Detailed financial statements for Amylyx Pharmaceuticals, Inc. (AMLX): 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.
Amylyx Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm, primarily focused on creating therapies for amyotrophic lateral sclerosis (ALS) and various other neurodegenerative conditions. A key asset in its developmental pipeline is AMX0035, a proprietary dual UPR-Bax apoptosis inhibitor.
Analysis Summary
Balance sheet quality for AMLX: current ratio of 14.3, net cash position of $311.0M. 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 | $1.4M | $650000 | 0 | $22.2M | $380.8M | $87.4M | 0 |
| Cost of Revenue | $11.9M | $24.6M | 0 | $3.0M | $25.4M | $42.2M | $525000 |
| Gross Profit | -$10.5M | -$23.9M | 0 | $19.2M | $355.3M | $45.2M | -$525000 |
| Research & Development | $11.9M | $24.6M | $44.0M | $93.5M | $128.2M | $104.1M | $90.4M |
| Selling, General & Admin | $3.1M | $15.1M | $38.9M | $127.1M | $188.4M | $114.3M | $62.9M |
| Operating Expenses | $13.6M | $15.1M | $82.7M | $220.6M | $316.5M | $359.9M | $152.8M |
| Operating Income | -$13.6M | -$39.0M | -$82.7M | -$201.3M | $38.8M | -$314.7M | -$153.3M |
| EBITDA | $1.1M | -$39.0M | -$87.9M | -$197.1M | $55.4M | -$291.0M | -$144.2M |
| Interest Expense | $1.3M | $2.3M | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$13.7M | -$42.3M | -$87.9M | -$197.6M | $54.3M | -$302.1M | -$144.7M |
| Income Tax | 0 | 0 | 0 | $774000 | $5.0M | -$393000 | $46000 |
| Net Income | -$14.8M | -$42.3M | -$87.9M | -$198.4M | $49.3M | -$301.7M | -$144.7M |
| EPS | $-0.26 | $-0.79 | $-1.52 | $-2.98 | $0.73 | $-4.43 | $-1.53 |
| EPS (Diluted) | $-0.26 | $-0.79 | $-1.52 | $-2.98 | $0.70 | $-4.43 | $-1.53 |
| Shares Outstanding (Diluted) | $56.5M | $56.5M | $57.9M | $66.5M | $70.0M | $68.1M | $94.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$19.9M | -$108000 | -$98000 | 0 |
| Operating Income | -$36.0M | -$36.6M | -$43.8M | -$45.7M |
| EBITDA | -$34.3M | -$30.9M | -$41.2M | -$43.4M |
| Net Income | -$34.4M | -$33.0M | -$41.3M | -$43.4M |
| EPS | $-0.37 | $-0.28 | $-0.37 | $-0.39 |
| EPS (Diluted) | $-0.37 | $-0.28 | $-0.37 | $-0.39 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.1M | $12.9M | $50.2M | $62.5M | $170.2M | $77.4M | $226.7M |
| Short-term Investments | 0 | 0 | $45.9M | $284.4M | $201.2M | $99.1M | $90.3M |
| Receivables | 0 | 0 | 0 | $15.3M | $40.0M | $447000 | $88000 |
| Inventory | 0 | 0 | 0 | $9.8M | $38.3M | 0 | 0 |
| Total Current Assets | $3.2M | $13.6M | $105.0M | $382.1M | $464.7M | $189.4M | $323.7M |
| Property, Plant & Equipment | 0 | $151000 | $474000 | $8.1M | $6.4M | $2.7M | $5.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $3.2M | $14.1M | $105.6M | $391.5M | $517.5M | $193.6M | $332.6M |
| Accounts Payable | $2.2M | $3.6M | $4.4M | $6.3M | $22.1M | $2.9M | $3.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.5M | $7.3M | $17.4M | $46.6M | $82.0M | $28.4M | $22.7M |
| Long-term Debt | $14.9M | $1.4M | 0 | 0 | 0 | 0 | $4.7M |
| Total Liabilities | $28.6M | $80.8M | $256.8M | $50.8M | $84.0M | $28.9M | $27.4M |
| Retained Earnings | -$25.6M | -$67.9M | -$155.8M | -$354.2M | -$304.9M | -$606.7M | -$751.4M |
| Total Equity | -$25.4M | -$66.7M | -$151.2M | $340.6M | $433.4M | $164.8M | $305.3M |
| Total Debt | $14.9M | $1.4M | 0 | $6.3M | $4.2M | $2.0M | $6.0M |
| Net Debt | $11.9M | -$11.5M | -$96.1M | -$340.7M | -$367.1M | -$174.5M | -$311.0M |
| Working Capital | -$1.3M | $6.3M | $87.6M | $335.5M | $382.6M | $161.0M | $301.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $225.2M | $226.7M | $229.1M | $49.3M |
| Total Assets | $362.7M | $332.6M | $293.6M | $264.6M |
| Total Liabilities | $30.7M | $27.4M | $20.4M | $25.4M |
| Total Equity | $332.0M | $305.3M | $273.2M | $239.2M |
| Total Debt | $5.9M | $6.0M | $5.6M | $5.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$13.7M | -$42.3M | -$87.9M | -$198.4M | $49.3M | -$301.7M | -$144.7M |
| Depreciation & Amortization | 0 | $1000 | $52000 | $487000 | $1.1M | $904000 | $525000 |
| Stock-based Compensation | $108000 | $243000 | $3.1M | $21.7M | $37.2M | $33.0M | $27.6M |
| Change in Working Capital | $3.5M | $2.6M | $4.6M | -$1.6M | -$65.7M | -$45.8M | -$1.1M |
| Operating Cash Flow | -$10.7M | -$36.7M | -$74.8M | -$179.9M | $11.9M | -$167.6M | -$123.3M |
| Capital Expenditure | 0 | -$151000 | -$353000 | -$2.5M | -$1.2M | -$157000 | -$138000 |
| Acquisitions | 0 | 0 | 0 | $236.5M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.7M | -$36.8M | -$75.2M | -$182.4M | $10.7M | -$167.8M | -$123.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$30.4M | -$27.9M | -$36.9M | -$31.4M |
| Capital Expenditure | -$24000 | -$86000 | 0 | -$30000 |
| Free Cash Flow | -$30.4M | -$28.0M | -$36.9M | -$31.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.1M | $6.4M | $6.1M | $8.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -54.4% | -100.0% | | +1612.9% | -77.1% | -100.0% |
| Net Income Growth (YoY) | | -185.4% | -108.0% | -125.6% | +124.8% | -712.4% | +52.0% |
| EPS Growth (YoY) | | -203.8% | -92.4% | -96.1% | +124.5% | -706.8% | +65.5% |
| Shares Change (YoY) | | +0.0% | +2.5% | +14.9% | +5.2% | -2.6% | +38.8% |
| FCF Growth (YoY) | | -244.8% | -104.0% | -142.7% | +105.9% | -1671.5% | +26.4% |
| Gross Margin | -734.4% | -3683.7% | | 86.5% | 93.3% | 51.8% | |
| Operating Margin | -950.5% | -6000.8% | | -905.7% | 10.2% | -360.2% | |
| EBITDA Margin | 78.1% | -6000.6% | | -886.7% | 14.5% | -333.0% | |
| Net Margin | -1039.0% | -6504.6% | | -892.4% | 12.9% | -345.4% | |
| FCF Margin | -749.4% | -5668.9% | | -820.5% | 2.8% | -192.1% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.4% | 9.3% | 0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.19 | $-0.65 | $-1.30 | $-2.74 | $0.15 | $-2.46 | $-1.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $56.5M | $56.5M | $57.9M | $66.5M | $67.2M | $68.1M | $94.6M |
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
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -69.50 | -22.87 | -11.89 | -12.40 | 20.16 | -0.85 | -7.90 |
| P/B | -40.24 | -15.29 | -6.92 | 7.22 | 2.28 | 1.56 | 3.74 |
| P/S | 715.53 | 1569.76 | 0.00 | 110.55 | 2.60 | 2.95 | 0.00 |
| Gross Margin | -734.4% | -3683.7% | 0.0% | 86.5% | 93.3% | 51.8% | 0.0% |
| Operating Margin | -950.5% | -6000.8% | 0.0% | -905.7% | 10.2% | -360.2% | 0.0% |
| Net Margin | -1039.0% | -6504.6% | 0.0% | -892.4% | 12.9% | -345.4% | 0.0% |