Deep Value: cash covers more than 100% of the stock price

This company holds roughly $130M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Transgene S.A.

TNG.PA

Biotechnology · Healthcare

Also trades as: 0OCQ.L

Price

€0.71

+0.00 (+0.56%)

Market Cap

€199.0M

Exchange

Euronext Paris

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+58.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 91.1M (2021) → 144.3M (2025)

Transgene is a French biotechnology company that develops medicines designed to help the immune system fight cancer and viral infections. Its main focus is on cancer immunotherapy — treatments that train a patient's own immune system to attack tumors. The company is based in Strasbourg, France, and is majority-owned by the Institut Mérieux, a large French life sciences group.

Transgene does not yet sell approved products, so it earns little to no revenue from product sales. Instead, it funds its research through grants, collaboration agreements with larger pharmaceutical companies, and capital raises from investors. It operates primarily in Europe and runs clinical trials testing experimental therapies, including its TG4050 personalized cancer vaccine and oncolytic virus platform. Because it has no marketed products, the company burns cash consistently — its biggest risk is whether it can secure enough funding to advance its pipeline to late-stage trials before needing to raise more money.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-98.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+15.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$33M/ year

→ Flat (-5% vs prior year)

>1,000% of revenue

369.6x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

73.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~18 months

$113M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Transgene S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

33709.8%

Premium pricing power — 33709.8% gross margin

Operating Margin

-47495.1%

Losing money on operations — -47495.1%

ROCE

-15.7%

Weak — -15.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-95.5%

Shrinking sales (-95.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-27429.2%

Burning cash (-27429.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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