New Risk • Jun 05
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: -zł3.6m 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 (-zł3.6m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł1.6m revenue, or US$440k). Market cap is less than US$10m (zł35.0m market cap, or US$9.59m). Announcement • May 21
Pharmena S.A., Annual General Meeting, Jun 25, 2026 Pharmena S.A., Annual General Meeting, Jun 25, 2026, at 11:00 Central European Standard Time. New Risk • Mar 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.1m (US$9.67m) This is considered a major risk. Companies with a small market capitalization 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 Less than 1 year of cash runway based on free cash flow trend (-zł3.3m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł1.6m revenue, or US$435k). Market cap is less than US$10m (zł35.1m market cap, or US$9.67m). Reported Earnings • Feb 26
Full year 2025 earnings released: zł0.25 loss per share (vs zł0.11 loss in FY 2024) Full year 2025 results: zł0.25 loss per share (further deteriorated from zł0.11 loss in FY 2024). Revenue: zł1.58m (up 488% from FY 2024). Net loss: zł2.77m (loss widened 119% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 18% per year. New Risk • Jan 05
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 Polish stocks, typically moving 8.6% 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 Less than 1 year of cash runway based on free cash flow trend (-zł2.9m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł1.3m revenue, or US$354k). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (zł36.8m market cap, or US$10.2m). Reported Earnings • Dec 03
Third quarter 2025 earnings released: zł0.062 loss per share (vs zł0.043 loss in 3Q 2024) Third quarter 2025 results: zł0.062 loss per share (further deteriorated from zł0.043 loss in 3Q 2024). Revenue: zł407.0k (up zł385.0k from 3Q 2024). Net loss: zł690.0k (loss widened 45% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Aug 20
Pharmena S.A. to Report First Half, 2025 Results on Aug 29, 2025 Pharmena S.A. announced that they will report first half, 2025 results on Aug 29, 2025 New Risk • Jul 09
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 Polish 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-zł2.7m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł268k revenue, or US$74k). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (zł39.0m market cap, or US$10.8m). New Risk • Jun 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.0m (US$9.72m) This is considered a major risk. Companies with a small market capitalization 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 Less than 1 year of cash runway based on free cash flow trend (-zł2.7m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł268k revenue, or US$72k). Market cap is less than US$10m (zł36.0m market cap, or US$9.72m). Announcement • May 23
Pharmena S.A., Annual General Meeting, Jun 25, 2025 Pharmena S.A., Annual General Meeting, Jun 25, 2025. New Risk • May 17
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: -zł2.7m 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 (-zł2.7m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł268k revenue, or US$70k). Minor Risk Market cap is less than US$100m (zł44.4m market cap, or US$11.6m). New Risk • Dec 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł41.0m (US$10.00m) This is considered a major risk. Companies with a small market capitalization 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m (zł308k revenue, or US$75k). Market cap is less than US$10m (zł41.0m market cap, or US$10.00m). Reported Earnings • Dec 02
Third quarter 2024 earnings released: zł0.043 loss per share (vs zł2.71 profit in 3Q 2023) Third quarter 2024 results: zł0.043 loss per share (down from zł2.71 profit in 3Q 2023). Net loss: zł475.0k (down 102% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 29
Second quarter 2024 earnings released: zł0.081 loss per share (vs zł0.051 loss in 2Q 2023) Second quarter 2024 results: zł0.081 loss per share (further deteriorated from zł0.051 loss in 2Q 2023). Net loss: zł904.0k (loss widened 59% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 27
First quarter 2024 earnings released: EPS: zł0.021 (vs zł0.014 loss in 1Q 2023) First quarter 2024 results: EPS: zł0.021 (up from zł0.014 loss in 1Q 2023). Net income: zł235.0k (up zł390.0k from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to zł7.24, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 25x in the Personal Products industry in Europe. Total loss to shareholders of 26% over the past three years. Upcoming Dividend • Apr 02
Upcoming dividend of zł0.85 per share Eligible shareholders must have bought the stock before 09 April 2024. Payment date: 24 April 2024. Trailing yield: 10%. Within top quartile of Polish dividend payers (7.6%). Higher than average of industry peers (2.1%). New Risk • Mar 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 11% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (9.8% average weekly change). Revenue is less than US$5m (zł19m revenue, or US$4.8m). Market cap is less than US$100m (zł88.7m market cap, or US$22.4m). Announcement • Mar 09
Pharmena S.A., Annual General Meeting, Apr 03, 2024 Pharmena S.A., Annual General Meeting, Apr 03, 2024, at 11:00 Central European Standard Time. New Risk • Feb 25
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 Polish stocks, typically moving 9.5% 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 Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Revenue is less than US$5m (zł19m revenue, or US$4.8m). Market cap is less than US$100m (zł82.2m market cap, or US$20.7m). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł8.10, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 23x in the Personal Products industry in Europe. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł7.70, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 27x in the Personal Products industry in Poland. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł7.10, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 26x in the Personal Products industry in Poland. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: zł2.70 (vs zł0.01 loss in 3Q 2022) Third quarter 2023 results: EPS: zł2.70 (up from zł0.01 loss in 3Q 2022). Net income: zł30.1m (up zł30.2m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 16
Pharmena S.A., Annual General Meeting, Jun 13, 2023 Pharmena S.A., Annual General Meeting, Jun 13, 2023, at 11:00 Central European Standard Time. Reported Earnings • Nov 27
Third quarter 2022 earnings released: zł0.01 loss per share (vs zł0.053 loss in 3Q 2021) Third quarter 2022 results: zł0.01 loss per share (improved from zł0.053 loss in 3Q 2021). Revenue: zł4.56m (up 14% from 3Q 2021). Net loss: zł110.0k (loss narrowed 82% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 28
Second quarter 2022 earnings released: zł0.041 loss per share (vs zł0.17 loss in 2Q 2021) Second quarter 2022 results: zł0.041 loss per share (up from zł0.17 loss in 2Q 2021). Revenue: zł4.69m (up 35% from 2Q 2021). Net loss: zł462.0k (loss narrowed 76% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 01
First quarter 2022 earnings released: zł0.015 loss per share (vs zł0.052 loss in 1Q 2021) First quarter 2022 results: zł0.015 loss per share (up from zł0.052 loss in 1Q 2021). Revenue: zł3.63m (up 10.0% from 1Q 2021). Net loss: zł171.0k (loss narrowed 70% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 31
Pharmena S.A., Annual General Meeting, Jun 28, 2022 Pharmena S.A., Annual General Meeting, Jun 28, 2022, at 11:00 Central European Standard Time. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: zł0.053 loss per share (up from zł0.068 loss in 3Q 2020). Revenue: zł4.00m (up 33% from 3Q 2020). Net loss: zł595.0k (loss narrowed 20% from 3Q 2020). Revenue missed analyst estimates by 2.5%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Jun 03
First quarter 2021 earnings released: zł0.052 loss per share (vs zł0.069 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: zł3.30m (up 30% from 1Q 2020). Net loss: zł568.0k (loss narrowed 25% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 15
Full year 2020 earnings released: zł0.63 loss per share (vs zł0.94 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: zł9.93m (down 11% from FY 2019). Net loss: zł6.89m (loss narrowed 27% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 18
New 90-day low: zł8.94 The company is down 15% from its price of zł10.50 on 18 September 2020. The Polish market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is down 31% over the same period. Reported Earnings • Nov 28
Third quarter 2020 earnings released: zł0.068 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: zł3.01m (down 11% from 3Q 2019). Net loss: zł746.0k (loss narrowed 35% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 15
New 90-day low: zł9.20 The company is down 32% from its price of zł13.45 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 36% over the same period. Announcement • Oct 11
Pharmena S.A. announced that it expects to receive PLN 1.5 million in funding Pharmena S.A. (WSE:PHR) announced a private placement of series F shares at not more than PLN 13.1 per share for gross proceeds of PLN 1,500,000 on October 9, 2020. The transaction may include participation from Pelion SA. The company’s board of directors has approved the transaction. The transaction is subject approval of shareholders, which will held on November 5, 2020.