Canadian Biotech Stocks to Watch in 2025
In the dynamic world of biotechnology and pharmaceuticals, Canadian companies continue to make significant strides. Here's a roundup of the top five performers as of July 18, 2025, on the TSX, TSXV, and CSE.
- Cipher Pharmaceuticals (TSX: CPH)
- Year-on-year gain: 48.2%
- Market cap: C$330.79 million, share price C$12.33
- Specialising in specialty pharma products, including dermatology and acute hospital care, Cipher has recently acquired Canadian rights to CF-101 for moderate to severe plaque psoriasis, expected to enter Phase III trials. They are also conducting proof-of-concept studies on a tattoo removal topical (DTR-001).
- In 2024, Cipher signed an asset purchase agreement with ParaPRO for Natroba operations, significantly boosting their share price. In Q1 2025, they repaid US$15 million of debt, reflecting financial strengthening.
- Power Metals (TSXV)
- Year-to-date gain: 163.04% (note: a lithium exploration company with diversified Canadian assets, significant because of strong market performance)
- Market cap: C$196.57 million, share price C$1.21
- Power Metals recently discovered a new pegmatite zone in their Case Lake project (Ontario) with high cesium, tantalum, lithium, and rubidium levels, identifying promising drill targets. They are currently working on a maiden mineral resource estimate and preliminary economic assessment, planned for release in Q1 and Q2 of 2025.
- PharmaTher Holdings (CSE: PHRM)
- Market cap: C$41.87 million
- PharmaTher is focusing on developing ketamine-based psychedelics therapies with innovative drug delivery methods. They are fully funded through their FDA approval goal date of August 9, 2025, for their ketamine product, with no plans for additional financing before then. They have a secure U.S. manufacturing partner and expect the commercial launch in the U.S. imminently.
- Other notable companies in pharma and related biotech fields, such as MediPharm Labs and Organigram Global Inc., showed strong revenue growth with ongoing FDA-related advantages and international expansion but are primarily cannabis-focused rather than biotech strictly.
- Hydreight recently highlighted their ongoing capital raising activities, having announced a $10 million convertible debenture offering on August 18, 2025, though specifics about their biotech focus were not detailed.
In addition to these, two other companies warrant mention.
ME Therapeutics is part of an ongoing collaborative effort to develop therapeutic mRNA delivery methods to myeloid cells with NanoVation Therapeutics. Their lead drug candidate, EP-104GI, is being advanced in a Phase 2b trial, with top-line results from the Phase 2b study anticipated in Q3 2026. ME Therapeutics' antibody h1B11-12 is designed to inhibit the cytokine G-SCF, and research has suggested that inhibition of tumor-secreted G-CSF could support existing treatments.
NervGen, a clinical-stage Canadian biotechnology company, is advancing NVG-291 in a Phase 1b/2a clinical trial for spinal cord injury (SCI), reporting positive data from the chronic cohort in June. Their lead drug candidate is designed to relieve inhibitory effects, promoting nervous system repair. They are also evaluating a newer preclinical candidate, NVG-300, for ischemic stroke and SCI.
This synthesis is based on data compiled on July 18, 2025, reflecting market caps, share prices, and recent corporate developments in biotech/pharma sectors across Canada's TSX, TSXV, and CSE.
- The tech investing landscape in Canada has a strong focus on the biotech and pharmaceuticals sector, with companies like Cipher Pharmaceuticals and ME Therapeutics making significant strides in health-and-wellness, particularly in the areas of specialty pharma products, ketamine-based psychedelics therapies, and therapeutic mRNA delivery.
- Science intersects with health-and-wellness in the Canadian biotech community, as evidenced by companies such as Power Metals and NervGen. Power Metals is making strides in the science of mineral exploration, specifically lithium, while NervGen is advancing scientific understanding of nervous system repair and spinal cord injury treatments.
