Estados financieros detallados de Molecular Partners AG (MOLN): 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 $3.92, MOLN presenta beneficios negativos (P/E no significativo) y un ROE del -67.67%. La capitalización bursátil es de $147M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $23.0M | $20.0M | $10.4M | $20.4M | $9.3M | $9.3M | $189.6M | $7.0M | $5.0M | 0 |
| Coste de Ventas | $14.6M | $17.8M | $15.6M | $43.5M | $56.1M | $55.7M | $50.7M | $47.8M | $47.5M | $2.0M |
| Beneficio Bruto | $8.5M | $2.2M | -$5.2M | -$23.1M | -$46.7M | -$46.4M | $138.8M | -$40.8M | -$42.5M | -$2.0M |
| I+D | $35.2M | $37.5M | $38.2M | $43.5M | $56.1M | $55.7M | $50.7M | $48.8M | $48.6M | $40.2M |
| Generales y Administrativos | $7.2M | $8.3M | $9.5M | $13.2M | $11.0M | $16.9M | $21.8M | $19.0M | $17.2M | $14.9M |
| Gastos Operativos | $42.5M | $45.9M | $47.8M | $57.0M | $67.7M | $72.7M | $72.9M | $20.3M | $18.7M | $50.9M |
| Beneficio Operativo | -$19.5M | -$25.8M | -$37.4M | -$36.7M | -$58.3M | -$63.4M | $116.6M | -$61.1M | -$61.2M | -$58.1M |
| EBITDA | -$17.5M | -$24.7M | -$36.1M | -$33.7M | -$59.6M | -$60.7M | $119.0M | -$59.5M | -$51.6M | -$59.5M |
| Gastos por Intereses | $89000 | $197000 | $102000 | $100625 | $323881 | $608137 | $648123 | $49000 | $25000 | $18000 |
| Beneficio Antes de Impuestos | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.6M |
| Impuestos | 0 | -$1000 | -$156000 | $17000 | -$11000 | $2000 | 0 | 0 | $2000 | $2000 |
| Beneficio Neto | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.7M |
| BPA | $-0.91 | $-1.22 | $-1.75 | $-1.69 | $-2.51 | $-2.06 | $3.63 | $-1.89 | $-1.59 | $-1.65 |
| BPA Diluido | $-0.91 | $-1.22 | $-1.75 | $-1.69 | $-2.51 | $-2.06 | $3.54 | $-1.89 | $-1.59 | $-1.65 |
| Acciones en Circulación (Diluidas) | $20.4M | $20.9M | $21.2M | $21.4M | $25.0M | $31.0M | $33.3M | $32.8M | $34.0M | $37.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$658569 | -$641873 | -$9.4M | -$482103 |
| Beneficio Operativo | -$14.9M | -$15.8M | -$13.4M | -$13.5M |
| EBITDA | -$14.2M | -$15.2M | -$12.6M | -$13.1M |
| Beneficio Neto | -$14.8M | -$15.8M | -$13.1M | -$13.5M |
| BPA | $-0.32 | $-0.33 | $-0.35 | $-0.35 |
| BPA Diluido | $-0.32 | $-0.33 | $-0.35 | $-0.35 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $149.7M | $131.3M | $99.0M | $75.7M | $133.7M | $71.8M | $87.9M | $67.3M | $63.9M | $82.7M |
| Inversiones a Corto | $30.5M | $9.7M | 0 | $19.4M | $40.0M | $61.0M | $161.2M | $119.6M | $85.6M | $10.4M |
| Cuentas por Cobrar | $844000 | $1.2M | $51.6M | $2.5M | $2.8M | $25.7M | $1.7M | $3.1M | $286000 | $1.9M |
| Inventario | 0 | -$9.4M | -$2.3M | -$486000 | -$199000 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $181.6M | $142.5M | $153.3M | $99.9M | $177.8M | $164.2M | $254.8M | $192.5M | $154.3M | $96.9M |
| Inmovilizado Material | $2.5M | $1.9M | $1.5M | $4.2M | $9.4M | $8.1M | $7.2M | $5.7M | $4.2M | $5.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $47000 | $27000 | $382000 | $772000 | $347000 | $330000 | $271000 | $212000 | $49000 | $2000 |
| Activos Totales | $184.1M | $144.4M | $155.2M | $104.9M | $187.5M | $172.7M | $262.3M | $198.4M | $158.5M | $102.1M |
| Cuentas por Pagar | $1.0M | $716000 | $2.1M | $2.0M | $2.8M | $4.9M | $997000 | $410000 | $679000 | $937000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $15.8M | $14.1M | $36.9M | $28.6M | $57.7M | $46.9M | $17.3M | $14.4M | $10.8M | $11.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $48.3M | $27.7M | $63.5M | $50.8M | $80.3M | $65.4M | $27.1M | $21.9M | $16.9M | $21.8M |
| Reservas | -$37.3M | -$60.7M | -$89.9M | -$130.9M | -$195.2M | -$250.9M | -$127.8M | -$191.8M | -$246.3M | -$311.8M |
| Patrimonio Neto | $135.8M | $116.7M | $91.7M | $54.1M | $107.2M | $107.3M | $235.2M | $176.4M | $141.6M | $80.3M |
| Deuda Total | 0 | 0 | 0 | $2.5M | $7.2M | $6.0M | $4.8M | $3.7M | $2.4M | $3.6M |
| Deuda Neta | -$180.2M | -$141.1M | -$99.0M | -$92.5M | -$166.5M | -$126.8M | -$244.3M | -$183.2M | -$147.0M | -$89.4M |
| Capital Circulante | $165.8M | $128.4M | $116.5M | $71.3M | $120.1M | $117.3M | $237.5M | $178.0M | $143.5M | $85.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $82.4M | $82.7M | $64.3M | $67.7M |
| Activos Totales | $112.2M | $102.1M | $87.4M | $75.4M |
| Pasivos Totales | $16.6M | $21.8M | $19.1M | $17.1M |
| Patrimonio Neto | $95.5M | $80.3M | $68.2M | $58.3M |
| Deuda Total | $1.5M | $3.6M | $3.3M | $3.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$18.6M | -$25.4M | -$37.0M | -$36.3M | -$62.8M | -$63.8M | $117.9M | -$62.0M | -$54.0M | -$61.7M |
| Amortizaciones | $1.1M | $1.1M | $924000 | $2.5M | $2.9M | $2.6M | $2.4M | $2.4M | $2.4M | $2.1M |
| Compensación en Acciones | $2.9M | $3.6M | $3.7M | $2.4M | $2.9M | $4.1M | $5.1M | $5.2M | $4.1M | $4.4M |
| Cambio en Capital Circulante | $1.2M | -$217000 | $131000 | $30.2M | $22.5M | -$34.7M | -$6.0M | -$6.0M | -$3.8M | $1.2M |
| Flujo de Caja Operativo | -$35.4M | -$40.0M | -$42.5M | -$1.2M | -$29.0M | -$91.0M | $118.6M | -$59.0M | -$59.2M | -$51.3M |
| Inversiones (CapEx) | -$1.1M | -$500000 | -$867000 | -$1.9M | -$1.7M | -$1.3M | -$1.4M | -$575000 | -$723000 | -$714000 |
| Adquisiciones | 0 | -$19000 | -$411000 | $833000 | $232000 | $374000 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$631000 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$36.5M | -$40.5M | -$43.3M | -$3.1M | -$30.7M | -$92.3M | $117.1M | -$59.8M | -$60.0M | -$52.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$12.8M | -$13.5M | -$14.5M | -$10.8M |
| Inversiones (CapEx) | -$63127 | -$174424 | 0 | -$20459 |
| Flujo de Caja Libre | -$12.8M | -$13.6M | -$14.5M | -$10.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.1M | $973000 | $936000 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -13.1% | -48.3% | +96.8% | -54.2% | -0.1% | +1931.7% | -96.3% | -29.4% | -100.0% |
| Crecimiento Beneficio Neto (anual) | | -36.6% | -45.6% | +2.0% | -73.0% | -1.6% | +284.8% | -152.6% | +12.8% | -14.1% |
| Crecimiento BPA (anual) | | -34.1% | -43.4% | +3.4% | -48.5% | +17.9% | +276.2% | -152.1% | +15.9% | -3.8% |
| Cambio en Acciones (anual) | | +2.1% | +1.5% | +1.2% | +16.8% | +24.0% | +7.3% | -1.5% | +3.9% | +9.5% |
| Crecimiento FCF (anual) | | -11.1% | -7.0% | +93.0% | -904.5% | -200.9% | +227.0% | -151.1% | -0.3% | +13.3% |
| Margen Bruto | 36.8% | 11.0% | -50.7% | -113.4% | -500.1% | -497.2% | 73.2% | -579.8% | -855.8% | |
| Margen Operativo | -84.6% | -129.1% | -361.3% | -179.9% | -624.2% | -679.7% | 61.5% | -868.3% | -1231.7% | |
| Margen EBITDA | -76.1% | -123.4% | -348.7% | -165.3% | -637.7% | -650.2% | 62.8% | -845.6% | -1039.2% | |
| Margen Neto | -80.8% | -127.0% | -357.7% | -178.0% | -671.7% | -683.7% | 62.2% | -880.7% | -1087.4% | |
| Margen FCF | -158.3% | -202.4% | -418.6% | -15.0% | -328.2% | -988.9% | 61.8% | -849.9% | -1206.7% | |
| Tasa Impositiva Efectiva | -0.0% | 0.0% | 0.4% | -0.0% | 0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.79 | $-1.94 | $-2.05 | $-0.14 | $-1.23 | $-2.98 | $3.52 | $-1.83 | $-1.76 | $-1.39 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $20.4M | $20.9M | $21.2M | $21.4M | $25.0M | $31.0M | $32.5M | $32.8M | $34.0M | $37.3M |
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 | -67.67% |
| Rentabilidad sobre capital invertido | -76.91% |
| Rentabilidad sobre activos | -67.68% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 7.27 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -21.97 | -15.68 | -11.05 | -11.25 | -6.93 | -8.49 | 1.67 | -1.86 | -2.71 | -2.10 |
| P/VC | 3.01 | 3.42 | 4.46 | 7.52 | 4.06 | 5.05 | 0.84 | 0.65 | 1.04 | 1.60 |
| P/V | 17.73 | 19.94 | 39.52 | 19.96 | 46.56 | 58.11 | 1.04 | 16.36 | 29.53 | 0.00 |
| Margen Bruto | 36.8% | 11.0% | -50.7% | -113.4% | -500.1% | -497.2% | 73.2% | -579.8% | -855.8% | 0.0% |
| Margen Operativo | -84.6% | -129.1% | -361.3% | -179.9% | -624.2% | -679.7% | 61.5% | -868.3% | -1231.7% | 0.0% |
| Margen Neto | -80.8% | -127.0% | -357.7% | -178.0% | -671.7% | -683.7% | 62.2% | -880.7% | -1087.4% | 0.0% |