Alterity Therapeutics Limited
ATHEHealthcare|Biotechnology|AU
$2.43
+0.21 (+9.46%)
DCF Value
$1.70
Tangible Book / Share
$117.86
Cash / Share
$102.94
Financials
Financial Snapshot
Market Cap
$41.2M
Enterprise Value
$29.3M
Revenue (TTM)
$5.4M
Net Income (TTM)
-$35.6M
Cash & Investments
$37.3M
Net Cash
$37.1M
Free Cash Flow (TTM)
-$3.7M
Operating CF (TTM)
-$26.9M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$37.3M
Quarterly Burn
$6.7M
Monthly Burn
$2.2M
Est. Runway
~5.5 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $21.9M | $15.2M | $14.4M | $9.2M | $28.1M | $34.8M | $15.8M | $12.6M | $40.7M | $37.3M | $37.3M | |
| Operating Cash Flow | -$5.9M | -$6.2M | -$14.0M | -$9.4M | -$17.3M | -$12.3M | -$20.0M | -$12.6M | -$11.5M | -$22.0M | -$26.9M | |
| Free Cash Flow | -$5.9M | -$6.3M | -$14.0M | -$9.4M | -$17.3M | -$12.4M | -$20.0M | -$12.6M | -$11.5M | $0.00 | -$3.7M | |
| Capital Expenditure | -$27.9K | -$62.4K | -$7.0K | -$16.7K | -$10.5K | -$89.1K | -$7.3K | -$5.7K | $3.00 | $22.0M | $23.2M | |
| Financing Cash Flow | -$159.6K | -$107.7K | $12.7M | $4.0M | $36.7M | $16.3M | $124.3K | $9.2M | $39.7M | $18.7M | $50.8M |
R&D Spending
R&D (TTM)
$32.0M
R&D Intensity
588.9%
R&D Growth vs Prior
+85.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $132.4K | $201.2K | $108.5K | $0.00 | $4.3M | $5.1M | $3.9M | $4.0M | $5.4M | $0.00 | $5.4M | |
| R&D Expense | $5.7M | $6.7M | $13.0M | $10.1M | $12.3M | $14.7M | $13.2M | $18.6M | $14.4M | $17.2M | $32.0M | |
| R&D % of Revenue | 4305.5% | 3329.5% | 11961.9% | — | 283.1% | 287.8% | 337.0% | 463.9% | 264.8% | — | 588.9% | |
| SG&A | $3.9M | $4.3M | $4.3M | $3.3M | $6.9M | $5.5M | $5.0M | $4.8M | $5.5M | $10.4M | $16.1M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $132.4K | $201.2K | $108.5K | $0.00 | $4.3M | $5.1M | $3.9M | $4.0M | $5.4M | $0.00 | $5.4M | |
| Cost of Revenue | $21.3K | $21.8K | $29.7K | $112.4K | $360.0K | $364.7K | $285.1K | $214.3K | $127.5K | $113.0K | $242.8K | |
| Gross Profit | $111.1K | $179.4K | $78.8K | -$112.4K | $4.0M | $4.8M | $3.6M | $3.8M | $5.3M | -$113.0K | $5.2M | |
| R&D | $5.7M | $6.7M | $13.0M | $10.1M | $12.3M | $14.7M | $13.2M | $18.6M | $14.4M | $17.2M | $32.0M | |
| SG&A | $3.9M | $4.3M | $4.3M | $3.3M | $6.9M | $5.5M | $5.0M | $4.8M | $5.5M | $10.4M | $16.1M | |
| Operating Income | -$6.9M | -$7.8M | -$12.7M | -$10.4M | -$15.2M | -$15.5M | -$14.6M | -$19.6M | -$14.6M | -$27.8M | -$43.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$7.5M | -$8.3M | -$12.3M | -$10.1M | -$15.3M | -$12.8M | -$13.7M | -$19.1M | -$12.1M | -$26.3M | -$40.6M | |
| Net Income | -$7.5M | -$8.3M | -$12.0M | -$10.1M | -$15.3M | -$12.8M | -$13.8M | -$19.1M | -$12.1M | -$22.9M | -$35.6M | |
| EPS (Diluted) | -8.46 | -9.30 | -11.64 | -6.48 | -5.40 | -3.18 | -3.42 | -3.12 | -1.14 | -1.32 | -2.58 | |
| EBITDA | -$6.9M | -$11.4M | -$12.8M | -$13.3M | -$15.1M | -$17.4M | -$14.5M | -$19.5M | -$14.5M | -$27.7M | -$42.8M | |
| Shares Out. (M) | 0.89 | 0.89 | 1.03 | 1.49 | 2.83 | 4.01 | 4.05 | 6.08 | 10.66 | 17.54 | 18.13 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.9M | $15.2M | $14.4M | $9.2M | $28.1M | $34.8M | $15.8M | $12.6M | $33.2M | $37.3M | $37.3M | |
| Short-Term Investments | $44.0K | $9.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.5M | $0.00 | $0.00 | |
| Total Current Assets | $25.3M | $18.7M | $19.9M | $13.2M | $33.5M | $41.1M | $27.0M | $19.0M | $45.9M | $45.8M | $45.8M | |
| Total Assets | $25.3M | $18.7M | $19.9M | $13.3M | $33.6M | $41.4M | $27.3M | $19.2M | $46.0M | $46.0M | $46.0M | |
| Total Current Liabilities | $1.6M | $2.6M | $3.3M | $2.7M | $3.1M | $5.8M | $4.4M | $5.4M | $3.5M | $3.2M | $3.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.6M | $2.6M | $3.4M | $2.8M | $3.1M | $5.9M | $4.5M | $5.4M | $3.6M | $3.3M | $3.3M | |
| Stockholders' Equity | $23.7M | $16.1M | $16.6M | $10.5M | $30.5M | $35.5M | $22.8M | $13.8M | $42.4M | $42.7M | $42.7M | |
| Retained Earnings | -$122.6M | -$129.6M | -$141.2M | -$151.0M | -$169.7M | -$181.9M | -$195.1M | -$214.2M | -$225.9M | -$245.6M | -$245.6M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.9M | -$6.2M | -$14.0M | -$9.4M | -$17.3M | -$12.3M | -$20.0M | -$12.6M | -$11.5M | -$22.0M | -$26.9M | |
| Capital Expenditure | -$27.9K | -$62.4K | -$7.0K | -$16.7K | -$10.5K | -$89.1K | -$7.3K | -$5.7K | $3.00 | $22.0M | $23.2M | |
| Free Cash Flow | -$5.9M | -$6.3M | -$14.0M | -$9.4M | -$17.3M | -$12.4M | -$20.0M | -$12.6M | -$11.5M | $0.00 | -$3.7M | |
| Investing Cash Flow | -$27.9K | -$18.4K | -$7.0K | -$16.7K | -$10.5K | -$89.1K | -$36.5K | -$5.7K | -$7.5M | $7.3M | $366.2K | |
| Financing Cash Flow | -$159.6K | -$107.7K | $12.7M | $4.0M | $36.7M | $16.3M | $124.3K | $9.2M | $39.7M | $18.7M | $50.8M | |
| Issuance of Stock | -$159.6K | -$107.7K | $13.1M | $4.4M | $39.2M | $17.2M | $316.7K | $10.1M | $42.6M | $18.8M | $53.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$89.2K | -$58.3K | -$34.5K | -$59.9K | -$10.4K | -$127.1K | $0.00 | -$127.1K | |
| Stock Based Comp. | $24.5K | $764.5K | $89.1K | -$12.0K | $1.9M | $1.5M | $966.6K | $882.0K | $979.9K | $0.00 | -$141.3K | |
| Net Change in Cash | -$6.7M | -$6.6M | -$835.7K | -$5.2M | $18.9M | $6.7M | -$19.0M | -$3.1M | $20.5M | $6.0M | $25.7M |
Dilution Tracker
Shares outstanding grew 520.2% over 5 years — significant dilution
Shares Outstanding
17M
5-Year Share Growth
+520.2%
Stock Issuance (TTM)
$53.2M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.89 | 0.89 | 1.03 | 1.49 | 2.83 | 4.01 | 4.05 | 6.08 | 10.66 | 17.54 | 18.13 | |
| Change vs Prior % | — | 0.0% | 15.3% | 45.3% | 89.6% | 41.8% | 0.9% | 50.3% | 75.3% | 64.5% | 3.3% | |
| Stock Issuance | -$159.6K | -$107.7K | $13.1M | $4.4M | $39.2M | $17.2M | $316.7K | $10.1M | $42.6M | $18.8M | $53.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $24.5K | $764.5K | $89.1K | -$12.0K | $1.9M | $1.5M | $966.6K | $882.0K | $979.9K | $0.00 | -$141.3K |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 83.9% | 89.2% | 72.6% | — | 91.7% | 92.9% | 92.7% | 94.7% | 97.7% | — | 95.5% | |
| Operating Margin % | -5197.9% | -3862.5% | -11713.7% | — | -349.8% | -302.6% | -373.7% | -487.7% | -268.0% | — | -790.1% | |
| Net Margin % | -5696.6% | -4108.8% | -11020.8% | — | -352.8% | -250.7% | -352.5% | -475.8% | -223.4% | — | -653.9% | |
| EBITDA Margin % | -5181.8% | -5651.7% | -11761.5% | — | -348.0% | -339.5% | -371.1% | -484.2% | -267.0% | — | -787.0% | |
| FCF Margin % | -4451.0% | -3135.4% | -12863.6% | — | -399.6% | -242.5% | -511.8% | -313.8% | -210.5% | — | -68.1% | |
| ROE % | -31.8% | -51.4% | -72.3% | -95.4% | -50.2% | -36.2% | -60.5% | -138.6% | -28.6% | -53.6% | -48.3% | |
| ROA % | -29.8% | -44.1% | -60.1% | -75.6% | -45.6% | -31.1% | -50.5% | -99.5% | -26.4% | -49.7% | -50.9% | |
| ROIC % | -29.0% | -45.4% | -74.3% | -94.5% | -39.7% | -43.5% | -63.5% | -140.4% | -34.2% | -56.3% | -57.6% | |
| R&D / Revenue % | 4305.5% | 3329.5% | 11961.9% | — | 283.1% | 287.8% | 337.0% | 463.9% | 264.8% | — | 588.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -7.2% | 51.9% | -46.0% | -100.0% | 0.0% | 18.1% | -23.6% | 2.6% | 35.3% | -100.0% | |
| Gross Profit | -7.3% | 61.5% | -56.0% | -242.6% | 3639.7% | 19.6% | -23.7% | 4.8% | 39.6% | -102.1% | |
| Operating Income | 19.9% | -12.9% | -63.6% | 18.1% | -45.8% | -2.1% | 5.6% | -33.9% | 25.6% | -90.7% | |
| Net Income | 2.4% | -9.6% | -44.7% | 15.9% | -52.2% | 16.1% | -7.5% | -38.5% | 36.5% | -88.4% | |
| EPS (Diluted) | 2.8% | -9.9% | -25.2% | 44.3% | 16.7% | 41.1% | -7.5% | 8.8% | 63.5% | -15.8% | |
| Operating Cash Flow | 20.9% | -6.5% | -123.4% | 32.4% | -83.8% | 28.8% | -62.4% | 37.1% | 9.2% | -92.4% | |
| Free Cash Flow | 20.6% | -7.0% | -121.3% | 32.3% | -83.5% | 28.3% | -61.3% | 37.1% | 9.2% | 100.0% | |
| R&D Expense | -40.5% | 17.5% | 93.8% | -22.2% | 21.6% | 20.0% | -10.5% | 41.3% | -22.7% | 19.7% | |
| SG&A Expense | 10.0% | 9.4% | -0.9% | -22.1% | 106.1% | -19.8% | -8.6% | -5.5% | 15.1% | 90.5% | |
| Total Assets | -25.0% | -25.9% | 6.3% | -33.2% | 152.4% | 23.2% | -34.0% | -29.6% | 139.4% | -0.0% | |
| Book Value / Share | -24.6% | -32.0% | -10.8% | -56.2% | 52.3% | -17.9% | -36.3% | -59.8% | 75.3% | -38.8% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 94.5% | 79.0% | 79.1% | -24.4% | -2.3% | 24.5% | |
| Diluted Shares | 0.0% | 0.0% | 15.3% | 45.3% | 89.6% | 41.8% | 0.9% | 50.3% | 75.3% | 64.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High4.09 / 12.18 / 199.87
P/B1.48
10Y Low / Med / High0.74 / 1.41 / 3.19
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High0.14 / 6.11 / 41.04
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.70
Tangible Book / Share
$117.86
Net Current Assets / Share
$2.51
Graham Net-Net
$109.78
Cash / Share
$102.94
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.52 | -2.74 | -1.58 | -2.66 | -3.21 | -2.78 | -1.22 | -0.87 | -5.45 | -5.88 | -2.63 | |
| P/S Ratio | 199.87 | 112.74 | 173.72 | 0.00 | 11.29 | 6.91 | 4.33 | 4.09 | 12.18 | 0.00 | 0.00 | |
| P/B Ratio | 1.12 | 1.41 | 1.14 | 2.44 | 1.61 | 1.00 | 0.74 | 1.19 | 1.56 | 3.19 | 1.48 | |
| EV/EBITDA | -0.67 | -0.65 | -0.35 | -1.24 | -1.39 | -0.04 | -0.09 | -0.20 | -2.29 | -3.58 | -1.04 | |
| EV/Revenue | 34.57 | 37.01 | 41.04 | 0.00 | 4.83 | 0.14 | 0.35 | 0.98 | 6.11 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
2.52
Grey Zone
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $1.5M | $3.4M | $4.9M |
| Net Income | -$4.3M | -$5.6M | -$7.3M |
| EPS | $-0.24 | $-0.32 | $-0.42 |
| # Analysts (EPS) | 1 | 1 | 1 |