olivLaw · US equity research
Eupraxia Pharmaceuticals Inc. EPRX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Eupraxia Pharmaceuticals Inc. is a pharmaceutical company whose common shares are listed on Nasdaq, and its 2026 filings describe a capital structure of common and preferred shares as at December 31, 2025. The report for fiscal 2025 shows the company is classed as a foreign private issuer and an emerging growth company, which explains a lighter reporting regime than that of large US companies.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Eupraxia Pharmaceuticals Inc. (EPRX) stock was 6.76 USD (−1.74% on the day), with market capitalisation 240.9 m USD, beta 0.91, 52-week range 5.45–9.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 6.35 – 7.80
- in the lower half of the band · %B 0.28 · band width 20.5%
- SMA 50 / 200
- 7.57 / 7.28
- mixed trend
- MACD (12, 26, 9)
- -0.20 / -0.17
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.7% | −1.1% | −11.6 pp | — |
| 3 months | +4.3% | −0.5% | +4.8 pp | — |
| 6 months | −10.8% | +4.4% | −15.2 pp | — |
| Year to date | −10.5% | +12.3% | −22.8 pp | — |
| 1 year | +24.0% | +13.5% | +10.5 pp | −9.2% |
| 3 years | unavailable | +76.4% | unavailable | +50.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -18.5 m | -28.2 m | -25.5 m | -38.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.96 | -1.17 | -0.76 | -1.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 80.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 80.4 m USD
- Total assets
- 86.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 15.12x
- ROE
- -68.7%
- ROA
- -63.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 0 | 0 | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Research & development | 13.6 m | 20.4 m | 16.1 m | 21.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Interest expense | 982.9 k | 1.2 m | 603.6 k | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | -19.0 m | -28.9 m | -25.7 m | -38.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 0 | 36.4 k | 1.8 k | 19.1 k | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -18.5 m | -28.2 m | -25.5 m | -38.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -0.96 | -1.17 | -0.76 | -1.03 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 19.3 m | 24.1 m | 33.9 m | 40.0 m | SEC (XBRL)· 13 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 18.3 m | 19.3 m | 33.1 m | 80.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | — | 153.7 k | 258.1 k | 716.1 k | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 18.6 m | 19.8 m | 34.4 m | 85.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 443.5 k | 409.6 k | 357.9 k | 834.4 k | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 19.1 m | 20.3 m | 34.9 m | 86.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 1.8 m | 1.3 m | 376.5 k | 942.2 k | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 3.1 m | 19.4 m | 3.1 m | 5.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 11.9 m | 19.4 m | 3.1 m | 5.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 7.2 m | 892.3 k | 31.8 m | 80.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | — | 27.3 m | 35.6 m | — | SEC (XBRL)· 20 Mar 2025verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -14.4 m | -20.7 m | -30.0 m | -28.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Investing cash flow | 9.8 m | -73.4 k | -75.2 k | -588.9 k | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | 10.8 m | 21.1 m | 45.8 m | 76.1 m | SEC (XBRL)· 13 Mar 2026verified |
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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 240.9 m USD
Key indicators
Coverage and freshness
Score by group
4% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 15.1x | 100 (on a fixed band) | 100% |
| 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
- Quality· partialunavailable · 0/3 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
EUPRAXIA PHARMACEUTICALS INC. (EPRX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -66.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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: 15.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, 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
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · 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 | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| ORKAOruka Therapeutics, Inc. | 6.7 bn | — | -18.2% | — | unavailable | +237% / +364% |
| IONSIonis Pharmaceuticals, Inc. | 6.7 bn | — | -105.5% | -64.7% | +33.8% | −51% / −19% |
| IDYAIDEAYA Biosciences, Inc. | 3.1 bn | — | -38.5% | -1,149.6% | +3,024.4% | −9% / +3% |
| RADXRadiopharm Theranostics Limited | 3.1 bn | — | -109.2% | -1,055.3% | +1,114.3% | −81% / unavailable |
| AUPHAurinia Pharmaceuticals Inc. | 2.3 bn | 7.5 | 61.4% | 97.7% | +20.4% | +6% / +98% |
| QUREuniQure N.V. | 1.6 bn | — | -89.0% | -1,154.8% | −40.6% | −16% / +240% |
| URGNUroGen Pharma Ltd. | 1.4 bn | — | — | -26.3% | +21.4% | −0% / +118% |
| ASMBAssembly Biosciences, Inc. | 404.6 m | — | -0.0% | -0.1% | +153.5% | −47% / +137% |
1- and 3-year price returns: for EPRX 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (09 Oct 2026), 6-K (30 Sept 2026), 6-K (08 Sept 2026), 6-K (13 Aug 2026).
In brief
Eupraxia Pharmaceuticals Inc. is a pharmaceutical company whose common shares are listed on Nasdaq, and its 2026 filings describe a capital structure of common and preferred shares as at December 31, 2025. The report for fiscal 2025 shows the company is classed as a foreign private issuer and an emerging growth company, which explains a lighter reporting regime than that of large US companies.
SWOT
Strengths
- The company is listed on Nasdaq and reports under the multijurisdictional disclosure system, which eases access to US markets.
- Financial statements are audited by an international firm, and the reporting documents are complete and included as exhibits.
- A code of conduct is published and the audit committee includes independent members, supporting the credibility of governance.
Weaknesses
- Departures from Nasdaq governance rules limit comparability with conventional US issuers.
- Having two classes of equity may complicate the analysis of shareholder rights.
- The available source does not describe the company's products or market, which limits independent evaluation of the business.
Opportunities
- Emerging growth company status could reduce reporting costs and ease growth in the next phase.
- Access to capital markets in the United States and Canada could provide diversified sources of funding.
- If future reports include product details, the company could more clearly demonstrate its commercial potential.
Threats
- The exemption from certain internal control obligations could be reconsidered, raising the compliance burden.
- Reliance on capital markets could become a vulnerability if access to funding narrows.
- Risks specific to the pharmaceutical sector, described in the AIF exhibit, could affect results if they materialise.
Risks
- Limited transparencymedium
The filing relies on exhibits, and operating information does not appear directly in the main text, which could make evaluation harder.
- Governance departuresmedium
Home country practices replacing some Nasdaq rules could reduce protection for minority shareholders.
- Complex capital structuremedium
Coexistence of common and preferred shares could generate conflicts of interest between classes of shareholders.
- Internal control exemptionhigh
The lack of an auditor attestation on internal control could hide reporting weaknesses if emerging growth company status changes.
- Dependence on US marketslow
Listing on Nasdaq could expose the company to the volatility of that market and to regulatory changes by the SEC.
Investment thesis
What would need to be true (bull case)
- If the company expands its activities, its Nasdaq listing could ease access to capital for funding the next phase.
- Audited reporting and use of the multijurisdictional system could strengthen investor confidence in the financial statements.
- If later sources show progress in products, the existing documents could support a coherent growth story.
What would break the thesis
- The lack of operating detail in the filing could make it hard to validate any growth thesis.
- Governance departures and reporting exemptions could reduce transparency for ordinary investors.
- A capital structure with two classes of shares could dilute or complicate the rights of common shareholders.
What to watch
- Changes to emerging growth company status and the internal control attestation exemptionnext 10-K
- Trend in the number of common and preferred shares in upcoming reports2027
- Publication of product and market details in the Annual Information Formnext 10-K
- Any changes to governance practices relative to Nasdaq rules2027
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.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (09 Oct 2026), 6-K (30 Sept 2026), 6-K (08 Sept 2026), 6-K (13 Aug 2026).
The business
According to the Form 40-F filed for the year ended December 31, 2025, the company is a foreign private issuer whose common shares are listed on Nasdaq and which reports under the multijurisdictional disclosure system of the SEC. The filing includes an Annual Information Form, audited consolidated financial statements and management's discussion, all incorporated by reference 1. The company states it qualifies as an emerging growth company, which allows a more flexible reporting schedule.
The capital structure at December 31, 2025 comprises common and preferred shares, with their numbers stated in the filing 1. The auditor is KPMG LLP of Vancouver, Canada, indicating an accounting and audit framework tied to the Canadian market 1. The excerpt available does not give details of the company's products or therapeutic portfolio, which would have to be sought in exhibits 99.1 and 99.3.
The company has adopted a code of business conduct and ethics published on its website, and states that it follows home country practices in place of certain Nasdaq governance rules, with the differences disclosed publicly 1. The audit committee is made up of independent members, two of whom are designated as audit committee financial experts 1.
Segments
Common and preferred shares
The company has two classes of equity, common and preferred shares, both shown as at December 31, 2025 in the filing 1. The presence of a preferred class may affect the rights of common shareholders and would be worth tracking in future reports.
Reporting and compliance
The Form 40-F reflects the foreign private issuer status and use of the multijurisdictional disclosure system, with attached documents such as the AIF and MD&A 1. Reporting rests on audited financial statements, and executive certifications are included in exhibits 1.
Governance and audit
The audit committee and code of conduct are presented as central governance elements, and the auditor KPMG LLP is named explicitly 1. The filing also notes that certain Nasdaq governance requirements are not followed, so an investor could compare practices with those of US companies.
Market context
The source provided contains no data on the size of the pharmaceutical market in which the company operates or on its market share. What the Form 40-F 1 does say is that the shares are listed on Nasdaq and that the company has foreign private issuer status, placing it among firms that raise capital on US markets under lighter reporting obligations.
Membership of the emerging growth company category may reduce near-term reporting requirements, which could influence the transparency investors perceive. If later sources include sales or research spending figures, they would be needed to judge the company's market position.
Trends
- Emerging growth company statusmixed
Declaring emerging growth company status may reduce the reporting burden for a period, which could speed access to public funding. The effect depends on later developments at the firm, and the filing gives no further detail.
- Multijurisdictional reportingtailwind
Use of the multijurisdictional disclosure system allows reporting under both Canadian and US rules, which may lower compliance costs for an issuer based in Canada 1. The concrete effect on results is not quantified in the document.
- Nasdaq governance departuresheadwind
Following home country practices instead of certain Nasdaq requirements may limit comparability with US issuers, which could reduce confidence among some institutional investors 1.
- Internal control requirementsmixed
The filing indicates that the auditor's attestation report on internal control is not filed, because emerging growth company status exempts the firm from this obligation. If the exemption changes, the compliance burden could rise 1.
Competitive position
The source provided does not identify the company's direct competitors. The Form 40-F focuses on legal structure, governance and financial statements, without describing the markets or rivals in the pharmaceutical industry 1. Any comparison would require additional documents.
Without information on products or customers, competitive analysis stays limited. An interested reader could consult the AIF and MD&A exhibits to identify the markets where the company operates and who it competes with there 1.
- Competitors not named in the source
The source names no competitors, so no tickers or comparisons can be drawn from the filing.
- Other pharmaceutical companies listed on Nasdaq
The document only mentions that the shares are listed on Nasdaq, without naming other issuers in the same sector.
- Foreign private issuers in pharmaceuticals
The company falls within the foreign private issuer category, but the source does not identify other members of this group.
- Companies audited by KPMG
The auditor KPMG LLP is mentioned, but this indicates a shared audit service provider rather than a business competitor.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Eupraxia Pharma (EPRX): When Painful Swallowing Nearly Disappeared, Investors Took NoticeYahoo Finance — News · 12 Sept 2026 · EN
The latest news item in our archive is from 12 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)07 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Eupraxia Pharmaceuticals Inc. · 13 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.