Detailed financial statements for Acumen Pharmaceuticals, Inc. (ABOS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Acumen Pharmaceuticals Inc. operates as a biopharmaceutical entity in the clinical development stage, dedicated to discovering and advancing therapeutic solutions for Alzheimer's disease. A key focus for the company involves progressing ACU193, an investigational targeted immunotherapy drug candidate.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.61, ABOS has negative trailing earnings (P/E not meaningful) and an ROE of -136.27%. Market capitalisation stands at $189M.
Balance sheet quality for ABOS: current ratio of 4.1, net cash position of $85.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $1.4M | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $8.6M | $8.0M | $12.3M | 0 | 0 | 0 | 0 |
| Gross Profit | -$6.9M | -$6.6M | -$12.3M | 0 | 0 | 0 | 0 |
| Research & Development | $8.6M | $8.0M | $12.3M | $32.4M | $42.3M | $93.8M | $104.9M |
| Selling, General & Admin | $926000 | $1.4M | $7.3M | $12.9M | $18.8M | $20.2M | $18.9M |
| Operating Expenses | $926000 | $1.4M | $7.3M | $45.2M | $61.1M | $114.0M | $123.8M |
| Operating Income | -$7.8M | -$7.9M | -$19.6M | -$45.2M | -$61.1M | -$114.0M | -$123.8M |
| EBITDA | 0 | -$7.9M | -$100.6M | -$42.7M | -$51.6M | -$98.1M | -$116.9M |
| Interest Expense | 0 | 0 | 0 | 0 | $581000 | $4.1M | $4.2M |
| Pre-tax Income | -$7.9M | -$7.3M | -$100.6M | -$42.9M | -$52.4M | -$102.3M | -$121.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$7.9M | -$7.3M | -$100.6M | -$42.9M | -$52.4M | -$102.3M | -$121.3M |
| EPS | $-0.20 | $-0.26 | $-2.63 | $-1.06 | $-1.08 | $-1.71 | $-2.00 |
| EPS (Diluted) | $-0.27 | $-0.26 | $-2.63 | $-1.06 | $-1.08 | $-1.71 | $-2.00 |
| Shares Outstanding (Diluted) | $28.7M | $28.7M | $38.3M | $40.6M | $48.6M | $60.0M | $60.6M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.6M | $43.8M | $122.2M | $130.1M | $66.9M | $35.6M | $54.0M |
| Short-term Investments | 0 | 0 | $72.1M | $47.5M | $176.6M | $135.9M | $62.9M |
| Receivables | $30000 | $109000 | 0 | 0 | $225000 | 0 | $625000 |
| Inventory | 0 | 0 | 0 | $199000 | 0 | $159000 | 0 |
| Total Current Assets | $7.2M | $44.4M | $198.7M | $180.3M | $246.6M | $178.3M | $122.3M |
| Property, Plant & Equipment | 0 | 0 | $36000 | $270000 | $503000 | $339000 | $243000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $169000 | 0 | $29000 |
| Total Assets | $7.3M | $44.4M | $230.3M | $196.6M | $310.1M | $239.0M | $122.8M |
| Accounts Payable | $223000 | $531000 | $1.1M | $1.6M | $1.4M | $5.6M | $554000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $8.8M |
| Total Current Liabilities | $1.3M | $6.4M | $5.1M | $7.8M | $13.0M | $27.6M | $30.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | $27.3M | $29.4M | $22.4M |
| Total Liabilities | $18.7M | $63.0M | $5.1M | $7.8M | $43.2M | $57.2M | $52.4M |
| Retained Earnings | -$19.6M | -$27.0M | -$127.6M | -$170.4M | -$222.8M | -$325.1M | -$446.5M |
| Total Equity | -$11.4M | -$18.6M | $225.2M | $188.8M | $267.0M | $181.8M | $70.4M |
| Total Debt | 0 | 0 | 0 | $105000 | $28.5M | $29.7M | $31.3M |
| Net Debt | -$6.6M | -$43.8M | -$194.2M | -$177.5M | -$215.0M | -$141.9M | -$85.6M |
| Working Capital | $5.8M | $38.1M | $193.5M | $172.5M | $233.6M | $150.7M | $92.2M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$7.9M | -$7.3M | -$100.6M | -$42.9M | -$52.4M | -$102.3M | -$121.3M |
| Depreciation & Amortization | 0 | 0 | $4000 | $169000 | $184000 | $178000 | -$751000 |
| Stock-based Compensation | $174000 | $154000 | $922000 | $3.1M | $6.1M | $9.6M | $9.9M |
| Change in Working Capital | $768000 | $307000 | $298000 | $4.0M | $3.9M | $11.7M | -$5.1M |
| Operating Cash Flow | -$6.8M | -$7.5M | -$18.0M | -$35.2M | -$43.1M | -$86.2M | -$115.5M |
| Capital Expenditure | 0 | 0 | -$40000 | -$161000 | -$21000 | -$16000 | -$88000 |
| Acquisitions | 0 | 0 | 0 | -$39346 | $3000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$41000 | -$73000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.8M | -$7.5M | -$18.0M | -$35.3M | -$43.1M | -$86.2M | -$115.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -15.4% | -100.0% | |||||
| Net Income Growth (YoY) | +7.4% | -1273.5% | +57.4% | -22.2% | -95.4% | -18.6% | |
| EPS Growth (YoY) | -30.0% | -911.5% | +59.7% | -1.9% | -58.3% | -17.0% | |
| Shares Change (YoY) | +0.0% | +33.6% | +6.1% | +19.7% | +23.5% | +0.9% | |
| FCF Growth (YoY) | -9.3% | -141.6% | -96.2% | -22.0% | -100.1% | -34.1% | |
| Gross Margin | -405.4% | -456.9% | |||||
| Operating Margin | -459.9% | -551.0% | |||||
| EBITDA Margin | 0.0% | -551.0% | |||||
| Net Margin | -465.9% | -510.1% | |||||
| FCF Margin | -401.8% | -518.8% | |||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.24 | $-0.26 | $-0.47 | $-0.87 | $-0.89 | $-1.44 | $-1.91 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $28.7M | $28.7M | $38.3M | $40.6M | $48.5M | $60.0M | $60.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -136.27% |
| Return on Invested Capital | -118.57% |
| Return on Assets | -90.55% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.55 |
| Current Ratio | 2.47 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -100.50 | -77.31 | -2.57 | -5.09 | -3.56 | -1.01 | -1.05 |
| P/B | -50.43 | -30.98 | 1.15 | 1.16 | 0.70 | 0.57 | 1.81 |
| P/S | 339.36 | 401.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -405.4% | -456.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -459.9% | -551.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -465.9% | -510.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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