Is Theralase Technologies a buy?

Research Capital analyst Andre Uddin maintained a “Speculative Buy” rating and C$0.70 target on Theralase Technologies (Theralase Technologies Stock Quote, Chart, News, Analysts, Financials TSXV:TLT) in a May 20 update after fourth-quarter results and recent financing activity.

Uddin noted Theralase reported Q4 revenue of $226,000 from cool laser therapy sales, above his $200,000 estimate but down from $410,000 a year earlier. Net loss was $0.7-million, better than his $1.2-million loss forecast.

The company had $183,000 in cash at year-end, but subsequently raised about $7.5-million through multiple equity financings. Uddin estimates Theralase now has about $5-million in cash, plus $1-million available under a line of credit, which could provide runway into 2027.

He said a potential licensing agreement could provide non-dilutive capital, especially after preclinical data suggested an additive effect between Ruvidar and interferon alpha, a key immune molecule expressed by Ferring’s Adstiladrin.

“If additive or synergistic effects are confirmed in clinical studies, this could support a potential licensing transaction between TLT and Ferring,” Uddin said.

Uddin said Ruvidar continues to generate compelling clinical data, with 65% of 89 patients achieving a complete response at any time point as of April 30, 2026. He said the therapy’s one-and-done profile and safety data compare favourably with multi-dose competing therapies.

“We remain optimistic that Ruvidar could obtain regulatory approval from both U.S. Food and Drug Administration and Health Canada,” Uddin said.

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