Detailed financial statements for Aditxt, Inc. (ADTX): 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.
Aditxt, Inc. is a biotechnology firm dedicated to advancing immune system health through innovative mapping and reprogramming techniques. The company's developments include AditxtScore, a platform designed to empower individuals by providing insights into their immune profiles for better management and informed awareness of immune system attacks or dysfunctions.
Analysis Summary
Trailing-twelve-month margins: gross margin 19.9%, operating margin -1278.2%, net margin -3623.9%.
At the current price of $0.01, ADTX has negative trailing earnings (P/E not meaningful) and an ROE of 9.26%. Market capitalisation stands at $5M.
Balance sheet quality for ADTX: current ratio of 0.3, net cash position of $192071. 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $105034 | $933715 | $645176 | $133985 | $3195 |
| Cost of Revenue | 0 | 0 | 0 | $17773 | $77979 | $766779 | $756836 | $627474 | $2927 |
| Gross Profit | 0 | 0 | 0 | -$17773 | $27055 | $166936 | -$111660 | -$493000 | $268 |
| Research & Development | 0 | $525000 | $175441 | $937966 | $5.0M | $7.3M | $7.1M | $10.9M | $3.2M |
| Selling, General & Admin | $212986 | $5.1M | $5.7M | $7.9M | $22.4M | $17.8M | $18.9M | $16.5M | $16.4M |
| Operating Expenses | $212986 | $5.6M | $5.9M | $8.9M | $42.0M | $25.6M | $26.0M | $27.4M | $19.6M |
| Operating Income | -$213000 | -$5.6M | -$5.9M | -$8.9M | -$41.9M | -$25.5M | -$26.1M | -$27.9M | -$19.6M |
| EBITDA | $638958 | 0 | $45000 | -$8.8M | -$44.0M | -$24.8M | -$25.5M | -$27.0M | -$40.1M |
| Interest Expense | 0 | $79766 | $1930 | $310081 | $1.9M | $2.3M | $6.4M | $7.4M | $2.4M |
| Pre-tax Income | -$852000 | -$5.7M | -$5.8M | -$9.1M | -$46.4M | -$27.6M | -$32.4M | -$35.0M | -$42.8M |
| Income Tax | -$852000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$213000 | -$5.7M | -$5.8M | -$9.1M | -$46.4M | -$27.6M | -$32.4M | -$34.4M | -$41.7M |
| EPS | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3062.42 | $-1153.83 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3062.42 | $-1153.83 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $13177 | $37355 |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Revenue | $1004 | $748 | $425 | $12159 |
| Gross Profit | -$1 | $16 | -$31 | $2868 |
| Operating Income | -$6.2M | -$3.1M | -$4.7M | -$4.4M |
| EBITDA | -$6.1M | -$23.7M | -$4.8M | -$16.1M |
| Net Income | -$7.3M | -$24.0M | -$4.7M | -$15.9M |
| EPS | $-3.45 | $-548.78 | $-148.00 | $-790.49 |
| EPS (Diluted) | $-3.45 | $-548.78 | $-148.00 | $-790.49 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $25000 | $115709 | $4090 | $10.5M | $7.9M | $2.8M | $97102 | $833031 | $3.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $832.2M | 0 |
| Receivables | 0 | 0 | 0 | 0 | $589844 | $527961 | $5.9M | $1.2M | 0 |
| Inventory | 0 | 0 | 0 | 0 | $494697 | $950093 | $745502 | $11245 | $5774 |
| Total Current Assets | $25000 | $115709 | $4090 | $11.0M | $9.4M | $4.7M | $6.9M | $2.0M | $3.8M |
| Property, Plant & Equipment | 0 | 0 | 0 | $1.7M | $6.4M | $5.5M | $4.1M | $2.8M | $2.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $321000 | $214000 | $107000 | $9444 | $6111 | $2778 |
| Total Assets | $25000 | $115709 | $123532 | $13.1M | $16.7M | $10.7M | $44.6M | $32.1M | $16.5M |
| Accounts Payable | $8566 | $1.1M | $1.8M | $241613 | $1.6M | $2.0M | $8.6M | $10.2M | $7.3M |
| Short-term Debt | 0 | $163602 | $165600 | $587588 | $700433 | $409983 | $16.2M | $5.8M | $1.9M |
| Total Current Liabilities | $59900 | $1.7M | $3.0M | $1.2M | $3.6M | $3.6M | $25.9M | $23.4M | $12.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | $110041 | 0 | 0 | 0 | 0 |
| Total Liabilities | $84900 | $1.7M | $3.0M | $2.1M | $6.5M | $5.5M | $28.5M | $23.9M | $12.6M |
| Retained Earnings | -$212986 | -$5.9M | -$11.7M | -$20.9M | -$67.4M | -$95.0M | -$127.7M | -$168.1M | -$209.8M |
| Total Equity | -$59900 | -$1.5M | -$2.9M | $11.0M | $10.2M | $5.2M | $16.1M | $8.9M | $5.6M |
| Total Debt | 0 | $163602 | $165600 | $1.8M | $4.7M | $3.4M | $18.2M | $6.9M | $3.0M |
| Net Debt | -$25000 | $47893 | $161510 | -$8.7M | -$3.2M | $613219 | $18.1M | -$826.1M | -$192071 |
| Working Capital | -$34900 | -$1.5M | -$3.0M | $9.8M | $5.8M | $1.1M | -$19.0M | -$21.4M | -$8.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Cash & Equivalents | $323679 | $163041 | $3.2M | $268852 |
| Total Assets | $32.7M | $11.8M | $16.5M | $13.9M |
| Total Liabilities | $20.7M | $20.7M | $12.6M | $49.1M |
| Total Equity | $13.0M | -$7.7M | $5.6M | -$33.3M |
| Total Debt | $5.5M | $5.7M | $3.0M | $4.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$851944 | -$5.7M | -$5.8M | -$9.1M | -$46.4M | -$27.6M | -$32.4M | -$34.4M | -$42.79B |
| Depreciation & Amortization | 0 | 0 | 0 | $17773 | $476236 | $535977 | $542583 | $617251 | $272.6M |
| Stock-based Compensation | $612344 | $3.5M | $4.2M | $3.2M | $4.6M | $3.1M | $1.4M | $6.7M | $473.3M |
| Change in Working Capital | $205336 | $1.4M | $1.1M | -$1.6M | $129975 | -$493437 | $9.1M | $7.1M | -$6.2M |
| Operating Cash Flow | 0 | -$386263 | -$464352 | -$7.2M | -$22.3M | -$22.4M | -$18.6M | -$16.8M | -$25.69B |
| Capital Expenditure | 0 | 0 | 0 | -$170629 | -$1.0M | -$367079 | -$14407 | $1 | -$13.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$20000 | -$1000 | -$2.9M | -$9.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -$386263 | -$464352 | -$7.4M | -$23.3M | -$22.8M | -$18.6M | -$16.8M | -$25.70B |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Operating Cash Flow | -$2.4M | -$2.3M | -$9.2M | -$4.6M |
| Capital Expenditure | 0 | $4 | 0 | -$10379 |
| Free Cash Flow | -$2.4M | -$2.3M | -$9.3M | -$4.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $473311 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | +789.0% | -30.9% | -79.2% | -97.6% |
| Net Income Growth (YoY) | | -2570.9% | -2.5% | -56.9% | -406.8% | +40.4% | -17.1% | -6.4% | -21.1% |
| EPS Growth (YoY) | | | | | | | | | +62.3% |
| Shares Change (YoY) | | | | | | | | | +183.5% |
| FCF Growth (YoY) | | | -20.2% | -1491.8% | -215.1% | +2.3% | +18.3% | +9.8% | -153234.4% |
| Gross Margin | | | | | 25.8% | 17.9% | -17.3% | -368.0% | 8.4% |
| Operating Margin | | | | | -39925.2% | -2728.9% | -4039.6% | -20796.4% | -612542.2% |
| EBITDA Margin | | | | | -41850.3% | -2659.1% | -3945.9% | -20180.6% | -1255918.2% |
| Net Margin | | | | | -44148.6% | -2961.3% | -5018.9% | -25708.8% | -1305608.8% |
| FCF Margin | | | | | -22177.5% | -2437.5% | -2881.6% | -12510.4% | -804447636.9% |
| Effective Tax Rate | 100.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | | | | | | | | $-1272.07 | $-688049.85 |
| Dividends Per Share | | | | | | | | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $11248 | $37355 |
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 | 926.02% |
| Return on Invested Capital | -406.31% |
| Return on Assets | -373.57% |
| Gross Margin | 19.89% |
| Operating Margin | -127821.37% |
| Net Margin | -362385.72% |
Financial Health
| Debt / Equity | -0.13 |
| Current Ratio | 0.06 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -378.18 | -0.16 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1468.73 | 1.20 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 97227.15 | 2108.72 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 25.8% | 17.9% | -17.3% | -368.0% | 8.4% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -39925.2% | -2728.9% | -4039.6% | -20796.4% | -612542.2% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -44148.6% | -2961.3% | -5018.9% | -25708.8% | -1305608.8% |