olivLaw · European equity research
Marinomed Biotech AG MARI.VI
Austria · Wiener Börse · ISIN ATMARINOMED6 · Vertical: Listed companies from Austria
Marinomed Biotech AG is an Austrian biotech company selling therapeutics globally, based on its Carragelose and Marinosolv platforms. Revenue fell after the pandemic in 2023, and the company remains loss-making, aiming for operating profitability through licensing partnerships. Its liquidity outlook depends on licence receipts.
At the close of 04 Nov 2026, Marinomed Biotech AG (MARI.VI) stock was 4.00 EUR (+0.00% on the day), with market capitalisation 6.0 k EUR, beta 0.34, 52-week range 3.80–20.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 3.73 – 4.63
- in the lower half of the band · %B 0.30 · band width 21.6%
- SMA 50 / 200
- 4.84 / 12.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.30 / -0.37
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | −25.9% | −3.3% | −22.7 pp | — |
| 6 months | −62.6% | +4.0% | −66.6 pp | — |
| Year to date | −79.1% | +8.1% | −87.2 pp | — |
| 1 year | −80.4% | +10.7% | −91.1 pp | +5.6% |
| 3 years | −89.3% | +50.1% | −139.4 pp | +12.7% |
| 5 years | −96.2% | +43.6% | −139.8 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 | 2023 |
|---|---|---|---|
| Revenue | 11.6 m | 11.3 m | 9.2 m |
| Revenue YoY | unavailable | −3.0% | −18.6% |
| Net income | -5.9 m | -6.4 m | -6.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -4,000.00 | -4,300.00 | -4,500.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -50.7% | -56.7% | -74.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.6 m EUR
- Financial debt
- 21.8 m EUR
- Net debt
- 19.2 m EUR
- Equity
- -10.1 m EUR
- Total assets
- 14.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.74x
- ROE
- unavailable
- ROA
- -36.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 11.6 m | 11.3 m | 9.2 m | esef· 26 Nov 2024verified |
| Operating income | -4.1 m | -4.9 m | -5.1 m | esef· 26 Nov 2024verified |
| Depreciation & amortisation | 608.9 k | 669.7 k | 678.2 k | esef· 26 Nov 2024verified |
| EBITDA | -3.5 m ≈ | -4.2 m ≈ | -4.5 m ≈ | esef· 26 Nov 2024derived |
| Interest expense | 1.5 m | 2.7 m | 2.5 m | esef· 26 Nov 2024verified |
| Pre-tax income | -5.7 m | -6.4 m | -6.8 m | esef· 26 Nov 2024verified |
| Income tax | 197.1 k | 6.8 k | 4.0 k | esef· 26 Nov 2024verified |
| Net income | -5.9 m | -6.4 m | -6.8 m | esef· 26 Nov 2024verified |
| Diluted EPS | -4,000.00 | -4,300.00 | -4,500.00 | esef· 26 Nov 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.8 m | 8.2 m | 2.6 m | esef· 26 Nov 2024verified |
| Receivables | 6.0 m | 4.5 m | 3.5 m | esef· 26 Nov 2024verified |
| Inventories | 1.0 m | 1.6 m | 1.0 m | esef· 26 Nov 2024verified |
| Current assets | 12.9 m | 14.3 m | 7.1 m | esef· 26 Nov 2024verified |
| Property, plant & equipment, net | 6.4 m | 6.2 m | 5.9 m | esef· 26 Nov 2024verified |
| Intangibles (excl. goodwill) | 2.0 m | 1.8 m | 1.5 m | esef· 26 Nov 2024verified |
| Total assets | 21.3 m | 22.3 m | 14.6 m | esef· 26 Nov 2024verified |
| Short-term debt | 754.0 k | 2.4 m | 7.0 m | esef· 26 Nov 2024verified |
| Long-term debt | 15.0 m | 20.2 m | 14.8 m | esef· 26 Nov 2024verified |
| Current liabilities | — | 6.0 m | 9.7 m | esef· 26 Nov 2024verified |
| Equity | 191.4 k | -4.2 m | -10.1 m | esef· 26 Nov 2024verified |
| Shares outstanding at year end | 1.5 k | 1.5 k | 1.5 k | esef· 26 Nov 2024derived |
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: 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 k EUR
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 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 · the base of the ratio is not positive
- 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: 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 | -74.0% | 3 (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 | -2.0x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.7x | 0 (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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 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
Marinomed Biotech AG (MARI.VI). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 9.2 m EUR in 2023; YoY growth -18.6%; net margin -74.0%.
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
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.
What contradicts it
- Net margin: -74.0%
- Interest coverage: -2.0x
- Current ratio: 0.7x
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 Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for MARI.VI 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
Marinomed Biotech AG is an Austrian biotech company selling therapeutics globally, based on its Carragelose and Marinosolv platforms. Revenue fell after the pandemic in 2023, and the company remains loss-making, aiming for operating profitability through licensing partnerships. Its liquidity outlook depends on licence receipts 1.
SWOT
Strengths
- The company has a product portfolio on the Carragelose and Marinosolv platforms, already sold through global partners 1.
- Its research base and public and bank financing have enabled development of several product lines 1.
- The business development team was strengthened with specialists having pharmaceutical experience, especially in over-the-counter products 1.
Weaknesses
Opportunities
Risks
- Going concernhigh
Management assumes the business can continue only if several licence agreements are concluded, which points to significant uncertainty about liquidity 1.
- Dependence on financinghigh
Product development requires additional funding, and terms of new credit could restrict the company's flexibility 1.
- Delays in commercialisationmedium
Delays in launching Marinosolv products reduced expected revenues and consumed available funds faster 1.
- Regulatory riskmedium
Drug approvals and device conformity with new EU rules could delay or reduce sales 1.
- Currency and interest rate risklow
Licence payments may be in US dollars, and some loans carry variable interest, which could affect results 1.
Investment thesis
What would need to be true (bull case)
- If licence agreements and Solv4U partnerships close, the company could reach the operating profitability it targets for 2024 1.
- A portfolio across two technology platforms offers several possible revenue sources if some projects succeed 1.
- The reorganised business development team could speed up the signing of new partnerships 1.
What would break the thesis
What to watch
- Signing of licence contracts for Carragelose and Marinosolv2024
- Development of Virology segment revenues and partner inventories2024
- Progress of the Luoxin project in China and any milestone payments2024
- Updated going-concern forecasts in the next annual reportnext 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
Marinomed Biotech AG is an Austrian company based in Korneuburg, founded in 2006 as a spin-off from the Veterinary University of Vienna 1. It develops and markets products based on the active substance carragelose and on Marinosolv technology, selling through pharmaceutical distribution partners worldwide 1. Its business has so far combined product sales with research into new products.
The business model involves several years of research and development before relevant revenues arrive, and the company has made operating losses since its founding 1. In 2023 sales were 9.18 million EUR, down from the prior year, mainly due to high partner inventories and weaker demand for Carragelose products 1. Management aims to reach operating profitability, but this depends on signing licence contracts.
Funding combines equity, loans from the European Investment Bank, public support programmes, convertible notes and sales of traded goods, and short-term liabilities rose significantly 1. Equity was negative at year end 2023, and the company stated that some going-concern forecasts depend on signing licence agreements 1.
Segments
Virology
The Virology segment covers already-sold Carragelose products and development of new products on the same active substance. In 2023 the segment generated revenue of 9.12 million EUR, of which traded goods were 8.14 million EUR, and it reported positive operating result 1. The company seeks new customers here, though demand has fallen after the pandemic 1.
Immunology
The Immunology segment groups product development based on Marinosolv technology and Carragelose products for indications such as allergy and dry eye 1. The segment had no revenue in 2023, while personnel and research costs grew as the focus shifted here 1. The company seeks licence deals with upfront payments for this segment 1.
Market context
Marinomed sells to global markets, supplying pharmaceutical partners in Europe, Asia and other regions, and its revenues depend on their demand 1. The growing over-the-counter medicines market is less exposed to reimbursement pressure than prescription drugs, but competition from large producers is intense 1.
European rules on medical devices were extended, but Carragelose products must meet the new standards to remain on the market 1. Demand during the pandemic was boosted for protective products, and a return to pre-pandemic levels could reduce the company's sales 1.
Trends
- End of pandemic and lower demandheadwind
The end of the pandemic reduced demand for Carragelose products, and the company expects the decline to continue into 2024 1. If demand returns only to pre-pandemic levels, revenues could stay below the peak years 1.
- Inflation and financing costsheadwind
High inflation and rising interest rates raised financing costs, and supply chains saw delays, in some cases doubling lead times for packaging 1. These pressures could raise costs and limit research investment 1.
- Licensing and partnershipstailwind
The company is negotiating licence agreements for Budesolv and Tacrosolv and has concluded a first long-term Solv4U partnership in China, with potential revenue from upfront and milestone payments 1. If these contracts close, they could support the targeted operating profitability 1.
- Medical device regulationmixed
New EU rules for medical devices require more complex conformity files, and the transition could delay launches or reduce availability of Carragelose products in the EU 1. The final timetable depends on notified bodies and possible legislative changes 1.
Competitive position
The company faces competition from much larger suppliers with greater financial and commercial resources than Marinomed or its distribution partners in each country 1. In the over-the-counter market, large drug makers can compete directly with Carragelose products 1.
There is a risk that other competitors develop better or cheaper products, which could reduce the return on Marinomed's portfolio 1. Companies working with similar formulation platforms may target the same therapeutic niches 1.
- Large over-the-counter medicine producers
Competitors with greater financial and commercial resources active in the over-the-counter segment where Marinomed sells Carragelose products 1.
- Antiviral and local protection product suppliers
Producers competing for the same customers and distribution partners in the Virology segment 1.
- Developers of allergy and dry eye treatments
Companies offering therapeutic alternatives for the indications targeted by the Immunology segment 1.
- Pharmaceutical technology firms with access to Asian markets
Competitors that may offer similar solutions to partners interested in Marinosolv technology 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202326 Nov 2024
- Annual report 202220 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Marinomed Biotech AG · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.