Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Biotechs industry in Europe. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings have declined by 61% 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 Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 61% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.3m net loss in 2 years). Revenue is less than US$5m (€926k revenue, or US$1.1m). Market cap is less than US$100m (€15.3m market cap, or US$18.0m). Announcement • Apr 14
Helyx Industries S.p.A., Annual General Meeting, Apr 28, 2026 Helyx Industries S.p.A., Annual General Meeting, Apr 28, 2026, at 15:00 W. Europe Standard Time. Location: via montebello n 27, milano Italy New Risk • Mar 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€2.7m). Currently unprofitable and not forecast to become profitable over next 3 years (€3.0m net loss in 3 years). Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (€926k revenue, or US$1.1m). Market cap is less than US$100m (€16.4m market cap, or US$18.9m). Price Target Changed • Oct 17
Price target increased by 18% to €1.16 Up from €0.98, the current price target is an average from 2 analysts. New target price is 12% above last closing price of €1.04. Stock is up 8.7% over the past year. The company is forecast to post a net loss per share of €0.12 next year compared to a net loss per share of €0.24 last year. Reported Earnings • Oct 10
First half 2025 earnings released: €0.099 loss per share (vs €0.14 loss in 1H 2024) First half 2025 results: €0.099 loss per share (improved from €0.14 loss in 1H 2024). Net loss: €2.43m (loss narrowed 21% from 1H 2024). Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 79% to €1.35. The fair value is estimated to be €1.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • Sep 15
Now 20% undervalued Over the last 90 days, the stock has risen 11% to €0.88. The fair value is estimated to be €1.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • Aug 22
Now 21% undervalued Over the last 90 days, the stock has risen 6.8% to €0.88. The fair value is estimated to be €1.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued Over the last 90 days, the stock has risen 20% to €0.88. The fair value is estimated to be €1.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • Jun 16
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €0.78. The fair value is estimated to be €1.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • May 16
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.8% to €0.75. The fair value is estimated to be €1.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 45% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (€768k revenue, or US$852k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.6m). Currently unprofitable and not forecast to become profitable over next 3 years (€2.3m net loss in 3 years). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€20.5m market cap, or US$22.8m). Announcement • Apr 15
Ulisse Biomed S.p.A., Annual General Meeting, Apr 28, 2025 Ulisse Biomed S.p.A., Annual General Meeting, Apr 28, 2025, at 15:00 W. Europe Standard Time. Breakeven Date Change • May 24
No longer forecast to breakeven The analyst covering Ulisse Biomed no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €269.2k in 2024. New forecast suggests the company will make a loss of €530.0k in 2025. Reported Earnings • May 21
Full year 2023 earnings released Full year 2023 results: Net loss: €4.80m (loss widened 267% from FY 2022). Revenue is forecast to grow 64% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in Europe. New Risk • May 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (167% increase in shares outstanding). Revenue is less than US$1m (€91k revenue, or US$99k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (€27.8m market cap, or US$30.2m). Buy Or Sell Opportunity • May 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to €1.17. The fair value is estimated to be €1.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% over the last year. Earnings per share has declined by 117%. Revenue is forecast to grow by 866% in a year. Earnings are forecast to grow by 54% in the next year. Buy Or Sell Opportunity • Apr 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to €1.23. The fair value is estimated to be €1.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% over the last year. Earnings per share has declined by 117%. Revenue is forecast to grow by 866% in a year. Earnings are forecast to grow by 54% in the next year. New Risk • Apr 16
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 Shareholders have been substantially diluted in the past year (167% increase in shares outstanding). Revenue is less than US$1m (€91k revenue, or US$97k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€29.8m market cap, or US$31.6m). New Risk • Jan 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 167% 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 (9.5% average weekly change). Shareholders have been substantially diluted in the past year (167% increase in shares outstanding). Revenue is less than US$1m (€91k revenue, or US$99k). Minor Risk Market cap is less than US$100m (€40.6m market cap, or US$44.4m). Buying Opportunity • Sep 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be €2.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 575% in a year. Earnings is forecast to grow by 79% in the next year. Price Target Changed • Nov 16
Price target decreased to €1.65 Down from €2.15, the current price target is provided by 1 analyst. New target price is 53% above last closing price of €1.08. Stock is down 69% over the past year. The company posted a net loss per share of €0.075 last year. Buying Opportunity • May 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €2.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 289% in 2 years. Earnings is forecast to grow by 85% in the next 2 years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.85, the stock trades at a trailing P/E ratio of 74.2x. Average forward P/E is 38x in the Biotechs industry in Europe.