TFF Pharmaceuticals (NasdaqGM:TFFP) - Share price, News & Analysis

Q: What is the Fair Price of TFFP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TFFP ($5.75) is trading below our estimate of [[fair value]] ($471.91)

TFFP fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	5/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

TFFP Stock Overview

Rewards

Trading at 98.8% below our estimate of its fair value

Earnings are forecast to grow 75.92% per year

Risk Analysis

Makes less than USD$1m in revenue ($131K)

Has less than 1 year of cash runway

TFF Pharmaceuticals Competitors

Marinus Pharmaceuticals

NasdaqGM:MRNS

US$186.4m

Milestone Pharmaceuticals

NasdaqGS:MIST

US$181.6m

Verona Pharma

NasdaqGM:VRNA

US$259.6m

Provention Bio

NasdaqGS:PRVB

US$255.5m

Price History & Performance

Summary of all time highs, changes and price drops for TFF Pharmaceuticals
Historical stock prices
Current Share Price	US$5.75
52 Week High	US$10.70
52 Week Low	US$3.60
Beta	2.12
1 Month Change	-0.35%
3 Month Change	-20.36%
1 Year Change	-39.47%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	13.41%

Recent News & Updates

May 23

TFF Pharmaceuticals: A Highly Attractive Basket Of Options

TFFP is a platform company with leading technology. Clinical/FDA risk is extremely low. The stock is drastically undervalued based on only fraction of the pipeline and multiples of upside. Multiple insider purchases support the bull case and timing.

May 17

We Think TFF Pharmaceuticals (NASDAQ:TFFP) Needs To Drive Business Growth Carefully

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...

Shareholder Returns

	TFFP	US Pharmaceuticals	US Market
7D	-0.2%	1.1%	0.3%
1Y	-39.5%	10.6%	-18.4%

Return vs Industry: TFFP underperformed the US Pharmaceuticals industry which returned 10.3% over the past year.

Return vs Market: TFFP underperformed the US Market which returned -19.1% over the past year.

Price Volatility

Is TFFP's price volatile compared to industry and market?
TFFP volatility
TFFP Average Weekly Movement	9.0%
Pharmaceuticals Industry Average Movement	12.0%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.3%

Stable Share Price: TFFP is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: TFFP's weekly volatility (9%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2018	4	Glenn Mattes	https://www.tffpharma.com

TFF Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, focuses on developing and commercializing drug products based on its patented Thin Film Freezing (TFF) technology platform in the United States and Australia. It intends to focus on the development of inhaled dry powder drugs for the treatment of pulmonary diseases and conditions. The company’s lead drug candidates are TFF Voriconazole Inhalation Powder, which is in Phase II clinical trials for the treatment of invasive pulmonary aspergillosis; and TFF Tacrolimus Inhalation Powder, which is in Phase II clinical trials used to prevent lung transplant rejection.

TFF Pharmaceuticals Fundamentals Summary

How do TFF Pharmaceuticals's earnings and revenue compare to its market cap?
TFFP fundamental statistics
Market Cap	US$145.90m
Earnings (TTM)	-US$31.76m
Revenue (TTM)	US$131.28k

1,112x

P/S Ratio

-4.6x

P/E Ratio

Is TFFP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TFFP income statement (TTM)
Revenue	US$131.28k
Cost of Revenue	US$21.28m
Gross Profit	-US$21.15m
Other Expenses	US$10.61m
Earnings	-US$31.76m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-1.25
Gross Margin	-16,112.72%
Net Profit Margin	-24,192.49%
Debt/Equity Ratio	0.0%

How did TFFP perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is TFFP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TFFP?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TFFP. This is calculated by dividing TFFP's market cap by their current preferred multiple.
What is TFFP's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$145.90m

TFFP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	910.1x
Enterprise Value/EBITDA	-3.7x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does TFFP's PB Ratio compare to its peers?

TFFP PB Ratio vs Peers

The above table shows the PB ratio for TFFP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	2.9x
MRNS Marinus Pharmaceuticals	5.2x	44.1%	US$186.4m
MIST Milestone Pharmaceuticals	1.8x	48.8%	US$181.6m
VRNA Verona Pharma	2.1x	56.9%	US$259.6m
PRVB Provention Bio	2.7x	42.7%	US$255.5m
TFFP TFF Pharmaceuticals	4.6x	75.9%	US$145.9m

Price-To-Book vs Peers: TFFP is expensive based on its Price-To-Book Ratio (4.6x) compared to the peer average (2.9x).

Price to Earnings Ratio vs Industry

How does TFFP's PE Ratio compare vs other companies in the US Pharmaceuticals Industry?

Price-To-Book vs Industry: TFFP is expensive based on its Price-To-Book Ratio (4.6x) compared to the US Pharmaceuticals industry average (1.8x)

Price to Book Ratio vs Fair Ratio

What is TFFP's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TFFP PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	4.6x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TFFP's Price-To-Book Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of TFFP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TFFP ($5.75) is trading below our estimate of fair value ($471.91)

Significantly Below Fair Value: TFFP is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TFFP's PEG Ratio to determine if it is good value.

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Future Growth

How is TFF Pharmaceuticals forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

75.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TFFP is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: TFFP is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: TFFP is expected to become profitable in the next 3 years.

Revenue vs Market: TFFP's revenue (71.2% per year) is forecast to grow faster than the US market (7.8% per year).

High Growth Revenue: TFFP's revenue (71.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if TFFP's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has TFF Pharmaceuticals performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-44.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TFFP is currently unprofitable.

Growing Profit Margin: TFFP is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: TFFP is unprofitable, and losses have increased over the past 5 years at a rate of 44.1% per year.

Accelerating Growth: Unable to compare TFFP's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TFFP is unprofitable, making it difficult to compare its past year earnings growth to the Pharmaceuticals industry (19.5%).

Return on Equity

High ROE: TFFP has a negative Return on Equity (-100.55%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is TFF Pharmaceuticals's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: TFFP's short term assets ($31.5M) exceed its short term liabilities ($2.2M).

Long Term Liabilities: TFFP has no long term liabilities.

Debt to Equity History and Analysis

Debt Level: TFFP is debt free.

Reducing Debt: TFFP has not had any debt for past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: TFFP has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if TFFP has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

Discover healthy companies

Dividend

What is TFF Pharmaceuticals's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TFFP's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TFFP's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TFFP's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TFFP's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TFFP has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure

CEO

Glenn Mattes (67 yo)

4.17yrs

Tenure

US$596,250

Compensation

Mr. Glenn R. Mattes serves as Director at Viking Scientific, Inc. He serves as Chief Executive Officer, President and Director of TFF Pharmaceuticals, Inc. since May 1, 2018. Mr. Mattes has oversight of th...

CEO Compensation Analysis

Compensation vs Market: Glenn's total compensation ($USD596.25K) is about average for companies of similar size in the US market ($USD800.58K).

Compensation vs Earnings: Glenn's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: TFFP's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

Experienced Board: TFFP's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: TFFP insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/07/05 00:00
End of Day Share Price	2022/07/05 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31