olivLaw · European equity research
OSE Immunotherapeutics OSE.PA
France · Euronext Paris · ISIN FR0012127173 · Vertical: Listed companies from France
OSE Immunotherapeutics is a French biotechnology company developing therapies that control the immune system in immuno-oncology and immuno-inflammation. The current focus is the pivotal Phase 3 ARTEMIA study of Tedopi in second-line non-small cell lung cancer, which could define the value of the portfolio. The company runs a narrowed set of assets, so the results of these programs matter greatly.
At the close of 05 Nov 2026, OSE Immunotherapeutics (OSE.PA) stock was 1.74 EUR (−1.19% on the day), with market capitalisation 38.9 m EUR, beta 0.97, 52-week range 1.74–5.71 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)
- 27.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.76 – 2.31
- below the lower band · %B -0.04 · band width 26.7%
- SMA 50 / 200
- 2.39 / 3.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.14
- 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 | −19.3% | −0.6% | −18.7 pp | — |
| 3 months | −45.8% | −4.2% | −41.6 pp | — |
| 6 months | −55.8% | +4.3% | −60.1 pp | — |
| Year to date | −66.2% | +7.5% | −73.7 pp | — |
| 1 year | −68.1% | +9.9% | −78.1 pp | −6.8% |
| 3 years | −62.1% | +49.8% | −111.9 pp | −15.9% |
| 5 years | −79.7% | +42.8% | −122.6 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 | 2.2 m | 69.9 m | 2.6 m |
| Revenue YoY | unavailable | +3,037.7% | −96.3% |
| Net income | -23.0 m | 37.4 m | -37.7 m |
| Net income YoY | unavailable | unavailable | −200.7% |
| Diluted EPS | -1.18 | 1.46 | -1.69 |
| Diluted EPS YoY | unavailable | unavailable | −215.8% |
| net % | -1,032.9% | 53.6% | -1,439.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.6 m EUR
- Financial debt
- 21.8 m EUR
- Net debt
- 4.3 m EUR
- Equity
- 27.8 m EUR
- Total assets
- 78.9 m EUR
- Debt / equity
- 0.79x
- Current ratio
- 1.28x
- ROE
- -82.3%
- ROA
- -37.2%
- 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 | 2.2 m | 69.9 m | 2.6 m | esef· 11 Jun 2026verified |
| Research & development | 17.2 m | 30.4 m | 33.9 m | esef· 11 Jun 2026verified |
| Operating income | -23.0 m | 43.7 m | -37.5 m | esef· 11 Jun 2026verified |
| Interest expense | 2.4 m | 5.6 m | 2.9 m | esef· 11 Jun 2026verified |
| Pre-tax income | -23.2 m | 39.8 m | -37.4 m | esef· 11 Jun 2026verified |
| Income tax | -219.0 k | 2.4 m | 275.0 k | esef· 11 Jun 2026verified |
| Net income | -23.0 m | 37.4 m | -37.7 m | esef· 11 Jun 2026verified |
| Diluted EPS | -1.18 | 1.46 | -1.69 | esef· 11 Jun 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.7 m | 16.7 m | 17.6 m | esef· 11 Jun 2026verified |
| Current assets | 30.5 m | 69.9 m | 32.0 m | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | 464.0 k | 355.0 k | 311.0 k | esef· 11 Jun 2026verified |
| Intangibles (excl. goodwill) | 46.4 m | 44.0 m | 41.5 m | esef· 11 Jun 2026verified |
| Total assets | 82.1 m | 124.0 m | 78.9 m | esef· 11 Jun 2026verified |
| Long-term debt | 35.5 m | 35.7 m | 21.8 m | esef· 11 Jun 2026verified |
| Current liabilities | 18.8 m | 20.2 m | 24.9 m | esef· 11 Jun 2026verified |
| Equity | 23.0 m | 63.8 m | 27.8 m | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 19.5 m | 21.9 m | 22.3 m | esef· 11 Jun 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: 4 of at least 6
- score weight coverage: 27.1% 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: 38.9 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -54.9% | 5 (vs peers) | 38% |
| Net margin · Quality | -1,439.1% | 0 (vs peers) | 23% |
| 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 | -12.7x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 15% |
| 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 sheet16/100 · 2/3 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
OSE IMMUNOTHERAPEUTICS (OSE.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 m EUR in 2025; YoY growth -96.3%; net margin -1,439.1%; ROE -82.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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
- ROIC: -54.9%
- Net margin: -1,439.1%
- Interest coverage: -12.7x
Not assessed (insufficient data or a ratio without meaning): 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 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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for OSE.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
OSE Immunotherapeutics is a French biotechnology company developing therapies that control the immune system in immuno-oncology and immuno-inflammation. The current focus is the pivotal Phase 3 ARTEMIA study of Tedopi in second-line non-small cell lung cancer, which could define the value of the portfolio. The company runs a narrowed set of assets, so the results of these programs matter greatly.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- ARTEMIA trial outcomehigh
The main risk is that the pivotal Phase 3 study does not confirm Tedopi's benefit in second line, which would sharply change the company's value 1.
- Dependence on few assetshigh
The refocusing concentrates the impact of setbacks on Tedopi® and lusvertikimab, so a single failure could have disproportionate effects 1.
- Funding of activitieshigh
The company may need additional financing, and capital market conditions could be unfavorable 1.
- Reliance on third partiesmedium
Trial execution and manufacturing depend on external providers whose failure to meet timelines could delay programs 1.
- Intellectual property protectionmedium
Patent protection may be uncertain, and third-party rights could limit freedom to operate 1.
Investment thesis
What would need to be true (bull case)
- If ARTEMIA confirms the survival benefit seen in ATALANTE-1, Tedopi® could become a reference treatment in second line for HLA-A2 positive patients 1.
- Combinations with checkpoint inhibitors could widen use of the product, particularly if TEDOVA results hold 1.
- Concentrating resources on priority assets could accelerate clinical progress and attract partners 1.
What would break the thesis
- If ARTEMIA misses its overall survival objective, the company's value could fall significantly because the portfolio is concentrated 1.
- The need for funding could lead to dilution or unfavorable terms if markets deteriorate 1.
- Delays in recruitment or in outsourced studies could extend timelines and costs 1.
What to watch
- ARTEMIA interim futility analysisQ3 2026
- ARTEMIA primary overall survival resultsQ1 2028
- Combi-TED study readoutssecond half of 2026
- Evolution of financing and cash position 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
OSE Immunotherapeutics is a biotechnology company based in Nantes, France, listed on Euronext Paris, focused on developing and partnering therapies that control the immune system for immuno-oncology and immuno-inflammation 1. According to its annual report for fiscal 2025, the clinical portfolio has a diversified risk profile from research to Phase 3, with five products at clinical stage 1. No product in the portfolio has yet been submitted for marketing authorization 1. In March 2026 the company announced a realignment of its R&D portfolio, concentrating investment on lusvertikimab (OSE-127) and Tedopi® 1.
Segments
Tedopi® (therapeutic cancer vaccine)
Tedopi® is the company's most advanced clinical product. The pivotal ARTEMIA study will include 363 patients across 14 countries, and the independent data monitoring committee has twice recommended continuing without protocol changes 1. Primary overall survival results are expected, per the company, in Q1 2028 1.
Lusvertikimab (OSE-127)
Lusvertikimab is a monoclonal antibody targeting the CD127 receptor with an antagonist effect on effector T lymphocytes 1. It was evaluated in the Phase 2 CoTikiS study in moderate to active ulcerative colitis, and after the 2026 refocusing the company treats it as one of its two main proprietary assets 1.
Market context
The company targets the oncology immunotherapy market after checkpoint inhibitor failure, where the population at this stage is growing according to the annual report 1. The HLA-A2 positive subgroup represents 45% of lung cancer patients, with a prevalence below 200,000 people 1. The market is nonetheless limited by the size of the eligible population, and patient recruitment has been difficult, per the company 1.
In immuno-inflammation, lusvertikimab is at an earlier clinical stage, and the market depends on results from upcoming studies and the positions of regulators 1. Reimbursement policies are a relevant factor for any product that reaches the market, as the company's identified risks indicate 1.
Trends
- Expansion of checkpoint inhibitorstailwind
The use of anti-PD-(L)1 inhibitors as standard treatment across several lines increases the post-immunotherapy population that the company's studies target 1. This could support demand for sequential therapies if clinical results confirm benefit.
- Combinations with checkpoint inhibitorsmixed
The TEDOVA and Combi-TED studies test Tedopi® alongside pembrolizumab or nivolumab, which could widen the product's use but also raises complexity and cost 1.
- Geopolitical tensions and financingheadwind
The company flags that sanctions and regional conflicts could affect outsourced operations, including clinical trials, and that financing conditions could become harder 1.
- Focus on high-value assetsmixed
The March 2026 refocusing concentrates limited resources on a few assets, which could speed progress if results are positive but increases exposure to setbacks 1.
Competitive position
The oncology immunotherapy market is dominated by large companies with approved checkpoint inhibitors that serve as standard treatment in many lines 1. The company differentiates through a T-cell-specific therapeutic vaccine rather than by blocking immune brakes 1.
In immuno-inflammation, competition includes other cytokine pathway antagonists, and the company's position depends on clinical data for lusvertikimab, which is still at early stages 1. Competitor positions are not detailed in the primary source, so comparative assessment remains limited 1.
- Boehringer Ingelheim
partner in anti-SIRPα oncology programs, with BI 770371 in a Phase 1b study 1
- Bristol Myers SquibbBMY
sponsor, with the Italian FoRT foundation, of the Combi-TED study combining Tedopi® with nivolumab 1
- MerckMRK
maker of pembrolizumab, tested in combination with Tedopi® in the TEDOVA study 1
- Veloxis
partner for the pegrizeprument program listed in the active portfolio 1
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202511 Jun 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / OSE Immunotherapeutics · 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.