Valneva SE
VALN · Biological Products, (No Diagnostic Substances) · EDGAR filings ↗
Grade
D50Specialty vaccine company with commercial travel-vaccine revenue but deep losses, high leverage, a covenant-sensitive lender, and a pending binary Lyme Phase 3 readout following the IXCHIQ withdrawal.
Strengths
- Commercial revenue base (IXIARO/DUKORAL) growing 16% with ~7.7 quarters of runway and large net-loss improvement (98th pct)
- Late-stage VLA15 Lyme partnership with Pfizer offers a major potential catalyst in H1 2026
Risks
- Deep losses (net margin -66%, ROE -108% at 22nd pct), high leverage (debt/equity 82nd pct), and negative interest coverage
- Binary VALOR Phase 3 unresolved and a Pharmakon default risk if it fails; IXCHIQ BLA/IND voluntarily withdrawn (Jan 2026)
Notable findings
- No interest coverageInterest coverage -1.96 (cannot cover interest)
- Net lossNet loss (net margin -66.0%)
- Cash burnNegative free cash flow (-67.3M)
- Customer concentration~71% of revenue from one customer/distributor — 4%, and 71
- Fund exitedNotable fund(s) exited this quarter: CITADEL ADVISORS LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.7%
Operating margin
-47.0%
Net margin
-66.0%
Return on equity
-108.5%
Return on assets
-28.9%
ROIC
-22.7%
Revenue growth (QoQ)
62.2%
Debt / equity
1.7×
Interest coverage
-2.0×
Current ratio
2.4×
Free cash flow
-$67M
Tangible book value
$125M
Cash & investments
$129M
Cash runway
8q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-17 | 2025-12-31 | 0001628280-26-018808 ↗ |
| 20-F | 2025-03-24 | 2024-12-31 | 0001628280-25-014522 ↗ |
| 20-F | 2024-03-22 | 2023-12-31 | 0001628280-24-012747 ↗ |
| 20-F | 2023-03-30 | 2022-12-31 | 0001628280-23-009890 ↗ |
| 20-F | 2022-03-24 | 2021-12-31 | 0001387131-22-003914 ↗ |