NeOnc Technologies Holdings, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The substance finding is unambiguous and comes from the numbers alone, not from the share price: $138,601 of cash on March 31, 2026 against a monthly burn of roughly $2.0 million, a coverage ratio of 0.13 from $2,095,163 of current assets against $16,287,621 of current liabilities, shareholders' equity of minus $13,231,165, and an audit report that expressly doubts the company can continue. On top of that sit $7,208,666 of withheld but unremitted payroll taxes with penalties still accruing — a debt due immediately to tax authorities rather than to negotiable business partners — and internal controls the company itself calls not effective. None of this judges the value of the science: the mechanism is documented in a human being, orphan drug designation has been in place since 2011, and a Phase 2a interim readout is scheduled for around August 2026. This rating assesses the substance of the business, and that substance is demonstrably at risk. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
NeOnc Technologies is working on a real medical problem and has a mechanism demonstrated in a human being: the compound is delivered as a nasal mist and was detectable inside tumour tissue. At the same time the company trips all three warning signals of our bankruptcy study — a quarterly report declared unreliable, a going-concern paragraph in the audit report, and current liabilities above current assets. Cash was $138,601 on March 31, 2026 against $16,287,621 of current liabilities, including $7.2 million of withheld payroll taxes that were never remitted. Of the 2025 net loss of $62.1 million, $35.6 million was share-based compensation and $11.8 million advisory fees, but only $3.6 million research. The likelier danger for shareholders is not insolvency but dilution. Not investment advice.
Liquidity
Cash stood at $138,601 on March 31, 2026 against $6,991,773 of net cash used in operating activities during the quarter. On four of six quarterly reporting dates since the end of 2024 the balance was around $100,000. On May 18, 2026 the company itself cited a runway "into September 2026."
Balance sheet and maturities
Current assets of $2,095,163 against current liabilities of $16,287,621 (coverage ratio 0.13, below 1 on all six reporting dates). Those liabilities include $7,208,666 of withheld but unremitted payroll taxes and $4,304,110 from a 2024 litigation settlement. Shareholders' equity was minus $13,231,165.
Reporting quality and controls
The first quarterly report as a public company was declared unreliable (August 18 and 20, 2025); the required statement about discussions with the auditors had to be added after an SEC letter. Internal control as of December 31, 2025 and disclosure controls as of March 31, 2026 were not effective by the company's own assessment. The auditor resigned six days after the listing.
Dilution
According to its own prospectus, the selling programme of April 10, 2026 can turn 24,911,482 shares into up to 38,877,962. Add 2,093,305 warrants with down-round protection, a convertible preferred converting at a 20 percent discount to the five-day low, and a proposal for the August 14, 2026 annual meeting to expand the incentive plan by 20 percent each year.
Use of funds
Of $58,280,435 of 2025 operating expenses, $35,555,059 was share-based compensation and $11,787,806 advisory fees — including $11,328,565 to the chief executive's own firm, triggered by the listing itself. Research and development cost $3,638,257. The first $7.0 million from the new selling programme is earmarked for the outstanding payroll taxes.
Science and insiders
The mechanism is documented: NEO100 and its metabolite were detectable in the tumour tissue of a treated patient. Orphan drug designation since 2011, fast track since 2016. No serviceable financial debt remains, and not a single insider sale was reported in twelve months — the chief executive bought in eleven tranches into falling prices.
Worth Noting
NTHI reached our research list as one of exactly two hits in our in-house scanner "Bankruptcy study: the sharpest triple combination" (as of July 26, 2026). The combination of the three signals has triggered 98 times since 2005, just under nine times a year; 53 percent of those stocks lost at least 30 percent within three months against 11 percent in a control group matched on price, trading volume and distance from the 52-week high. Four out of five of these companies survive the year — the model is a smoke detector, not a demolition order. Scanner lists are recalculated daily.
How the window works: signals count for twelve months. The oldest of the three is the Item 4.02 filing of August 20, 2025. Without a new signal, NeOnc drops out of this combination on August 20, 2026 even if nothing on the balance sheet changes.
Ratio trap: price-to-earnings and price-to-sales are meaningless here (no profit, $39,990 of annual revenue). The Altman Z-score also produces nothing but an artefact, because total assets of $3,330,161 are smaller than a single quarter's deficit. The reliable measures are the simple ones: cash $138,601, coverage ratio 0.13, shareholders' equity minus $13,231,165 (all March 31, 2026).
Currency note: the latest quarterly report (Form 10-Q) is dated May 15, 2026 and has been fully analysed. Every filing after it has been reviewed — current reports dated May 18, June 12, June 18, June 23, July 2 and July 15, 2026, a shelf registration dated June 15, 2026, a prospectus supplement and the proxy statement dated June 23, 2026, and insider filings through July 13, 2026. No financial statements exist yet for the quarter ended June 30, 2026; the deadline runs to mid-August 2026. There is no Form 15, no Form 25 and no listing deficiency notice.
Easily confused: the market debut on March 25/26, 2025 was a direct listing, not an initial public offering — there was no offering price and no proceeds. That distinction is not cosmetic here: a $4.3 million dispute with former partner Orient EuroPharma turns on it, because the settlement tied payment to an "initial public offering." The withdrawn 2024 IPO attempt would have covered 6,000,000 shares at $11.25 to $13.75.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NTHI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.00 $ to 12.10 $ · Last price: 3.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| NeOnc Technologies Holdings, Inc. NTHI | 0.1 | – | 0.0 | 100.0 | – | -51.8 | -67.9 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 59.1 | 21.8 | 5.1 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 0 | -3 | -3 | -0.18 | 0 | -3 | 0 |
| 2022 | 0 | -3 | -3 | -0.16 | -1 | -2 | 1 |
| 2023 | 0 | -12 | -15 | -0.80 | -2 | -14 | 1 |
| 2024 | 0 | -7 | -12 | -0.63 | -4 | -6 | 3 |
| 2025 | 0 | -58 | -62 | -3.23 | -20 | -18 | 3 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.13 | – | 0 | – | -11,265.00 | -1 | -1 |
| 2025: Q1 | -1.78 | – | 0 | -7.00 | -95,005.00 | -6 | -6 |
| 2025: Q2 | -0.30 | – | 0 | -100.00 | – | -5 | -5 |
| 2025: Q3 | -0.45 | – | 0 | – | – | -6 | -6 |
| 2025: Q4 | -0.60 | – | 0 | -100.00 | – | -4 | -4 |
| 2026: Q1 | -0.38 | – | 0 | -100.00 | – | -7 | -7 |
| 2026: Q2 | -0.58 | -93.30 | 0 | – | – | -5 | -5 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Going Concern (Distress Proxy)
- Insolvency Radar: Cash Running Low
- RS Weakness (≤10)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
- Weakness Cluster
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.35 | -1.90 – -0.80 | 0 | 57.8% | 2 |
| 12/31/2027 | -1.01 | -1.73 – -0.49 | 0 | 25.4% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
NeOnc hat im Oktober 2025 ein Patentportfolio mit KI-gestützten Wirkstoff-Suchwerkzeugen, magnetischem 3D-Biodruck und quantenmechanischer Modellierung gekauft (US-Patent 11.788.057 B2, 500.000 US-Dollar in Bar) und nutzt die KI-Plattform nach eigener Darstellung zur Vorhersage hirngängiger und ultraschall-empfindlicher Wirkstoffe in der präklinischen Forschung; Umsatz oder Produkt entsteht daraus nicht.
View the full file — quotes, sources, reviewed filings
„In 2025, we completed the acquisition of an intellectual property portfolio comprising artificial intelligence–driven drug discovery tools, rapid magnetic 3D bioprinting technology, and quantum molecular modeling capabilities, including U.S. Patent No. 11,788,057 B2. … The acquired technologies enable the rapid generation of patient-derived three-dimensional brain tumor organoids, AI-based prediction of CNS-penetrant and ultrasound-responsive compounds, and quantum-mechanical modeling of molecular behavior under focused ultrasound."
2025 haben wir den Erwerb eines Portfolios geistigen Eigentums abgeschlossen, das KI-gestützte Werkzeuge zur Wirkstoffsuche, schnellen magnetischen 3D-Biodruck und quantenmolekulare Modellierung umfasst, einschließlich des US-Patents Nr. 11.788.057 B2. … Die erworbenen Technologien ermöglichen die schnelle Erzeugung patientenabgeleiteter dreidimensionaler Hirntumor-Organoide, die KI-gestützte Vorhersage hirngängiger und ultraschall-empfindlicher Wirkstoffe sowie die quantenmechanische Modellierung des Molekülverhaltens unter fokussiertem Ultraschall.
10-K · 2026-03-31 · View SEC filing
„The Patent covers proprietary technologies combining 3D bioprinting, artificial intelligence, and quantum modeling that are designed to enable the creation of patient-derived three-dimensional brain tumor models for high-throughput preclinical drug screening."
Das Patent umfasst eigene Technologien, die 3D-Biodruck, künstliche Intelligenz und Quantenmodellierung verbinden und die Erzeugung patientenabgeleiteter dreidimensionaler Hirntumor-Modelle für die präklinische Wirkstoffprüfung im Hochdurchsatz ermöglichen sollen.
10-Q · 2026-05-15 · View SEC filing
„NTHI has acquired and operationalized an AI-driven computational drug modeling platform designed to support the rational development of sonosensitizers, including the Company’s lead assets, NEO100 and NEO212. This proprietary platform enables predictive modeling of blood-brain barrier (BBB) permeability, reactive oxygen species (ROS) generation, and drug-tumor interactions across heterogeneous CNS tumor environments."
NTHI hat eine KI-gestützte rechnergestützte Wirkstoff-Modellierungsplattform erworben und in Betrieb genommen, die die zielgerichtete Entwicklung von Sonosensibilisatoren unterstützen soll, darunter die Leitkandidaten NEO100 und NEO212. Diese eigene Plattform ermöglicht die vorhersagende Modellierung der Durchgängigkeit der Blut-Hirn-Schranke, der Bildung reaktiver Sauerstoffspezies und der Wechselwirkungen zwischen Wirkstoff und Tumor in unterschiedlichen Tumorumgebungen des Zentralnervensystems.
10-K · 2026-03-31 · View SEC filing
Filings Reviewed: 10-Q 2026-05-15 · 10-K 2026-03-31 · 10-K/A 2026-05-05 · 10-Q 2025-11-14 · 10-Q 2025-08-18 · 424B4 2025-03-25
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 26.0%
- More than 10% revenue growth is expected for the coming year 0.0%
- Share count grows by less than 3% a year 0.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -52,224.7%
- Gross margin at 40% or higher and without meaningful erosion 100.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 63 m
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 58.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% –
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Heshmatpour Amir F | CEO, President | Buy | 35,000 | 3.30 | 115,395 |
| Sep 14, 2026 | Heshmatpour Amir F | CEO, President | Buy | 15,000 | 3.96 | 59,400 |
| Sep 14, 2026 | Chen Thomas C | CEO | Buy | 5,242 | 3.82 | 19,998 |
| Sep 14, 2026 | Garnett Keithly | CFO | Buy | 257 | 3.89 | 1,001 |
| Sep 11, 2026 | Chen Thomas C | CEO | Buy | 5,556 | 3.60 | 20,002 |
| Sep 11, 2026 | Heshmatpour Amir F | CEO, President | Buy | 37,000 | 3.67 | 135,620 |
| Aug 18, 2026 | Chen Thomas C | CEO | Buy | 12,757 | 5.49 | 69,998 |
| Aug 18, 2026 | Heshmatpour Amir F | CEO, President | Buy | 9,000 | 5.54 | 49,860 |
| Aug 17, 2026 | Chen Thomas C | CEO | Buy | 2,472 | 4.04 | 9,998 |
| Aug 17, 2026 | Heshmatpour Amir F | CEO, President | Buy | 3,000 | 4.37 | 13,120 |
The company
About the Company
NeOnc Technologies Holdings, Inc., ein biopharmazeutisches Unternehmen in der klinischen Phase, konzentriert sich auf die Entwicklung von Behandlungen für intrakranielle Malignome.
- Employees
- 5
- Headquarters
- Calabasas, CA
- Address
- 23975 Park Sorrento, 91302 Calabasas, United States
- Phone
- 310 663 7831
- Website
- neonc.com
- IPO Date
- 03/26/2025
- ISIN
- US64051A1016
Management
| Name | Title | Birth Year |
|---|---|---|
| Amir Farrokh Heshmatpour | President, CEO, Executive Chairman & Secretary | 1967 |
| Thomas C. Chen M.D., Ph.D. | Founder, Chief Medical Officer, Chief Scientific Officer & Vice Chairman | 1965 |
| Keithly A. Garnett | Chief Financial Officer | 1975 |
| Josh Neman-Ebrahim Ph.D. | Chief Clinical Officer | 1978 |
| David Choi Jr. | Chief Accounting Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/17/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/10/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Entry into a Material Definitive Agreement; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/20/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Submission of Matters to a Vote of Security Holders SEC ↗
- 08/13/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/15/2026 NEONC TECHNOLOGIES HOLDINGS, INC. (NTHI): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.