Detailed financial statements for Actuate Therapeutics Inc (ACTU): 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.
Actuate Therapeutics, Inc. is a biopharmaceutical firm operating at the clinical stage, dedicated to creating treatments for various cancers. Its primary drug candidate is Elraglusib Injection, an innovative glycogen synthase kinase-3 (GSK-3) inhibitor designed to combat metastatic pancreatic ductal adenocarcinoma. Furthermore, Elraglusib is being developed to address other malignancies, including Ewing sarcoma, metastatic melanoma, and colorectal cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.00, ACTU has negative trailing earnings (P/E not meaningful) and an ROE of -280.51%. Market capitalisation stands at $24M.
Balance sheet quality for ACTU: current ratio of 2.4, net cash position of $12.8M. 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 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Research & Development | $16.4M | $21.7M | $18.7M | $10.3M |
| Selling, General & Admin | $3.8M | $3.3M | $6.5M | $12.2M |
| Operating Expenses | $20.2M | $25.0M | $25.2M | $22.5M |
| Operating Income | -$20.2M | -$25.0M | -$25.2M | -$22.5M |
| EBITDA | -$20.1M | -$24.4M | -$25.2M | -$22.2M |
| Interest Expense | $16200 | $43641 | -$18717 | $20250 |
| Pre-tax Income | -$20.2M | -$24.7M | -$27.3M | -$22.2M |
| Income Tax | 0 | 0 | $800 | 0 |
| Net Income | -$20.2M | -$24.7M | -$27.3M | -$22.2M |
| EPS | $-1.34 | $-1.65 | $-3.26 | $-1.06 |
| EPS (Diluted) | $-1.34 | $-1.65 | $-3.26 | $-1.06 |
| Shares Outstanding (Diluted) | $15.0M | $15.0M | $19.5M | $21.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$5.5M | -$4.7M | -$5.7M | -$4.9M |
| EBITDA | -$5.4M | -$4.5M | -$5.6M | -$4.9M |
| Net Income | -$5.4M | -$4.6M | -$5.6M | -$4.9M |
| EPS | $-0.25 | $-0.20 | $-0.24 | $-0.20 |
| EPS (Diluted) | $-0.25 | $-0.20 | $-0.24 | $-0.20 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $20.4M | $3.0M | $8.6M | $13.2M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $20.5M | $3.0M | $9.2M | $13.6M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $20.5M | $3.0M | $9.3M | $14.0M |
| Accounts Payable | $2.1M | $3.4M | $1.9M | $1.5M |
| Short-term Debt | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.3M | $6.9M | $8.8M | $5.7M |
| Long-term Debt | $404991 | 0 | 0 | $404991 |
| Total Liabilities | $5.7M | $102.6M | $9.2M | $6.1M |
| Retained Earnings | -$80.3M | -$105.1M | -$132.4M | -$154.6M |
| Total Equity | $14.8M | -$99.6M | $104186 | $7.9M |
| Total Debt | $404991 | 0 | 0 | $404991 |
| Net Debt | -$20.0M | -$3.0M | -$8.6M | -$12.8M |
| Working Capital | $16.1M | -$3.9M | $405397 | $7.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $16.9M | $13.2M | $8.1M | $4.4M |
| Total Assets | $17.7M | $14.0M | $8.9M | $5.2M |
| Total Liabilities | $6.8M | $6.1M | $5.1M | $4.2M |
| Total Equity | $10.9M | $7.9M | $3.8M | $989152 |
| Total Debt | 0 | $404991 | $404991 | $404991 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$20.2M | -$24.7M | -$27.3M | -$22.2M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $654066 | $423539 | $2.0M | $6.0M |
| Change in Working Capital | $1.7M | $2.6M | $1.1M | -$3.0M |
| Operating Cash Flow | -$17.8M | -$21.6M | -$21.8M | -$19.2M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$17.8M | -$21.6M | -$21.8M | -$19.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.7M | -$3.7M | -$5.0M | -$4.4M |
| Capital Expenditure | 0 | 0 | -$3 | $3 |
| Free Cash Flow | -$6.7M | -$3.7M | -$5.0M | -$4.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.8M | $1.5M | $1.4M | $1.3M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -22.7% | -10.3% | +18.5% |
| EPS Growth (YoY) | | -23.1% | -97.6% | +67.5% |
| Shares Change (YoY) | | +0.0% | +29.8% | +7.7% |
| FCF Growth (YoY) | | -21.5% | -1.0% | +12.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.18 | $-1.44 | $-1.12 | $-0.91 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $15.0M | $15.0M | $19.5M | $21.0M |
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 | -280.51% |
| Return on Invested Capital | -270.08% |
| Return on Assets | -158.36% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.41 |
| Current Ratio | 1.25 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -7.40 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -6.43 | -5.22 | -2.44 | -5.77 |
| P/B | 8.73 | -1.30 | 1490.96 | 16.24 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% |