olivLaw · European equity research
Oxurion OXUR.BR
Belgium · Euronext Brussels · ISIN BE0974487192 · Vertical: Listed companies from Belgium
Oxurion is a preclinical biotechnology company developing treatments for age-related macular degeneration, particularly the geographic atrophy form. The company has no product in active clinical development and depends entirely on external financing, so any delay in raising capital would matter greatly.
At the close of 05 Nov 2026, Oxurion (OXUR.BR) stock was 0.00 EUR (+0.00% on the day), with market capitalisation 68.5 k EUR, beta 0.56, 52-week range 0.00–0.01 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)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 0.00 – 0.00
- in the lower half of the band · %B 0.46 · band width 82.2%
- SMA 50 / 200
- 0.00 / 0.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −20.0% | −0.6% | −19.4 pp | — |
| 3 months | −69.2% | −4.2% | −65.1 pp | — |
| 6 months | −78.9% | +4.3% | −83.3 pp | — |
| Year to date | −88.9% | +7.5% | −96.4 pp | — |
| 1 year | −93.2% | +9.9% | −103.1 pp | +6.3% |
| 3 years | −100.0% | +49.8% | −149.8 pp | −6.5% |
| 5 years | −100.0% | +42.8% | −142.8 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 | 1.1 m | 595.0 k | 263.0 k |
| Revenue YoY | unavailable | −47.3% | −55.8% |
| Net income | -29.2 m | -31.7 m | -19.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.77 | -0.37 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2,584.9% | -5,325.2% | -7,212.5% |
| Free cash flow | -27.0 m | -19.4 m | -9.8 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 1.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -13.2 m EUR
- Total assets
- 6.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.14x
- ROE
- unavailable
- ROA
- -204.6%
- FCF margin
- -3,713.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 m | 595.0 k | 263.0 k | esef· 16 Apr 2024verified |
| Cost of revenue | 612.0 k | 513.0 k | 159.0 k | esef· 16 Apr 2024verified |
| Gross profit | 516.0 k | 82.0 k | 104.0 k | esef· 16 Apr 2024verified |
| Research & development | 20.7 m | 16.0 m | 10.0 m | esef· 16 Apr 2024verified |
| Operating income | -28.5 m | -22.9 m | -12.1 m | esef· 16 Apr 2024verified |
| Interest expense | 1.3 m | 9.4 m | 7.3 m | esef· 16 Apr 2024verified |
| Pre-tax income | -29.6 m | -31.7 m | -19.0 m | esef· 16 Apr 2024verified |
| Income tax | 3.0 k | 7.0 k | 3.0 k | esef· 16 Apr 2024verified |
| Net income | -29.2 m | -31.7 m | -19.0 m | esef· 16 Apr 2024verified |
| Diluted EPS | -0.77 | -0.37 | -0.01 | esef· 16 Apr 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.7 m | 3.5 m | 1.6 m | esef· 16 Apr 2024verified |
| Inventories | 60.0 k | 5.0 k | 0 | esef· 16 Apr 2024verified |
| Current assets | 13.4 m | 7.1 m | 2.7 m | esef· 16 Apr 2024verified |
| Property, plant & equipment, net | 120.0 k | 99.0 k | 57.0 k | esef· 16 Apr 2024verified |
| Intangibles (excl. goodwill) | 1.0 m | 0 | 0 | esef· 16 Apr 2024verified |
| Total assets | 18.9 m | 12.0 m | 6.6 m | esef· 16 Apr 2024verified |
| Current liabilities | 10.9 m | 12.3 m | 19.6 m | esef· 16 Apr 2024verified |
| Equity | -1.1 m | -4.6 m | -13.2 m | esef· 16 Apr 2024verified |
| Shares outstanding at year end | 37.9 m | 85.6 m | — | esef· 16 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -27.0 m | -19.4 m | -9.8 m | esef· 16 Apr 2024verified |
| Capex | 32.0 k | 59.0 k | 1.0 k | esef· 16 Apr 2024verified |
| Free cash flow | -27.0 m ≈ | -19.4 m ≈ | -9.8 m ≈ | esef· 16 Apr 2024derived |
| Investing cash flow | 407.0 k | 111.0 k | 72.0 k | esef· 16 Apr 2024verified |
| Financing cash flow | 11.8 m | 13.0 m | 7.8 m | esef· 16 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 25.0% 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: 68.5 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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
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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -7,212.5% | 0 (vs peers) | 25% |
| 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 | -1.7x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14,255.2% | 0 (on a fixed band) | 33% |
| 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· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Oxurion (OXUR.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 263.0 k EUR in 2023; YoY growth -55.8%; net margin -7,212.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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: -7,212.5%
- Interest coverage: -1.7x
- Current ratio: 0.1x
- FCF yield: -14,255.2%
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, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
| HYL.BRHyloris Pharmaceuticals | 96.4 m | — | -21.6% | -87.9% | −14.8% | −42% / −69% |
1- and 3-year price returns: for OXUR.BR 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
Oxurion is a preclinical biotechnology company developing treatments for age-related macular degeneration, particularly the geographic atrophy form. The company has no product in active clinical development and depends entirely on external financing, so any delay in raising capital would matter greatly 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Going concern riskhigh
The report warns that if debts are not restructured and financing is not secured, the business could be wound up or enter bankruptcy, with a possible total loss of shareholder investment 1.
- No product in developmenthigh
Without an active clinical candidate, the company has no internal revenue source and depends on the success of new programmes 1.
- Regulatory riskmedium
Products could be rejected by regulators or receive restricted approvals, affecting potential revenue 1.
- Market acceptance riskmedium
Even if a product is approved, physicians and patients might not adopt it to the extent needed for commercial success 1.
- Pricing and reimbursement riskmedium
Reimbursement conditions are uncertain, and pressure on health budgets could limit prices 1.
Investment thesis
What would need to be true (bull case)
- If the approach based on new biological targets proves valid, the company could become a relevant player in a market with large medical needs 1.
- A partnership or strategic transaction could provide the funding and support currently missing 1.
- Differentiation from competitors could be an advantage if the new biological systems produce good clinical results 1.
What would break the thesis
- The company has no product in active clinical development and no internal revenue source 1.
- Dependence on external financing with uncertain conditions could force programmes to be reduced or halted 1.
- More advanced and better-funded competitors could take the market quickly if Oxurion's treatments do not prove effective 1.
What to watch
- Fulfilment of the conditions of the Atlas financing programme2025
- Outcome of the debt restructuring and any possible takeoverend of 2024
- Developments among competitors in the complement system field2025
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
Oxurion develops therapeutic candidates in the preclinical stage, focusing on AMD and geographic atrophy 1. According to the annual report, the company has no commercialised product and no active clinical asset in its pipeline, so it does not generate its own revenue 1. Its strategy rests on identifying new biological systems not limited to the complement system, which could offer options different from existing ones 1.
Research activity is mainly funded through the Atlas financing programme, whose availability depends on meeting certain conditions 1. The annual report indicates that if these conditions are not met, funding could become insufficient 1.
Management considers that it must achieve a satisfactory debt restructuring and a possible takeover by the end of 2024 to ensure continuity 1. The company has not yet completed the development of any product to the commercial stage 1.
Segments
Market context
The annual report describes the market for age-related macular degeneration and geographic atrophy treatments as highly competitive, with several rivals having products in different development stages 1. Market acceptance would depend on efficacy, safety, price and reimbursement, all uncertain for a product not yet launched 1.
Overall pressure on health spending in most countries could limit prices and reimbursement for new therapies 1. The report also notes that an ageing population increases health budgets, which could influence both demand and access conditions 1.
Trends
- Funding shortfallheadwind
Dependence on external financing and uncertainty over meeting Atlas programme conditions could slow research programmes 1.
- Pressure on health costsheadwind
Cost containment and international reference pricing could reduce potential revenue from new treatments 1.
- Ageing populationmixed
A growing elderly population could expand the need for macular degeneration treatments, but also increase pressure on reimbursement budgets 1.
- Progress in complement researchmixed
Several competitors are developing complement-targeting therapies, which could accelerate the field but also make Oxurion's positioning harder 1.
Competitive position
The annual report lists several companies developing geographic atrophy treatments, some of them already more advanced 1. Oxurion argues its different approach could offer an advantage, but competitors could launch safer or more effective products first 1.
Major competitors have considerably greater financial and research resources, which could allow them to advance faster through clinical trials and regulatory processes 1.
- Annexon BiosciencesANNX
Develops ANX007, a C1q inhibitor for geographic atrophy, cited in the annual report as a potential competitor 1.
- Ionis PharmaceuticalsIONS
Develops IONIS-FB-LRx, a factor B inhibitor in collaboration with Roche, cited as a potential competitor 1.
- Alexion Pharmaceuticals
Develops danicopan, a factor D inhibitor, cited in the annual report as a potential competitor 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202316 Apr 2024
- Annual report 202204 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Oxurion · 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.