Pmgc Holdings Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$0.5
Price-to-sales vs peers
Base case. Range ~$0.5–$3.9. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Pmgc Holdings Inc. valuation: adjust assumptions and compare models →
Pmgc has little or no product revenue yet; it used $8m of cash in the twelve months to June 2026. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $1.35 a share.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 61.7% while net income fell 140.5%: a 79pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Pmgc Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.17 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$340 ~$300–$390 | Left out: out of range vs price (160.13x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.5 ~$1.1–$3.9 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.5 ~$0.5–$3.9 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pmgc Holdings Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2023 | 2025 |
|---|---|---|
| Share price | $614207.99 | $355.20 |
| Market value | $786m | $7m |
| + Net debt (− = net cash) | −$3m | −$4m |
| Enterprise value | $782m | $3m |
| Multiples | ||
| Price / sales | n/m | 12.3x |
| Price / earnings | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Pmgc Holdings Inc.: too few analysts cover it.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| ELAB | −98% | −97% | −99% |
| Industry peers (median) | −28% | −5% | −26% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| ELAB | 33% | 17% | 0% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| ELAB | −98% | −98% | −100% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since November 21, 2023: 100% from November 28, 2023 to November 2, 2026. Getting back needed a 64639902% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q2 | -$194M |
| FY23 Q3 | -$625.6M |
| FY23 Q4 | $1.7M |
| FY24 Q1 | $2.2M |
| FY24 Q2 | $2.5M |
| FY24 Q3 | $2.4M |
| FY26 Q2 | $2.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -266.7% |
| FY24 Q1 | -274.9% |
| FY24 Q2 | -243.3% |
| FY24 Q3 | -240.5% |
| FY26 Q2 | -318.3% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 1 | 2 | 1 | 3 |
| Gross profit | 0 | 1 | 0 | 1 |
| Net income | −2 | −4 | −8 | −13 |
| Diluted EPS | −$226.80 | −$2.40 | — | — |
| Growth (year on year) | ||||
| Revenue | — | +123.5% | −65.5% | — |
| Margins | ||||
| Gross margin | 58.4% | 66.2% | 31.4% | 31.1% |
| Net margin | −234.9% | −251.2% | <−999% | −523.0% |
| Free-cash-flow margin | — | −266.7% | <−999% | −318.3% |
| Cash flow | ||||
| Cash from operations | −2 | −5 | −6 | −8 |
| Capital spending | — | 0 | 0 | 0 |
| Free cash flow | — | −5 | −6 | −8 |
| Stock-based pay | 0 | 0 | −0 | 0 |
| Free cash flow after stock pay | — | −5 | −6 | −8 |
| Balance sheet | ||||
| Cash | 1 | 3 | 5 | 18 |
| Total debt | 0 | 0 | 1 | 9 |
| Net debt (negative = net cash) | −1 | −3 | −4 | −9 |
| Diluted shares | — | — | — | — |
| Quarter | 2023 Q4 Dec 2023 | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 699 | 615 | 606 | 527 | 286 | 304 | 682 | 1,307 |
| Gross profit | 462 | 446 | 439 | 394 | 78 | 107 | 230 | 386 |
| EBITDA | — | −1,665 | −1,408 | −625 | −2,164 | — | — | — |
| Operating income | — | −1,683 | −1,409 | −626 | −2,199 | — | — | — |
| Net income | −1,158 | −1,397 | −1,412 | −1,501 | −2,594 | −2,983 | −4,967 | −2,941 |
| Diluted EPS | −$0.49 | −$0.28 | −$0.28 | −$0.07 | — | — | — | — |
| Growth (year on year) | ||||||||
| Revenue | — | +330.3% | +91.3% | −4.9% | −45.8% | — | — | — |
| Net income | −100.1% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 66.1% | 72.5% | 72.5% | 74.7% | 27.3% | 35.3% | 33.8% | 29.5% |
| EBITDA margin | — | −271.0% | −232.6% | −118.6% | −756.6% | — | — | — |
| Operating margin | — | −273.9% | −232.6% | −118.6% | −769.0% | — | — | — |
| Net margin | −165.8% | −227.4% | −233.3% | −284.6% | −907.3% | −980.7% | −728.3% | −225.1% |
| Free-cash-flow margin | −341.9% | −379.7% | −128.9% | −72.4% | — | −689.4% | −490.1% | −150.0% |
| Cash flow | ||||||||
| Cash from operations | −2,388 | −2,324 | −781 | −382 | −1,490 | −1,750 | −2,980 | −1,988 |
| Capital spending | 0 | 9 | 0 | 0 | — | 347 | 363 | −28 |
| Free cash flow | −2,388 | −2,333 | −781 | −382 | — | −2,097 | −3,343 | −1,960 |
| Stock-based pay | 141 | 55 | −45 | 47 | 13 | 11 | 8 | 175 |
| Free cash flow after stock pay | −2,529 | −2,389 | −736 | −429 | — | −2,107 | −3,351 | −2,135 |
| Last 12 months unless stated | ELAB | VTGN | KRRO | CLGN | UPB | XBIO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $3m | $2m | $2m | $3m | $3m | $55m |
| Revenue growth, last 12 months | — | 287.3% | −62.1% | 360.4% | 16.0% | 33.3% | 12.6% |
| Revenue growth, 3-year average | — | — | −53.7% | — | — | 14.7% | 13.7% |
| Revenue growth, latest quarter | −45.8% | 504.9% | −100.0% | — | −17.5% | 12.0% | 10.2% |
| Gross margin | 31.1% | — | — | 64.8% | — | 99.8% | 82.8% |
| Operating margin | — | <−999% | <−999% | −484.3% | <−999% | −81.0% | −189.4% |
| Operating margin, 3-year average | — | <−999% | <−999% | — | <−999% | −137.7% | −363.5% |
| Net margin | −523.0% | <−999% | <−999% | −484.6% | <−999% | −75.9% | −172.8% |
| Cash from operations / revenue | −318.3% | <−999% | <−999% | −397.3% | <−999% | −70.9% | −168.8% |
| Free-cash-flow margin | −318.3% | <−999% | <−999% | −398.4% | <−999% | −70.9% | −168.1% |
| Free-cash-flow margin, 3-year average | — | <−999% | <−999% | — | — | −103.3% | −310.0% |
| Stock pay / revenue | 8.0% | 162.7% | 391.7% | 42.1% | 446.5% | 2.9% | 19.2% |
| Change in share count | — | 30.8% | 28.2% | 6.5% | — | 34.7% | 8.2% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $98,616 | 82K | 30.6% | ▲ 158.0% |
| Morgan Stanley | $64,130 | 53K | 19.9% | ▲ 253.3% |
| Vanguard Fiduciary Trust Co | $41,157 | 34K | 12.8% | New |
| Geode Capital Management, LLC | $29,133 | 24K | 9.0% | New |
| Citadel Advisors LLC | $25,049 | 21K | 7.8% | New |
| Vanguard Capital Management LLC | $20,173 | 17K | 6.3% | New |
| Virtu Financial LLC | $20,000 | 17K | 6.2% | New |
| Xtx Topco Ltd | $17,119 | 14K | 5.3% | New |
| Tower Research Capital LLC (TRC) | $3,031 | 3K | 0.9% | ▲ 1841.9% |
| UBS Group AG | $2,846 | 2K | 0.9% | ▲ 80.6% |
| Ifp Advisors, Inc | $1,210 | 1K | 0.4% | ▼ 50.0% |
| Danske Bank A/S | $1 | 0K | 0.0% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pmgc Holdings Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
