olivLaw · European equity research
Captor Therapeutics S.A. CTX.WA
Poland · GPW Warszawa · ISIN PLCPTRT00014 · Vertical: Listed companies from Poland
Captor Therapeutics is a biopharmaceutical company listed on the Warsaw Stock Exchange, specialised in medicines that trigger targeted degradation of disease-causing proteins, focused on cancer and autoimmune diseases where current treatments are limited. The company is at an early research stage and reported partnership revenue of about 9.2 mln PLN in 2022.
At the close of 05 Nov 2026, Captor Therapeutics S.A. (CTX.WA) stock was 55.00 PLN (+8.27% on the day), with market capitalisation 229.3 k PLN, beta 0.56, 52-week range 44.10–87.60 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.6
- weak (30–45)
- Bollinger (20, 2)
- 49.48 – 63.47
- in the lower half of the band · %B 0.39 · band width 24.8%
- SMA 50 / 200
- 65.24 / 74.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.93 / -3.92
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.9% | −0.6% | −17.3 pp | — |
| 3 months | −21.4% | −4.2% | −17.3 pp | — |
| 6 months | −28.8% | +4.3% | −33.2 pp | — |
| Year to date | −23.6% | +7.5% | −31.1 pp | — |
| 1 year | +17.0% | +9.9% | +7.1 pp | +7.1% |
| 3 years | −45.3% | +49.8% | −95.1 pp | +3.3% |
| 5 years | −71.0% | +42.8% | −113.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 4.0 m | 9.2 m |
| Revenue YoY | unavailable | +129.8% |
| Net income | -32.6 m | -35.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -7,480.00 | -8,240.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -817.2% | -391.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 71.0 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 96.3 m PLN
- Total assets
- 113.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 7.57x
- ROE
- -32.6%
- ROA
- -28.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.0 m | 9.2 m | esef· 09 May 2023verified |
| Cost of revenue | 741.0 k | 2.1 m | esef· 09 May 2023verified |
| Gross profit | 3.2 m | 7.1 m | esef· 09 May 2023verified |
| Operating income | -31.7 m | -38.4 m | esef· 09 May 2023verified |
| Interest expense | 863.0 k | 657.0 k | esef· 09 May 2023verified |
| Pre-tax income | -32.6 m | -35.9 m | esef· 09 May 2023verified |
| Net income | -32.6 m | -35.9 m | esef· 09 May 2023verified |
| Diluted EPS | -7,480.00 | -8,240.00 | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 117.9 m | 71.0 m | esef· 09 May 2023verified |
| Receivables | 11.7 m | 9.7 m | esef· 09 May 2023verified |
| Current assets | 130.6 m | 101.3 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 12.6 m | 10.7 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 180.0 k | 602.0 k | esef· 09 May 2023verified |
| Total assets | 143.5 m | 113.0 m | esef· 09 May 2023verified |
| Current liabilities | 16.4 m | 13.4 m | esef· 09 May 2023verified |
| Total liabilities | 19.3 m | 16.7 m | esef· 09 May 2023verified |
| Equity | 124.2 m | 96.3 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 4.1 k | 4.2 k | esef· 09 May 2023derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 229.3 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -391.9% | 5 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -58.4x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 7.6x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Captor Therapeutics Spółka Akcyjna (CTX.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 9.2 m PLN in 2022; YoY growth 129.8%; net margin -391.9%; ROE -32.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.6x
What contradicts it
- Net margin: -391.9%
- Interest coverage: -58.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for CTX.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Captor Therapeutics is a biopharmaceutical company listed on the Warsaw Stock Exchange, specialised in medicines that trigger targeted degradation of disease-causing proteins, focused on cancer and autoimmune diseases where current treatments are limited. The company is at an early research stage and reported partnership revenue of about 9.2 mln PLN in 2022 1.
SWOT
Strengths
- A proprietary OptigradeTM platform enabling targeted degradation of disease-causing proteins, underpinning the whole research portfolio 1.
- Active collaboration agreements with pharmaceutical partners in Japan and the United Kingdom, bringing revenue and external validation 1.
- Solid liquidity and undrawn NCBiR funding, which lead management to consider business continuity secured 1.
Weaknesses
- Early-stage research activity with recurring operating losses and revenue limited to current partners 1.
- Dependence on the success of drug candidates and on the ability to attract licensing partners 1.
- Need for new share issues to fund the 2023-2025 strategic plans, which would dilute existing shareholders 1.
Opportunities
- Expanding partnerships on early-stage projects, which could bring additional revenue and reduce reliance on external capital 1.
- Advancing clinical development of CT-01 and CT-03, where results could attract interest from large pharmaceutical companies 1.
- Entry into global capital markets, which could open additional funding sources for clinical programmes 1.
Threats
- Research delays caused by disrupted supply chains or restrictions at external suppliers, as warned in the report 1.
- Impact of sanctions and the Ukraine conflict on costs, exchange rates and supplier availability 1.
- Intense competition from other protein-degradation companies and large pharma that could develop similar treatments 1.
Risks
- Clinical development riskhigh
Projects are at an early stage, and clinical failure could materially affect the value of licences and future revenue 1.
- Dependence on external financinghigh
The strategic plans could require share issues in unfavourable market conditions, which could cause significant dilution 1.
- NCBiR grant compliance riskmedium
Failure to meet reporting conditions or misuse of co-financing could lead to repayment of the amounts received 1.
- Operational delaysmedium
Supply chains and restrictions linked to the pandemic or the conflict could prolong research timelines 1.
- Currency risklow
Purchases abroad and movements of the złoty against the euro and Swiss franc could raise research costs 1.
Investment thesis
What would need to be true (bull case)
- If a candidate in the portfolio, such as CT-01 or CT-03, progresses favourably in the clinic, it could attract a significant licence from a large pharmaceutical company.
- The agreements with Heptares and Ono could be the first in a series of collaborations, diversifying revenue sources.
- Liquidity and NCBiR funding could allow research to continue without immediate share issues.
What would break the thesis
- Activity remains at an early stage, and if clinical results do not confirm, the value of projects could be reduced.
- Revenue is limited to a few contracts, which could make the company vulnerable if one partner reduces its commitments.
- Plans for share issues could dilute current shareholders if the market is not receptive.
What to watch
- Clinical results for projects CT-01 and CT-032023
- Execution of the share issue to fund the 2023-2025 strategic plans2023
- New collaboration or licensing agreements with pharmaceutical partners2023
- Next annual report and updated risk disclosure on the Ukraine conflictnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Captor Therapeutics S.A. is the parent of a biopharmaceutical group developing medicines based on targeted degradation of disease-causing proteins, using its proprietary OptigradeTM platform 1. Activity focuses on cancer and autoimmune diseases, where the annual report states that therapeutic options are lacking or significantly limited. The intended revenue model is licensing research results to large pharmaceutical companies that would conduct later clinical phases and commercialisation 1.
The group is at an early research stage and currently records operating losses; profit generation depends on the success of drug candidates and their eventual commercialisation 1. Current revenue comes from collaborations with Heptares Therapeutics (Sosei Heptares) and Ono Pharmaceutical 1. Beyond research, the company set out for 2023-2025 clinical development, collaborations on early-stage projects and entry into global capital markets 1.
Financing was strengthened by the 2021 public offering and NCBiR funding, which the group believes cover development needs over a near horizon 1. The annual report states that the group saw no material going-concern risk at the balance sheet date 1.
Segments
Drug development (early clinical research)
The main segment is development of drug candidates through the OptigradeTM platform, including projects CT-01, CT-02, CT-03 and CT-05. Research costs are expensed, while development costs can be capitalised only when MSR 38 criteria are met, including an internal probability threshold of at least 70% for commercialisation 1.
Partnerships and licensing
Revenue from agreements with Heptares (started in 2021) and Ono Pharmaceutical (signed in Q4 2022) is the only operating revenue reported for 2022 1. The 2023-2025 strategy foresees expanding collaborations on early-stage projects, which could diversify this segment if agreements materialise 1.
Market context
The company operates in drug research for cancer and autoimmune diseases, areas where the annual report indicates a lack of therapeutic options or significant limits of existing ones 1. The target group for licences is large pharmaceutical companies, and the intended commercialisation market includes Poland and abroad 1.
The biopharmaceutical industry carries high risk and long approval cycles; success depends on clinical validation, which the annual report presents as being at an early stage 1. Access to capital and investor interest in new share issues, such as those mentioned in the 2023-2025 plans, are relevant factors 1.
Trends
- Equity-based financingmixed
The 2023-2025 plans include issuing up to 1,222,467 shares within target capital, and management does not exclude a smaller issue depending on the issue price 1. If capital markets remain receptive, financing could support clinical programmes.
- Collaborations with large pharma companiestailwind
The agreements with Heptares and Ono indicate industry partners' interest in the OptigradeTM platform, and the strategy aims at further collaborations on early-stage projects 1. A flow of new contracts could reduce dependence on equity financing.
- Geopolitical and economic uncertaintyheadwind
The Ukraine-Russia conflict and related sanctions may affect supply chains and the złoty exchange rate, which could raise the costs of services and reagents bought abroad 1. Management cannot yet estimate the exact impact 1.
- Delays in clinical researchheadwind
The annual report warns that the pandemic and restrictions could prolong some research and that external suppliers may cause delays 1. Although no major delays were currently recorded, this risk remains relevant for project timelines.
Competitive position
The regulatory sources do not explicitly name competitors. From context, the main rivals are other companies developing targeted protein degradation, as well as large pharmaceutical companies that could independently develop similar cancer and autoimmune treatments 1.
The declared competitive advantage rests on the OptigradeTM platform, existing partnerships and secured funding; its effectiveness will depend on clinical results, which are still early 1. Captor does not intend to commercialise products alone but to license them, which makes its position dependent on its partners 1.
- Targeted protein degradation companies (PROTAC)
The group of companies active in the same technology type, mentioned generically in the annual report without specific names 1.
- Heptares Therapeutics (Sosei Heptares)
Current project partner, which can also be seen as a potential competitor in the same therapeutic field 1.
- Ono Pharmaceutical
Partner signed in Q4 2022, active in drug research, and therefore a possible rival in the market 1.
- Large pharmaceutical companies
The target group for licences, but also entities that could develop similar treatments for the same diseases in-house 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Captor Therapeutics S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.