Estados financieros detallados de Artiva Biotherapeutics, Inc. (ARTV): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $8.60, ARTV presenta beneficios negativos (P/E no significativo) y un ROE del -53.86%. La capitalización bursátil es de $420M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $2.0M | $4.9M | $33.5M | $251000 | 0 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | $2.6M |
| Beneficio Bruto | 0 | $2.0M | $4.9M | $33.5M | $251000 | -$2.6M |
| I+D | $13.8M | $42.4M | $44.0M | $50.3M | $50.3M | $69.5M |
| Generales y Administrativos | $4.4M | $12.9M | $20.8M | $13.9M | $17.2M | $20.3M |
| Gastos Operativos | $18.3M | $55.3M | $64.8M | $64.2M | $67.5M | $88.0M |
| Beneficio Operativo | -$18.3M | -$53.3M | -$59.8M | -$30.7M | -$67.3M | -$90.6M |
| EBITDA | -$17.5M | -$71.6M | -$57.2M | -$25.4M | -$56.1M | -$81.3M |
| Gastos por Intereses | $199000 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$18.0M | -$71.8M | -$58.3M | -$27.6M | -$58.5M | -$83.9M |
| Impuestos | 0 | 0 | $53000 | $72000 | 0 | 0 |
| Beneficio Neto | -$18.0M | -$71.8M | -$58.4M | -$27.7M | -$58.5M | -$83.9M |
| BPA | $-1.02 | $-4.08 | $-3.32 | $-1.19 | $-5.20 | $-3.43 |
| BPA Diluido | $-1.02 | $-4.08 | $-3.32 | $-1.19 | $-5.20 | $-3.43 |
| Acciones en Circulación (Diluidas) | $17.6M | $17.6M | $17.6M | $23.3M | $24.4M | $24.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | -$666000 | 0 |
| Beneficio Operativo | -$22.9M | -$21.9M | -$24.4M | -$26.9M |
| EBITDA | -$20.9M | -$20.1M | -$22.9M | -$23.6M |
| Beneficio Neto | -$21.5M | -$20.8M | -$23.5M | -$25.0M |
| BPA | $-0.88 | $-0.85 | $-0.95 | $-0.63 |
| BPA Diluido | $-0.88 | $-0.85 | $-0.95 | $-0.63 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.9M | $25.4M | $160.9M | $102.5M | $53.5M | $40.2M | $26.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $23.5M | $145.2M | $81.3M |
| Cuentas por Cobrar | 0 | 0 | $468000 | $525000 | $1.8M | $146000 | $767000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $2.0M | $26.1M | $162.3M | $104.7M | $79.8M | $188.6M | $112.7M |
| Inmovilizado Material | $2.5M | $2.4M | $4.1M | $27.6M | $24.6M | $20.4M | $17.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $4.8M | $29.2M | $169.9M | $133.1M | $105.1M | $209.6M | $130.9M |
| Cuentas por Pagar | $258000 | $2.2M | $1.4M | $1.1M | $614000 | $1.1M | $355000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $3.1M |
| Pasivos Corrientes | $942000 | $5.8M | $19.3M | $25.6M | $12.2M | $12.3M | $13.1M |
| Deuda a Largo | $5.6M | 0 | 0 | 0 | 0 | 0 | $7.9M |
| Pasivos Totales | $8.8M | $50.8M | $258.8M | $273.8M | $267.1M | $22.9M | $21.0M |
| Reservas | -$4.0M | -$22.0M | -$93.8M | -$152.6M | -$181.3M | -$246.7M | -$330.5M |
| Patrimonio Neto | -$4.0M | -$21.6M | -$88.9M | -$140.7M | -$162.0M | $186.6M | $110.0M |
| Deuda Total | $7.8M | $2.1M | $1.7M | $19.4M | $16.9M | $14.4M | $10.9M |
| Deuda Neta | $5.9M | -$23.3M | -$159.2M | -$83.1M | -$60.1M | -$171.1M | -$97.1M |
| Capital Circulante | $1.0M | $20.3M | $143.0M | $79.0M | $67.6M | $176.4M | $99.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $25.5M | $26.7M | $21.0M | $301.5M |
| Activos Totales | $148.9M | $130.9M | $106.0M | $368.6M |
| Pasivos Totales | $19.6M | $21.0M | $18.1M | $21.1M |
| Patrimonio Neto | $129.2M | $110.0M | $87.8M | $347.5M |
| Deuda Total | $11.7M | $10.9M | $10.3M | $9.8M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$18.0M | -$71.8M | -$58.8M | -$28.7M | -$65.4M | -$83.9M |
| Amortizaciones | $73000 | $248000 | $1.2M | $2.3M | $2.4M | $2.6M |
| Compensación en Acciones | $297000 | $4.3M | $6.6M | $7.1M | $7.0M | $6.8M |
| Cambio en Capital Circulante | $4.4M | $33.4M | -$3.9M | -$28.3M | -$325000 | -$424000 |
| Flujo de Caja Operativo | -$13.5M | -$15.3M | -$50.8M | -$47.4M | -$55.0M | -$76.8M |
| Inversiones (CapEx) | -$284000 | -$1.7M | -$6.3M | -$3.3M | -$642000 | -$2.6M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$5000 | -$12000 | -$4.2M | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$13.8M | -$17.0M | -$57.1M | -$50.7M | -$55.7M | -$79.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$19.2M | -$14.7M | -$20.9M | -$41.3M |
| Inversiones (CapEx) | -$600000 | -$421000 | -$242000 | -$657000 |
| Flujo de Caja Libre | -$19.8M | -$15.1M | -$21.2M | -$42.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.6M | $1.6M | $1.6M | $3.5M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +146.3% | +579.2% | -99.3% | -100.0% |
| Crecimiento Beneficio Neto (anual) | | -299.2% | +18.7% | +52.6% | -111.2% | -43.4% |
| Crecimiento BPA (anual) | | -300.0% | +18.6% | +64.2% | -337.0% | +34.0% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +32.4% | +4.6% | +0.3% |
| Crecimiento FCF (anual) | | -23.2% | -235.5% | +11.3% | -9.8% | -42.5% |
| Margen Bruto | | 100.0% | 100.0% | 100.0% | 100.0% | |
| Margen Operativo | | -2660.9% | -1213.3% | -91.6% | -26805.6% | |
| Margen EBITDA | | -3575.3% | -1159.5% | -75.7% | -22335.5% | |
| Margen Neto | | -3587.7% | -1184.1% | -82.7% | -23304.0% | |
| Margen FCF | | -850.5% | -1158.5% | -151.3% | -22180.9% | |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.1% | -0.3% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.79 | $-0.97 | $-3.25 | $-2.18 | $-2.29 | $-3.25 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.6M | $17.6M | $17.6M | $23.3M | $24.4M | $24.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -53.86% |
| Rentabilidad sobre capital invertido | -26.91% |
| Rentabilidad sobre activos | -24.64% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 24.16 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -11.76 | -2.94 | -3.61 | -10.08 | -1.94 | -1.25 |
| P/VC | 0.00 | -9.78 | -2.37 | -1.50 | -1.72 | 1.32 | 0.95 |
| P/V | 0.00 | 0.00 | 105.39 | 42.79 | 8.34 | 978.41 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | -2660.9% | -1213.3% | -91.6% | -26805.6% | 0.0% |
| Margen Neto | 0.0% | 0.0% | -3587.7% | -1184.1% | -82.7% | -23304.0% | 0.0% |