Vascular Biogenics (NasdaqGM:VBLT) - Share price, News & Analysis

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

VBLT Stock Overview

Vascular Biogenics Ltd., a clinical stage biopharmaceutical company, develops therapeutics for the treatment of cancer and immune-inflammatory diseases in Israel and the United States.

Rewards

Trading at 97.9% below our estimate of its fair value

Revenue is forecast to grow 22% per year

Risk Analysis

Makes less than USD$1m in revenue ($696K)

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

Vascular Biogenics Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Vascular Biogenics
Historical stock prices
Current Share Price	US$1.49
52 Week High	US$2.59
52 Week Low	US$1.10
Beta	1.08
1 Month Change	-15.82%
3 Month Change	-11.31%
1 Year Change	-36.86%
3 Year Change	14.62%
5 Year Change	-66.52%
Change since IPO	-74.53%

Recent News & Updates

May 18

Here's Why We're Watching Vascular Biogenics' (NASDAQ:VBLT) Cash Burn Situation

We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...

Shareholder Returns

	VBLT	US Biotechs	US Market
7D	9.6%	10.3%	6.6%
1Y	-36.9%	-24.3%	-18.4%

Return vs Industry: VBLT underperformed the US Biotechs industry which returned -24.4% over the past year.

Return vs Market: VBLT underperformed the US Market which returned -18.5% over the past year.

Price Volatility

Is VBLT's price volatile compared to industry and market?
VBLT volatility
VBLT Average Weekly Movement	11.7%
Biotechs Industry Average Movement	13.2%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.2%

Stable Share Price: VBLT is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: VBLT's weekly volatility (12%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2000	41	Dror Harats	https://www.vblrx.com

Vascular Biogenics Ltd., a clinical stage biopharmaceutical company, develops therapeutics for the treatment of cancer and immune-inflammatory diseases in Israel and the United States. Its programs are based on its vascular targeting system, a gene-based technology targeting newly formed blood vessels; and monocyte targeting technology, an antibody-based technology that enables specifically inhibit monocyte migration for immune-inflammatory applications. The company’s lead product candidate is VB-111, a gene-based biologic that is in Phase III clinical trials for the recurrent platinum-resistant ovarian cancer; and Phase II clinical trials treatment of recurrent glioblastoma and colorectal cancer, as well as has completed Phase II clinical trial for the treatment of thyroid cancer.

Vascular Biogenics Fundamentals Summary

How do Vascular Biogenics's earnings and revenue compare to its market cap?
VBLT fundamental statistics
Market Cap	US$103.33m
Earnings (TTM)	-US$34.06m
Revenue (TTM)	US$696.00k

148.6x

P/S Ratio

-3.0x

P/E Ratio

Is VBLT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
VBLT income statement (TTM)
Revenue	US$696.00k
Cost of Revenue	US$330.00k
Gross Profit	US$366.00k
Other Expenses	US$34.43m
Earnings	-US$34.06m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.49
Gross Margin	52.59%
Net Profit Margin	-4,894.40%
Debt/Equity Ratio	0%

How did VBLT perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is VBLT 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 VBLT?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for VBLT. This is calculated by dividing VBLT's market cap by their current preferred multiple.
What is VBLT's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$103.33m

VBLT 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	87.7x
Enterprise Value/EBITDA	-1.9x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

VBLT PB Ratio vs Peers

The above table shows the PB ratio for VBLT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	0.8x

Price-To-Book vs Peers: VBLT is expensive based on its Price-To-Book Ratio (2.4x) compared to the peer average (0.8x).

Price to Earnings Ratio vs Industry

How does VBLT's PE Ratio compare vs other companies in the U.S. Biotechs Industry?

Price-To-Book vs Industry: VBLT is expensive based on its Price-To-Book Ratio (2.4x) compared to the US Biotechs industry average (1.6x)

Price to Book Ratio vs Fair Ratio

What is VBLT'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.

VBLT PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	2.4x
Fair PB Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: VBLT ($1.49) is trading below our estimate of fair value ($71.8)

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

Price to Earnings Growth Ratio

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

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Future Growth

How is Vascular Biogenics forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

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

19.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VBLT is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: VBLT is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: VBLT is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: VBLT's revenue (22% per year) is forecast to grow faster than the US market (8.4% per year).

High Growth Revenue: VBLT's revenue (22% 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 VBLT's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Vascular Biogenics 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

-16.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VBLT is currently unprofitable.

Growing Profit Margin: VBLT is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: VBLT is unprofitable, and losses have increased over the past 5 years at a rate of 16.9% per year.

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

Earnings vs Industry: VBLT is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (96.9%).

Return on Equity

High ROE: VBLT has a negative Return on Equity (-79.59%), as it is currently unprofitable.

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Financial Health

How is Vascular Biogenics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

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

Financial Position Analysis

Short Term Liabilities: VBLT's short term assets ($46.5M) exceed its short term liabilities ($11.0M).

Long Term Liabilities: VBLT's short term assets ($46.5M) exceed its long term liabilities ($2.4M).

Debt to Equity History and Analysis

Debt Level: VBLT is debt free.

Reducing Debt: VBLT 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: VBLT has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: VBLT has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 12% each year.

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Dividend

What is Vascular Biogenics'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
Future Dividend Coverage

Dividend Yield vs Market

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

High Dividend: Unable to evaluate VBLT'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 VBLT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VBLT'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 VBLT has not reported any payouts.

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Management

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

14.4yrs

Average management tenure

CEO

Dror Harats (64 yo)

21.42yrs

Tenure

US$888,799

Compensation

Prof. Dror Harats, MD, has been the Chief Executive Officer of Vascular Biogenics Ltd., since January 2001. Prof. Harats founded VBL in 2000 based on many years of research in Atherosclerosis, Vascular Bio...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Dror's total compensation is reasonable compared to companies of similar size in the US market.

Compensation vs Earnings: Dror's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: VBLT's management team is seasoned and experienced (14.4 years average tenure).

Board Members

Experienced Board: VBLT's board of directors are considered experienced (4.4 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.2%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31