olivLaw · European equity research
Transgene SA TNG.PA
France · Euronext Paris · ISIN FR0005175080 · Vertical: Listed companies from France
Transgene is a French biotech developing viral-vector-based cancer immunotherapies, with its lead individualised vaccine TG4050 at the centre of its strategy. It recently completed a fundraise that gives it funding into early 2028, after which it will need additional resources to continue its programmes.
At the close of 05 Nov 2026, Transgene SA (TNG.PA) stock was 0.75 EUR (−1.32% on the day), with market capitalisation 108.0 m EUR, beta 0.37, 52-week range 0.68–1.36 EUR.
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)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 0.64 – 0.77
- in the upper half of the band · %B 0.84 · band width 17.5%
- SMA 50 / 200
- 0.77 / 0.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.00 / -0.01
- MACD above 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 | +2.7% | −0.6% | +3.4 pp | — |
| 3 months | +5.9% | −4.2% | +10.1 pp | — |
| 6 months | −5.3% | +4.3% | −9.7 pp | — |
| Year to date | −22.1% | +7.5% | −29.6 pp | — |
| 1 year | −43.8% | +9.9% | −53.7 pp | −6.8% |
| 3 years | −49.8% | +49.8% | −99.6 pp | −15.9% |
| 5 years | −70.4% | +42.8% | −113.2 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.2 m | 35.0 k | 137.0 k |
| Revenue YoY | unavailable | −97.0% | +291.4% |
| Net income | -22.3 m | -34.0 m | -37.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.22 | -0.29 | -0.26 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1,885.8% | -97,060.0% | -27,389.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.7 m EUR
- Financial debt
- 1.7 m EUR
- Net debt
- -5.0 m EUR
- Equity
- 121.7 m EUR
- Total assets
- 138.8 m EUR
- Debt / equity
- 0.01x
- Current ratio
- 9.62x
- ROE
- -54.8%
- ROA
- -41.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 m | 35.0 k | 137.0 k | esef· 15 Apr 2026verified |
| Research & development | 29.6 m | 34.3 m | 33.9 m | esef· 15 Apr 2026verified |
| Operating income | -30.0 m | -35.7 m | -35.1 m | esef· 15 Apr 2026verified |
| Pre-tax income | -22.3 m | -34.0 m | -37.5 m | esef· 15 Apr 2026verified |
| Income tax | 0 | 0 | 0 | esef· 15 Apr 2026verified |
| Net income | -22.3 m | -34.0 m | -37.5 m | esef· 15 Apr 2026verified |
| Diluted EPS | -0.22 | -0.29 | -0.26 | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.7 m | 16.7 m | 6.7 m | esef· 15 Apr 2026verified |
| Current assets | 18.0 m | 20.7 m | 117.7 m | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 80.0 k | 62.0 k | 49.0 k | esef· 15 Apr 2026verified |
| Total assets | 45.2 m | 42.2 m | 138.8 m | esef· 15 Apr 2026verified |
| Accounts payable | 4.5 m | 9.5 m | 6.0 m | esef· 15 Apr 2026verified |
| Long-term debt | 16.0 m | 10.2 m | 1.7 m | esef· 15 Apr 2026verified |
| Current liabilities | 10.0 m | 14.0 m | 12.2 m | esef· 15 Apr 2026verified |
| Total liabilities | 29.6 m | 27.0 m | 17.1 m | esef· 15 Apr 2026verified |
| Equity | 15.6 m | 15.2 m | 121.7 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 101.5 m | 117.1 m | 144.3 m | esef· 15 Apr 2026derived |
Cash flow · EUR
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: 20.8% 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: 108.0 m EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -46.9% | 5 (vs peers) | 50% |
| Net margin · Quality | -27,389.8% | 0 (vs peers) | 30% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.6x | 100 (on a fixed band) | 20% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 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
TRANSGENE (TNG.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 137.0 k EUR in 2025; YoY growth 291.4%; net margin -27,389.8%; ROE -54.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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: 9.6x
What contradicts it
- ROIC: -46.9%
- Net margin: -27,389.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| TNG.PATransgene | 108.0 m | — | -54.8% | -27,389.8% | +291.4% | −26% / −49% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for TNG.PA 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 (EUR)
| 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
Transgene is a French biotech developing viral-vector-based cancer immunotherapies, with its lead individualised vaccine TG4050 at the centre of its strategy. It recently completed a fundraise that gives it funding into early 2028, after which it will need additional resources to continue its programmes.
SWOT
Strengths
- The Invir.IO® and myvac® platforms give an integrated portfolio from design through clinical study. TG4050 data show patients in remission with long follow-up, which strengthens the programme's credibility.
- Support from the Institut Mérieux group, with access to cash pooling, gives a more stable financial base than many small peers.
- The company raised a significant financing round and has financial visibility into early 2028, allowing it to continue planned studies.
Weaknesses
- The company has no approved products and its revenue depends on agreements and public funding rather than recurring sales, making financial results volatile.
- The business is structurally loss-making and equity provides almost all resources, so reliance on new share issues remains high.
- The TG4050 Phase 1 sample is still small, and the data are not yet enough to confirm efficacy in a broad patient population.
Opportunities
- If Phase 2 studies confirm the adjuvant benefit, partnerships with pharmaceutical companies could become easier to negotiate.
- The myvac® platform could be applied to other solid tumours where medical need remains high, opening new indications.
- The BT-001 collaboration with Merck and further studies with independent investigators could generate data useful for new agreements.
Threats
- Competition in personalised vaccines and oncolytic viruses is intense, and larger rivals could advance toward approval faster.
- The failure of a key study could reduce programme value and affect the ability to attract additional funding.
- Payment obligations to partners such as SillaJen and repayment of public advances could weigh on the balance sheet if products do not reach the market.
Risks
- Funding beyond 2028high
The company has stated that additional cash resources will be needed after early 2028. If refinancing fails, it could be forced to reduce programmes or cease activity.
- Dependence on clinical resultshigh
The company's value depends on the success of studies on TG4050 and BT-001. A negative result in an important phase could seriously affect programme prospects.
- Payment obligations to partnersmedium
Agreements with SillaJen and ProBioGen include milestone payments, and public advances could have to be repaid, which could pressure liquidity in some scenarios.
- Control by the majority shareholdermedium
The Institut Mérieux group controls the company through its holding, which could limit minority shareholders' influence over strategic and financing decisions.
- Regulation and litigationlow
Developing gene and viral therapies involves strict regulatory requirements, and delays in authorisation could extend timelines and costs.
Investment thesis
What would need to be true (bull case)
- If follow-up data on TG4050 hold up in larger studies, the company could become an attractive partner for pharmaceutical companies interested in personalised vaccines.
- Financial visibility into early 2028 gives time to reach important clinical milestones without the pressure of immediate funding.
- The Merck collaboration on BT-001 and the backing of a large industrial group could ease access to data and partners in the coming period.
What would break the thesis
- The company has no approved products and still depends on external funding, and if new issues are expensive, dilution for shareholders could be significant.
- Studies are still at early or mid stages, and a failure in a major programme could materially reduce long-term prospects.
- Partner obligations and repayments of advances could absorb resources if products do not reach the market, limiting financial flexibility.
What to watch
- Results of the Phase 2 randomised adjuvant head and neck study with TG40502026
- Status of refinancing ahead of the cash runway horizon2027
- Launch of the new Phase 1 study of a myvac® candidate in a second indication2026
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
Transgene designs and develops preclinical and clinical candidate medicines, aiming to prove the efficacy of its immunotherapies in humans, alone or combined with immune checkpoint inhibitors. Once clinical proof is established, the company could license products to pharmaceutical players, and since 2025 its main focus is the individualised therapeutic vaccine platform myvac®. Current operating revenue comes from collaboration and licence agreements and public research funding rather than product sales.
Transgene is controlled by the Institut Mérieux group, which holds about 78 percent of its capital through the TSGH holding. It has a US subsidiary, Transgene, Inc., which represents the company before regulators and clinical sites in the United States. The UK subsidiary created in 2024 was dissolved as of 31 March 2026.
The Invir.IO® platform is built on a patented vaccinia virus strain optimised to replicate selectively in tumour cells and produce anti-tumour molecules inside the tumour. The candidate BT-001, co-developed with BioInvent, combines oncolysis with an anti-CTLA-4 antibody and GM-CSF and is being evaluated with pembrolizumab under a collaboration with Merck & Co.
Segments
Individualised myvac® vaccines
The myvac® platform produces personalised therapeutic vaccines based on each patient's tumour neoantigens. TG4050 is the most advanced candidate, and randomisation of the last patients in the Phase 2 adjuvant head and neck cancer study is nearly complete.
Invir.IO® oncolytic viruses
This segment includes BT-001 and other poxvirus programmes armed with multiple functions. BT-001 showed tolerability and persistent anti-tumour activity in the Phase 1/2a study, which has completed inclusion without a new clinical step announced yet.
Licensed programmes and collaborations
Pexa-Vec, previously licensed to SillaJen, and TG1042, licensed to Stamford, could generate milestone payments and royalties for Transgene, while the ProBioGen and Oxford Biomedica agreements support manufacturing. These deals can help fund research but depend on partner outcomes.
Market context
The company describes oncology immunotherapy as a large opportunity, with products that could exceed one billion euros for cancers such as lung cancer. Immune checkpoint inhibitors have been a major clinical advance, and the company focuses on severe diseases where better treatments could extend survival.
Transgene positions itself as an early-stage developer with a portfolio largely in early or mid clinical phases, so market value depends heavily on study success and on securing partnerships. The source provides no data on market share or selling prices.
Trends
- Interest in individualised vaccinestailwind
Neoantigen-based vaccines are an active research direction, and follow-up data on TG4050 could support this concept if results hold in larger phases.
- Combinations with checkpoint inhibitorstailwind
Combining viral therapies with PD-1 or CTLA-4 inhibitors is an intensively explored strategy, and the Merck collaboration on BT-001 fits this trend.
- Financing conditions for biotechheadwind
Small companies depend on capital markets and partnerships, and access to funding could become harder if investor appetite declines, directly affecting study timelines.
- Validation of oncolytic therapiesmixed
Oncolytic viruses are seen as a promising class, but no product of this type has yet been approved from the company's programmes, so uncertainty about adoption could later be resolved either way.
Competitive position
Transgene competes with other companies developing personalised cancer vaccines and with those developing oncolytic viruses or other intratumoural therapies. The advantage the company cites is its integrated platform from design to clinical evaluation, while the risk is that the field is crowding quickly.
In its collaborations the company relies on partners such as Merck, BioInvent and ProBioGen, and the agreements with SillaJen and Stamford show how competitors can also become licensees. Its market position will depend on whether clinical data from advanced programmes are convincing enough to attract partners.
- Merck & Co.MRK
Partner in the Phase 1/2 study of BT-001 combined with pembrolizumab, and an indirect rival through its own immunotherapy programmes.
- SillaJen
Korean company that acquired Jennerex and holds rights to Pexa-Vec in other territories, acting as both partner and rival in oncolytic viruses.
- BioInvent
Co-development partner for BT-001 with its n-CoDeR antibody technology, and a potential competitor in immunomodulatory therapies.
- Stamford Pharmaceutical
Licensee of TG1042 for basal cell carcinoma, whose further development strategy is still under evaluation.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Transgene SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.