Start here if you're new
what it is
HOOKIPA built immune therapies, then sold assets and set up a company dissolution.
how it gets paid
Last year Hookipa Pharma made $44M in revenue. HB-200 program was the main engine at $16M, or 36% of sales.
what just happened
$2M of quarterly revenue and -$1.23 EPS say this business is shrinking into the sale.
At a glance
C+ balance sheet — struggling to keep the lights on
50/100 earnings predictability — expect surprises
-$3.47 fy2024 eps est
~$44M annual revenue (FY context on-page)
deeply negative operating margin (loss-making)
xvary composite: 18/100 — weak
What they do
HOOKIPA built immune therapies, then sold assets and set up a company dissolution.
The old edge was a proprietary arenavirus platform. It was built to trigger CD8+ T cells, and HOOKIPA had 82 employees. But selling HB-400 and part of HB-500 to Gilead in October 2025 says the edge did not become a durable business. Your moat is the cash left after the sale.
How they make money
$44M
annual revenue
HB-200 program
$16M
HB-700 program
$12M
HB-400 program
$10M
HB-500 program
$6M
The products that matter
pre-revenue immunotherapy platform
Arenavirus Platform
R&D / platform (no approved product sales)
The platform is the old science story; FY revenue on this page is mostly collaboration and deal economics, not a durable product P&L.
no approved drugs
sold oncology assets
HB-200 / HB-700 programs
sold feb 2026
these programs were important enough to be sold to NeoTrail Therapeutics in february 2026. that may simplify the story, but it also leaves you with an even narrower set of remaining value drivers.
post-sale pivot
partner-funded revenue source
Collaboration Revenue
collaboration & deal revenue
Some periods show smaller trailing collaboration fees than full-year totals after milestones— revenue is shrinking as assets are sold and the company moves toward dissolution; use the latest 10-Q for the run-rate.
entire revenue base
Key numbers
$44M
annual revenue
That is the full-year top line. It is bigger than the market cap by $31M, so the stock is pricing in a lot of damage.
~−117%
operating margin (approx.)
A large negative margin means operating losses exceed revenue scale— consistent with wind-down and restructuring costs, not a profitable franchise.
$13M
market cap
The entire equity is worth less than one year of revenue. That is tiny, even by biotech standards.
82
employees
Divide $44M of revenue by 82 workers and you get about $536k per employee. The scale is small.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (2% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for HOOK right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$2M of quarterly revenue and -$1.23 EPS say this business is shrinking into the sale.
Revenue fell 95% vs. prior year. The company also posted a very weak EPS number, which fits a pipeline that has already been sold down.
$2M
revenue
−$1.23
quarter eps (loss)
95%
vs. last year revenue
Revenue collapse
The $2M quarter matters most because it is 95% below last year and leaves little room for recovery.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
HOOK's biggest problem is simple: revenue is collapsing toward wind-down economics while losses continue— the exact FY run-rate moves with asset sales; treat every disclosure as time-stamped.
med
the platform fails to replace lost revenue after the oncology asset sale
Trailing revenue was $9.35M, and the current FY2025 outlook is $0. After the HB-200 / HB-700 sale, there is even less room for narrative drift.
If no new partnership or monetizable asset fills that gap, you are left owning a public shell with science but no business model.
med
clinical disappointment hits before funding improves
The latest quarterly EPS was -$1.23. For a company with a $13M market cap, one more ugly readout or delay can matter more than a year's worth of corporate presentations.
A weak data point would hit the pipeline and the financing path at the same time. In biotech, that is how dilution starts to look inevitable.
med
strategic deal talks signal the standalone case is thin
HOOK and Poolbeg discussed a potential all-share acquisition in january 2025. Companies do not explore merger structures like that because the underlying business is overflowing with options.
If no deal happens and no cleaner turnaround emerges, the stock can stay trapped as a low-liquidity speculation rather than re-rate on fundamentals.
A $13M company with a $0 FY2025 revenue outlook is not one bad quarter away from trouble. It is already in the trouble zone.
source: institutional data · regulatory filings · risk analysis
Pay attention to
near-term watch
any update that changes the $0 FY2025 revenue outlook
This is the number that matters most. If management replaces even part of the lost collaboration revenue, the story shifts from survival to optionality.
balance-sheet watch
another quarter near a $1.23 per-share loss
At a $13M market cap, that kind of burn rate keeps the financing question front and center. Debt-free does not mean dilution-free.
strategy watch
whether the NeoTrail asset sale leads to a cleaner post-sale thesis
Selling HB-200 / HB-700 simplifies the pipeline story only if management can explain what remains, why it matters, and how it gets funded.
deal watch
whether Poolbeg talks turn into a transaction or quietly disappear
A real deal would change the capital structure and the thesis. No deal means the company still has to solve the same operating problem on its own.
Analyst rankings
earnings predictability
50 / 100
middle of the road on paper. in human-speak, analysts do not have a stable operating model to lean on.
price stability
5 / 100
this is extreme volatility. the market treats HOOK like an event-driven biotech, because that is exactly what it is.
beta
1.4
when the market moves, HOOK usually moves more. add microcap liquidity and you get amplified swings in both directions.
source: institutional data
Institutional activity
institutional ownership data for HOOK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive