CBIO Crescent Biopharma, Inc. - Common Stock
$18.40
Price · May 20, 2026
Fundamentals as of Apr 29, 2026
52W Range
$9–$27
52% of range
Analyst Rating
BUY
15 analysts
Price Target
$30
+65% upside
P/E (TTM)
-24.2
ROE
-90.0%
Net Profit Margin
-1419.6%
CBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.40
Market Cap
$327M
P/E (TTM)
-24.2
EPS (TTM)
$-0.59
Revenue (TTM)
$11M
Div Yield
—
ROE
-90.0%
Debt/Equity
—
52W Range
$9 – $27
CBIO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$11M
2016-12-31
→
2025-12-31
EPS
$-0.59
2019-12-31
→
2024-12-31
Free Cash Flow
$-72M
2016-12-31
→
2025-12-31
Margins
-1419.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CBIO
Peer Median
P/E (TTM)
-24.2
19.2
P/S (TTM)
30.1
31.6
P/B
1.6
2.4
Price / FCF
-4.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CBIO
Peer Median
Operating Margin
-1407.5%
—
Net Profit Margin
-1419.6%
-94.7%
ROA
-111.6%
-39.0%
ROE
-90.0%
-50.4%
ROIC
-76.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CBIO
Peer Median
Current Ratio
6.6
5.4
Quick Ratio
6.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CBIO
Peer Median
Revenue YoY
-86.7%
—
Revenue CAGR 3Y
424.9%
—
Revenue CAGR 5Y
1.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CBIO
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Jan. 13, 2023 | $24.0000 |
| Sept. 21, 2022 | $143.0000 |
CBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 6 40.0%
- Buy 8 53.3%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-05-20
Median
$30.00
← Below all targets
$18.40
Low
$22.00
High
$35.00
Median target
$30.00
+63.0%
Mean target
$30.29
+64.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.20%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.70 | $-0.97 | 0.27% |
| Dec. 31, 2025 | $-0.54 | $-2.57 | 2.0% |
| Sept. 30, 2025 | $-1.27 | $-2.02 | 0.75% |
| June 30, 2025 | $-4.93 | $-1.80 | -3.1% |
| March 31, 2025 | $-4.00 | $-5.10 | 1.1% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CBIO | $327M | -24.2 | -86.7% | -1419.6% | -90.0% | — |
| ALT | $400M | -3.6 | 105.0% | -214861.0% | -45.6% | — |
| RIGL | $784M | 2.2 | 64.1% | 124.7% | 155.1% | — |
| STRO | $99M | -0.5 | 65.2% | -186.5% | 232.2% | — |
| XOMA | $315M | 18.2 | 83.1% | 60.8% | 43.5% | — |
| TECX | $391M | -5.2 | — | — | -27.7% | — |
| PRME | $626M | -2.6 | 55.3% | -4342.4% | -221.4% | — |
| IMMX | $277M | -5.9 | — | — | -59.8% | — |
| PROK | — | — | 1075.0% | -7725.2% | 6.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11M | · | $10.0K | $75.0K | $1M | $10M | · | · | · | $18.5K | $20M | $15M | |
| R&D Expense | $138M | $14M | $20M | $28M | $47M | $45M | $47M | $40M | $24M | $23M | $25M | $20M | |
| SG&A Expense | $25M | $18M | $19M | $19M | $17M | $17M | $14M | $11M | $10M | $9M | $8M | $7M | |
| Operating Expenses | $163M | $40M | $39M | $47M | $65M | $62M | $61M | $52M | $34M | $32M | $33M | $26M | |
| Operating Income | $-153M | $-40M | $-39M | $-47M | $-63M | $-52M | $-61M | $-52M | $-34M | $-32M | $-13M | $-11M | |
| Other Non-op | · | $2M | $2M | · | · | · | · | · | $651.2K | $103.6K | $15.3K | $18.2K | |
| Pretax Income | $-152M | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $2M | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-154M | $-38M | $-37M | $-47M | $-63M | $-51M | $-58M | $-48M | $-33M | $-32M | $-13M | $-11M | |
| EPS (Basic) | · | $-0.59 | $-0.58 | $-0.89 | $-1.23 | $-1.12 | $-1.34 | · | · | · | · | $-0.60 | |
| EPS (Diluted) | · | $-0.59 | $-0.58 | $-0.89 | $-1.23 | $-1.12 | $-1.34 | · | · | · | · | $-0.60 | |
| Shares (Basic) | · | 64,477,249 | 63,342,465 | 52,531,173 | 51,453,204 | 45,721,139 | 43,254,782 | · | · | · | · | 18,452,252 | |
| Shares (Diluted) | · | 64,477,249 | 63,342,465 | 52,531,173 | 51,453,204 | 45,721,139 | 43,254,782 | · | · | · | · | 18,452,252 | |
| EBITDA | $-153M | $-40M | $-39M | $-47M | $-63M | $-52M | $-61M | $-52M | $-34M | $-32M | $-13M | $-11M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $213M | $35M | $42M | $48M | $90M | $137M | $158M | $210M | $124M | $40M | $47M | $55M | |
| Receivables | $18M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $5M | $38.0K | $2M | $3M | $533.8K | $1M | $4M | $2M | $3M | $478.5K | $441.8K | $916.2K | |
| Other Current Assets | $5M | $38.0K | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $237M | $35M | $44M | $51M | $91M | $138M | $163M | $212M | $127M | $41M | $47M | $56M | |
| PP&E (Net) | $846.0K | $0 | · | $242.4K | $368.8K | $620.7K | $822.9K | $957.2K | $1M | $1M | $521.4K | $452.3K | |
| PP&E (Gross) | · | · | · | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $1M | $1M | |
| Accum. Depreciation | · | · | · | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $902.1K | $905.5K | |
| Other Non-current Assets | $1M | $813.0K | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $240M | $36M | $45M | $52M | $94M | $143M | $168M | $215M | $129M | $42M | $48M | $57M | |
| Accounts Payable | · | $329.3K | $868.1K | $970.2K | $2M | $2M | $1M | $3M | $3M | $2M | $564.2K | $874.0K | |
| Accrued Liabilities | $16M | $2M | $5M | $7M | $9M | $9M | $9M | $6M | $4M | $3M | $6M | $5M | |
| Current Liabilities | $36M | $10M | $7M | $9M | $12M | $12M | $11M | $9M | $8M | $6M | $8M | $6M | |
| Capital Leases | $1M | $0 | $66.8K | · | $918.6K | $2M | $3M | · | · | · | · | · | |
| Total Liabilities | $37M | $47M | $7M | $9M | $13M | $15M | $14M | $9M | $9M | $7M | $8M | $6M | |
| Common Stock | $28.0K | $1.0K | $64.4K | $54.4K | $52.3K | $49.0K | $43.5K | $43.2K | $34.4K | $23.2K | $19.0K | $18.9K | |
| Paid-in Capital | $371M | $2M | $495M | $462M | $454M | $438M | $413M | $406M | $272M | $154M | $128M | $125M | |
| Retained Earnings | $-172M | $-18M | $-456M | $-420M | $-373M | $-309M | $-258M | $-201M | $-152M | $-119M | $-87M | $-74M | |
| Stockholders' Equity | $203M | $-15M | $38M | $43M | $82M | $128M | $154M | $205M | $120M | $35M | $40M | $51M | |
| Liabilities + Equity | $240M | $36M | $45M | $52M | $94M | $143M | $168M | $215M | $129M | $42M | $48M | $57M | |
| Shares Outstanding | 27,556,767 | 1,018,604 | 64,393,744 | 54,377,798 | 52,313,894 | 49,017,622 | 43,466,933 | 43,160,751 | 34,359,799 | 23,250,023 | 19,050,204 | 18,939,838 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $5M | $4M | $4M | $6M | $7M | $6M | $5M | $4M | $3M | $2M | $2M | |
| Deferred Tax | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Restructuring | · | $7M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-72M | $-31M | $-35M | $-46M | $-57M | $-39M | $-52M | $-43M | $-30M | $-30M | $-8M | $-4M | |
| CapEx | $919.0K | $10.0K | $21.4K | $84.2K | $14.9K | $68.5K | $144.9K | $125.6K | $294.1K | $704.2K | $268.6K | $212.6K | |
| Investing Cash Flow | $-73M | $20.0K | $-21.4K | $-84.2K | $-14.9K | $-68.5K | $-144.9K | $-125.6K | $-294.1K | $-704.2K | $-268.6K | · | |
| Stock Issued | $0 | · | $29M | $4M | $11M | $18M | · | $128M | $114M | $24M | · | $57M | |
| Net Stock Activity | $0 | · | $29M | $4M | $11M | $18M | · | $128M | $114M | $24M | · | $57M | |
| Financing Cash Flow | $323M | $5.4K | $29M | $4M | $11M | $18M | $412.9K | $129M | $114M | $24M | $114.1K | · | |
| Net Change in Cash | $179M | $-31M | $-6M | $-42M | $-47M | $-21M | $-52M | $86M | $84M | $-7M | $-8M | $53M | |
| Free Cash Flow | $-72M | $-31M | $-35M | $-47M | $-58M | $-39M | $-52M | $-43M | $-30M | $-30M | $-9M | $-4M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1407.5% | · | -392752.9% | -63204.4% | -5470.7% | -506.8% | · | · | · | -172505.3% | -63.7% | -74.1% | |
| Net Margin | -1419.6% | · | -368994.2% | -62251.7% | -5469.0% | -502.1% | · | · | · | -171945.1% | -63.6% | -74.0% | |
| Pretax Margin | -1401.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1407.5% | · | -392752.9% | -63204.4% | -5470.7% | -506.8% | · | · | · | -172505.3% | -63.7% | -74.1% | |
| ROA | -111.6% | -134.3% | -76.0% | -63.9% | -53.5% | -32.8% | -30.2% | -28.1% | -38.9% | -70.0% | -24.2% | -35.6% | |
| ROE | -90.0% | -1888.5% | -86.9% | -102.6% | -71.2% | -38.3% | -36.0% | -22.8% | -42.9% | -84.0% | -28.0% | -41.4% | |
| ROIC | -76.2% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 1.9 | 6.4 | 5.7 | 7.7 | 11.1 | 14.8 | 24.2 | 15.6 | 6.4 | 6.1 | 8.7 | |
| Quick Ratio | 6.4 | 1.9 | 6.1 | 5.4 | 7.6 | 11.0 | 14.4 | 24.0 | 15.2 | 6.3 | 6.0 | 8.5 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.0 | 0.0 | 0.0 | 0.1 | · | · | · | 0.0 | 0.4 | 0.5 | |
| Receivables Turnover | 1.2 | · | · | · | · | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | -86.7% | -93.5% | -88.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 424.9% | · | -90.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11M | · | $10.0K | $75.0K | $1M | $10M | · | · | · | $18.5K | $20M | $15M | |
| Net Income TTM | $-154M | $-38M | $-37M | $-47M | $-63M | $-51M | $-58M | $-48M | $-33M | $-32M | $-13M | $-11M | |
| Market Cap | $327M | $1.61B | $15.20B | $16.48B | $7.53B | $18.43B | $22.99B | $40.87B | $57.69B | $14.18B | $10.90B | $13.64B | |
| P/E | -24.2 | -42.4 | -406.9 | -340.4 | -117.1 | -335.7 | -394.8 | -1262.7 | -2238.7 | -813.3 | -805.6 | -1200.0 | |
| P/S | 30.1 | · | 1519692.4 | 219686.3 | 6495.4 | 1813.5 | · | · | · | 766622.4 | 542.9 | 907.5 | |
| P/B | 1.6 | 303.4 | 395.6 | 383.8 | 92.3 | 143.7 | 149.1 | 198.9 | 481.9 | 401.8 | 269.2 | 268.4 | |
| P / Tangible Book | 1.6 | · | 395.6 | 383.8 | 92.3 | 143.7 | · | · | · | · | · | · | |
| P / Cash Flow | -4.6 | -51.8 | -435.7 | -354.7 | -131.0 | -469.7 | -442.3 | -943.3 | -1938.0 | -477.0 | -1322.1 | -3185.0 | |
| P / FCF | -4.5 | -51.8 | -435.4 | -354.0 | -131.0 | -468.8 | -441.1 | -940.5 | -1919.0 | -466.0 | -1280.4 | -3034.3 | |
| Earnings Yield | -4.1% | -2.4% | -0.25% | -0.29% | -0.85% | -0.30% | -0.25% | -0.08% | -0.04% | -0.12% | -0.12% | -0.08% |
Income Statement 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | · | · | · | $0 | · | · | · | · | · | · | · | · | $0 | · | $75.0K | |
| R&D Expense | $18M | $106M | $20M | $12M | $11M | $233.2K | $2M | $6M | $6M | $5M | $5M | $4M | $5M | $6M | $5M | $8M | |
| SG&A Expense | $8M | $9M | $6M | $9M | $4M | $5M | $4M | $4M | $5M | $4M | $5M | $5M | $6M | $5M | $4M | $5M | |
| Operating Expenses | $26M | $114M | $26M | $21M | $14M | $7M | $11M | $10M | $11M | $10M | $10M | $9M | $11M | $11M | $9M | $13M | |
| Operating Income | $-25M | $-103M | $-26M | $-21M | $-14M | $-7M | $-11M | $-10M | $-11M | $-10M | $-10M | $-9M | $-11M | $-11M | $-9M | $-13M | |
| Other Non-op | $1M | · | $1M | $-760.0K | $-924.0K | $110.1K | $1M | · | · | $512.2K | $611.0K | · | · | · | · | · | |
| Income Tax | $0 | $2M | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-23M | $-23M | $-25M | $-22M | $-15M | $-7M | $-10M | $-10M | $-11M | $-9M | $-9M | $-8M | $-10M | $-10M | $-9M | $-13M | |
| EPS (Basic) | · | · | · | · | $-0.04 | $-0.11 | $-0.15 | $-0.16 | $-0.17 | $-0.14 | $-0.14 | $-0.13 | $-0.17 | $-0.20 | $-0.16 | $-0.25 | |
| EPS (Diluted) | · | · | · | · | · | $-0.24 | $-0.15 | $-0.16 | $-0.04 | $-0.14 | $-0.14 | $-0.13 | $-0.17 | $-0.20 | $-0.16 | $-0.25 | |
| Shares (Basic) | · | · | · | · | 64,522,257 | -128,947,790 | 64,483,958 | 64,483,848 | 64,457,233 | -125,633,555 | 64,349,709 | 64,276,184 | 60,350,127 | -104,631,509 | 52,423,944 | 52,407,347 | |
| Shares (Diluted) | · | · | · | · | · | -129,012,814 | 64,483,958 | 64,483,848 | 64,522,257 | -129,740,661 | 64,349,709 | 64,276,184 | 64,457,233 | -104,631,509 | 52,423,944 | 52,407,347 | |
| EBITDA | $-25M | · | $-26M | $-21M | $-2M | · | $-11M | $-10M | $-11M | · | $-10M | $-9M | $-11M | · | $-9M | $-13M |
Balance Sheet 21
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $189M | $213M | $133M | $153M | $6M | $11M | $14M | $22M | $31M | $42M | $49M | $58M | $65M | $48M | $52M | $60M | |
| Receivables | $0 | $18M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $6M | $5M | $1M | $2M | $378.0K | $371.3K | $1M | $1M | $2M | $2M | $3M | $2M | $3M | $3M | $2M | $1M | |
| Other Current Assets | $6M | $5M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $196M | $237M | $135M | $154M | $6M | $11M | $16M | $24M | $33M | $44M | $52M | $60M | $68M | $51M | $54M | $61M | |
| PP&E (Net) | $929.0K | $846.0K | $782.0K | $193.0K | · | · | · | · | · | · | $133.0K | $167.9K | $200.7K | · | $288.1K | $333.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | $3M | $3M | $3M | · | $3M | $3M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | $3M | $2M | $2M | · | $2M | $2M | |
| Other Non-current Assets | $1M | $1M | $1M | $1M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $199M | $240M | $138M | $157M | $6M | $11M | $16M | $24M | $34M | $45M | $53M | $62M | $69M | $52M | $56M | $65M | |
| Accounts Payable | · | · | · | · | $104.7K | $329.3K | $581.8K | $950.8K | $755.5K | $868.1K | $329.9K | $241.5K | $480.2K | $970.2K | $852.1K | $1M | |
| Accrued Liabilities | $4M | $16M | $9M | $8M | $3M | $5M | $3M | $3M | $4M | $5M | $5M | $6M | $6M | $7M | $6M | $7M | |
| Current Liabilities | $14M | $36M | $20M | $17M | $3M | $6M | $4M | $4M | $5M | $7M | $6M | $7M | $7M | $9M | $8M | $9M | |
| Capital Leases | $1M | $1M | $1M | $1M | · | · | · | · | · | $66.8K | $262.1K | $448.8K | · | · | $95.6K | $378.8K | |
| Total Liabilities | $15M | $37M | $22M | $18M | $3M | $6M | $4M | $4M | $5M | $7M | $7M | $7M | $7M | $9M | $8M | $9M | |
| Common Stock | $28.0K | $28.0K | $14.0K | $14.0K | $64.5K | $64.5K | $64.5K | $64.5K | $64.5K | $64.4K | $64.4K | $64.3K | $64.2K | $54.4K | $52.4K | $52.4K | |
| Paid-in Capital | $375M | $371M | $192M | $190M | $500M | $500M | $498M | $497M | $496M | $495M | $494M | $493M | $492M | $462M | $457M | $456M | |
| Retained Earnings | $-195M | $-172M | $-79M | $-55M | $-497M | $-494M | $-487M | $-477M | $-467M | $-456M | $-447M | $-438M | $-430M | $-420M | $-409M | $-401M | |
| Stockholders' Equity | $184M | $203M | $117M | $139M | $3M | $5M | $11M | $20M | $29M | $38M | $47M | $55M | $62M | $43M | $48M | $56M | |
| Liabilities + Equity | $199M | $240M | $138M | $157M | $6M | $11M | $16M | $24M | $34M | $45M | $53M | $62M | $69M | $52M | $56M | $65M | |
| Shares Outstanding | 27,571,935 | 27,556,767 | 13,892,516 | 13,892,562 | 64,532,091 | 64,483,958 | 64,483,958 | 64,483,958 | 64,450,835 | 64,393,744 | 64,368,843 | 64,313,333 | 64,245,224 | 54,377,798 | 52,423,944 | 52,423,944 |
Cash Flow 10
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $5M | $2M | $6M | $1M | $1M | $1M | $1M | $1M | $908.4K | $887.8K | $858.1K | $870.2K | $899.2K | $914.0K | $963.8K | |
| Restructuring | · | · | · | · | · | · | $5M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-9M | $-27M | $-18M | $-22M | $-11M | $-4M | $-8M | $-9M | $-11M | $-8M | $-9M | $-7M | $-12M | $-8M | $-9M | $-16M | |
| CapEx | $147.0K | $193.0K | $586.0K | $140.0K | $0 | $0 | $0 | $2.5K | $7.4K | $801 | $7.9K | $10.5K | $2.2K | $1 | $2.5K | $41.2K | |
| Investing Cash Flow | $-8M | $-72M | $-586.0K | $-140.0K | $0 | $30.0K | $0 | $-2.5K | $-7.4K | $-801 | $-7.9K | $-10.5K | $-2.2K | $-1 | $-2.5K | $-41.2K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $29M | · | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $29M | · | · | · | |
| Financing Cash Flow | $-7M | $179M | $-1M | $147M | $-1M | $0 | $0 | $500 | $4.9K | $999 | $61.6K | $20.1K | $29M | · | · | · | |
| Net Change in Cash | $-24M | $80M | $-19M | $123M | $-12M | $-4M | $-8M | $-9M | $-11M | $-8M | $-9M | $-7M | $17M | $-4M | $-9M | $-16M | |
| Free Cash Flow | $-9M | · | · | · | · | · | · | · | $-11M | · | · | · | $-12M | · | · | · |
Profitability 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2380.1% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -17804.2% | |
| Net Margin | -2240.9% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -17690.1% | |
| EBITDA Margin | -2380.1% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -17804.2% | |
| ROA | -22.7% | · | -32.0% | -24.0% | -11.7% | · | -28.5% | -23.4% | -20.8% | · | -16.9% | -13.0% | -13.8% | · | -10.4% | -14.0% | |
| ROE | -24.9% | · | -38.4% | -27.4% | -14.5% | · | -33.9% | -27.0% | -23.6% | · | -19.4% | -14.9% | -15.9% | · | -11.8% | -15.8% |
Liquidity & Solvency 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.8 | · | 6.6 | 9.2 | 2.3 | · | 3.6 | 5.5 | 6.3 | · | 8.1 | 9.2 | 10.1 | · | 6.9 | 6.9 | |
| Quick Ratio | 13.3 | · | 6.6 | 9.1 | 2.1 | · | 3.3 | 5.1 | 5.9 | · | 7.7 | 8.8 | 9.6 | · | 6.7 | 6.7 |
Efficiency 1
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 |
Valuation (TTM) 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-93M | · | $-71M | $-57M | $-46M | · | $-40M | $-38M | $-39M | · | $-36M | $-40M | $-47M | · | $-54M | $-60M | |
| Market Cap | $506M | · | $165M | $224M | $1.36B | · | $1.10B | $1.81B | $19.34B | · | $9.66B | $11.19B | $8.09B | · | $2.88B | $3.15B | |
| P/E | -37.5 | · | -24.3 | -32.9 | -42.9 | · | -34.7 | -59.6 | -625.0 | · | -250.0 | -245.1 | -146.5 | · | -53.4 | -52.2 | |
| P/B | 2.8 | · | 1.4 | 1.6 | 401.5 | · | 96.4 | 90.0 | 668.8 | · | 207.4 | 204.2 | 130.2 | · | 59.9 | 56.4 | |
| P / Tangible Book | 2.8 | · | 1.4 | 1.6 | 401.5 | · | 96.4 | 90.0 | 668.8 | · | 207.4 | 204.2 | 130.2 | · | 59.9 | 56.4 | |
| P / Cash Flow | -56.7 | · | · | · | -265.4 | · | · | · | -1839.9 | · | · | · | -697.4 | · | · | · | |
| P / FCF | -55.8 | · | · | · | · | · | · | · | -1838.6 | · | · | · | -697.3 | · | · | · | |
| Earnings Yield | -2.7% | · | -4.1% | -3.0% | -2.3% | · | -2.9% | -1.7% | -0.16% | · | -0.40% | -0.41% | -0.68% | · | -1.9% | -1.9% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $11M | — | $10.0K | $75.0K | $1M |
| Operating Margin % | -1407.5% | — | -392752.9% | -63204.4% | -5470.7% |
| Net Income | $-154M | $-38M | $-37M | $-47M | $-63M |
| Diluted EPS | — | $-0.59 | $-0.58 | $-0.89 | $-1.23 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 6.6 | 1.9 | 6.4 | 5.7 | 7.7 |
| Quick Ratio | 6.4 | 1.9 | 6.1 | 5.4 | 7.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-72M | $-31M | $-35M | $-47M | $-58M |
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