EDSA

Edesa is a clinical-stage biopharma with no approved products and zero revenue across the entire five-year history shown (net losses every year: -$13.3M, -$17.5M, -$8.37M, -$6.17M, -$7.19M for FY2021–FY2025). The MD&A is unambiguous: management 'concluded that substantial doubt exists about our ability to continue as a going concern,' and states that cash at September 30, 2025 'may not be sufficient to fund our operating expenses for one year' unless it raises capital or delays the EB06 program. With $10.8M cash against a -$7.32M annual operating cash burn, the runway is roughly a year — and the company is already telegraphing another raise. Shares outstanding jumped 140.3% YoY to 8.33M, so existing holders have just absorbed massive dilution and face more.

The balance sheet looks superficially clean — liabilities/equity of 0.15x and $12.5M equity — but that equity sits on a -$65.9M accumulated deficit and is only positive because of 2025 equity financings, not operating success. ROE of -57.7% reflects a company consuming capital, not compounding it. There is genuinely nothing to value on a fundamentals or earnings basis; with no revenue, P/E and P/S are meaningless, so a defensible price target cannot be set from the data provided.