Genocea Biosciences, Inc. :GNCA-US: Earnings Analysis: Q4, 2016 By the Numbers

Genocea Biosciences, Inc. reports financial results for the quarter ended December 31, 2016.

Analysis

  • Summary numbers: Revenues of USD 0 million, Net Earnings of USD -16.03 million.
  • The company does not seem to have a viable operating strategy as is evident from low net profit margins (currently -21,094.89% vs. peer median of -152.96%) and poor asset turns (currently 0x compared to peer median of 0.24x). We classify this operating model as problematic relative to its peers.
  • GNCA-US‘s earnings and EBITDA are both negative which suggest that P/E or Price/EBITDA are not meaningful to make this analysis between operating advantage (ROE) and growth expectations (as suggested by P/E or P/EBITDA).
  • Cash and Cash equivalents were down this period to 63.36 million compared to 94.33 million in the same period last year.
  • With debt at 23.96% of its enterprise value compared to an overall benchmark of 25% (Note: The peer median is currently 66.72%), and relatively tight interest coverage level of -27.76x, GNCA-US would have a hard time raising much additional debt.
  • Of the 9 chosen peers for the company, only 5 of the stocks have an outstanding debt balance. Companies with no debt include GNVC-US and VICL-US.
  • Net income of -16.03 million this period compared to a net income of -12.77 million last period. This is a growth of -25.61% over the previous period. In comparison, the peer group grew at -19.98%

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Company Profile

Genocea Biosciences, Inc. operates as a clinical stage biotechnology company. The company engages in discovering and developing vaccines to address infectious diseases. It uses its proprietary platform technology, antigen lead acquisition system to discover and develop novel vaccine candidates. The company’s pipeline consists of GEN-003, GEN-004, GEN-009, Epstein-Barr virus, patient stratification, next gen HSV, Chlamydia and malaria. Genocea Biosciences was founded by Robert Paull and Kevin J. Bitterman on August 16, 2006 and is headquartered in Cambridge, MA.

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