Detailed financial statements for Adlai Nortye Ltd. (ANL): 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.
Adlai Nortye Ltd. (ANL) is a clinical-stage biotechnology firm dedicated to the research and development of innovative pharmaceutical products. Their flagship compound, AN2025, a pan-phosphoinositide 3-kinase inhibitor, is currently undergoing Phase III clinical trials. It is being investigated as a potential treatment for recurrent or metastatic head and neck squamous cell carcinomas.
Analysis Summary
Trailing-twelve-month margins: gross margin 100.0%, operating margin -113.3%, net margin -114.5%.
At the current price of $15.52, ANL has negative trailing earnings (P/E not meaningful) and an ROE of -21.82%. Market capitalisation stands at $824M.
Balance sheet quality for ANL: current ratio of 0.6, net debt of $2.6M. 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 | 0 | 0 | $45.7M | 0 | 0 | 0 | $5.0M |
| Cost of Revenue | $1.5M | $1.5M | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$1.5M | -$1.5M | $45.7M | 0 | 0 | 0 | $5.0M |
| Research & Development | $13.3M | $19.0M | $42.1M | $54.5M | $58.2M | $44.9M | $32.8M |
| Selling, General & Admin | $4.3M | $5.6M | $12.4M | $12.4M | $14.8M | $9.4M | $7.8M |
| Operating Expenses | $17.6M | $24.6M | $54.4M | $67.3M | $72.6M | $52.9M | $40.7M |
| Operating Income | -$19.1M | -$26.1M | -$8.6M | -$67.3M | -$72.6M | -$52.9M | -$35.7M |
| EBITDA | -$15.9M | -$60.1M | -$53.5M | -$56.3M | -$106.2M | -$48.1M | -$32.6M |
| Interest Expense | $466145 | $1.7M | $1.3M | $433000 | $791000 | $1.9M | $1.5M |
| Pre-tax Income | -$17.8M | -$63.4M | -$56.7M | -$58.8M | -$109.2M | -$51.9M | -$35.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$17.8M | -$63.4M | -$56.7M | -$58.8M | -$109.2M | -$51.9M | -$35.5M |
| EPS | $-2.10 | $-7.62 | $-4.62 | $-4.77 | $-15.42 | $-4.89 | $-3.33 |
| EPS (Diluted) | $-2.10 | $-7.62 | $-4.62 | $-4.77 | $-15.42 | $-4.89 | $-3.33 |
| Shares Outstanding (Diluted) | $8.5M | $8.5M | $12.3M | $12.3M | $6.8M | $10.6M | $10.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $2.5M | $2.5M | $7.3M | $7.3M |
| Gross Profit | $2.5M | $2.5M | $7.3M | $7.3M |
| Operating Income | -$8.3M | -$8.3M | -$2.9M | -$2.9M |
| EBITDA | -$8.0M | -$8.1M | -$2.7M | -$2.7M |
| Net Income | -$8.6M | -$8.6M | -$2.7M | -$2.7M |
| EPS | $-0.81 | $-0.81 | $-0.17 | $-0.17 |
| EPS (Diluted) | $-0.81 | $-0.81 | $-0.17 | $-0.17 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $6.0M | $24.2M | $64.1M | $42.8M | $91.5M | $60.9M | $23.8M |
| Short-term Investments | 0 | $241000 | $53.8M | $21.3M | $7.0M | $7000 | 0 |
| Receivables | $91591 | $394048 | $1.9M | $346000 | $359000 | $1.2M | $1.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $6.4M | $28.6M | $124.5M | $66.3M | $101.2M | $64.1M | $26.9M |
| Property, Plant & Equipment | $3.3M | $6.6M | $6.6M | $5.9M | $3.8M | $2.7M | $3.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $115422 | $11000 | $97000 | $89000 | $63000 | $40000 | $19000 |
| Total Assets | $10.8M | $36.7M | $131.7M | $72.6M | $130.2M | $71.3M | $34.4M |
| Accounts Payable | $5.3M | $1.5M | $3.0M | $13.1M | $14.3M | $10.1M | $12.6M |
| Short-term Debt | $10.9M | $9.1M | $10.5M | $4.3M | $30.4M | $26.3M | $25.2M |
| Total Current Liabilities | $20.3M | $88.0M | $17.5M | $312.7M | $49.7M | $45.4M | $41.6M |
| Long-term Debt | $634250 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $80.2M | $168.3M | $317.1M | $313.9M | $55.1M | $45.8M | $42.8M |
| Retained Earnings | -$86.6M | -$159.2M | -$209.4M | -$268.2M | -$377.4M | -$429.3M | -$464.8M |
| Total Equity | -$69.4M | -$131.6M | -$185.4M | -$241.3M | $75.0M | $25.5M | -$8.3M |
| Total Debt | $11.9M | $11.0M | $13.3M | $6.5M | $31.5M | $27.2M | $26.4M |
| Net Debt | $5.9M | -$13.5M | -$104.6M | -$57.5M | -$67.0M | -$33.7M | $2.6M |
| Working Capital | -$13.9M | -$59.4M | $107.0M | -$246.3M | $51.5M | $18.7M | -$14.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.1M | $23.8M | $132.6M | $132.6M |
| Total Assets | $34.4M | $34.4M | $248.4M | $248.4M |
| Total Liabilities | $42.8M | $42.8M | $33.5M | $33.5M |
| Total Equity | -$8.3M | -$8.3M | $214.8M | $214.8M |
| Total Debt | $26.4M | $26.4M | $26.7M | $26.7M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$17.8M | -$63.4M | -$56.7M | -$58.8M | -$104.9M | -$51.9M | -$35.6M |
| Depreciation & Amortization | $1.5M | $1.5M | $1.8M | $2.0M | $2.2M | $1.9M | $1.4M |
| Stock-based Compensation | 0 | $2.3M | $3.4M | $6.1M | $4.3M | $2.5M | 0 |
| Change in Working Capital | $3.0M | -$11.3M | $250000 | $15.2M | $6.1M | -$5.5M | -$2.3M |
| Operating Cash Flow | -$14.9M | -$34.6M | -$3.0M | -$43.2M | -$56.7M | -$51.8M | -$33.5M |
| Capital Expenditure | -$184953 | -$1.6M | -$1.1M | -$1.3M | -$200000 | -$170000 | -$187491 |
| Acquisitions | $434 | $10141 | -$102000 | -$2000 | 0 | -$4.2M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.1M | -$36.2M | -$4.2M | -$44.5M | -$56.9M | -$52.0M | -$33.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$9.2M | -$33.5M | -$7.7M | -$7.7M |
| Capital Expenditure | -$93500 | -$187000 | 0 | 0 |
| Free Cash Flow | -$9.3M | -$33.6M | -$7.7M | -$7.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $766000 | $1.5M | 0 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | -100.0% | | | |
| Net Income Growth (YoY) | | -255.5% | +10.6% | -3.7% | -85.8% | +52.5% | +31.5% |
| EPS Growth (YoY) | | -262.9% | +39.4% | -3.2% | -223.3% | +68.3% | +31.9% |
| Shares Change (YoY) | | +0.0% | +45.0% | +0.0% | -44.7% | +56.4% | +0.2% |
| FCF Growth (YoY) | | -139.7% | +88.5% | -971.0% | -27.8% | +8.6% | +35.1% |
| Gross Margin | | | 100.0% | | | | 100.0% |
| Operating Margin | | | -18.9% | | | | -714.0% |
| EBITDA Margin | | | -117.0% | | | | -652.5% |
| Net Margin | | | -124.0% | | | | -710.6% |
| FCF Margin | | | -9.1% | | | | -674.5% |
| 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 | $-1.78 | $-4.27 | $-0.34 | $-3.62 | $-8.36 | $-4.89 | $-3.16 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8.5M | $8.5M | $12.3M | $12.3M | $6.8M | $10.6M | $10.7M |
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 | -21.82% |
| Return on Invested Capital | -9.23% |
| Return on Assets | -9.07% |
| Gross Margin | 100.00% |
| Operating Margin | -113.28% |
| Net Margin | -114.48% |
Financial Health
| Debt / Equity | 0.12 |
| Current Ratio | 9.55 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.14 | -1.97 | -3.25 | -3.14 | -0.58 | -0.55 | -0.43 |
| P/B | -1.83 | -0.97 | -1.00 | -0.76 | 0.82 | 1.12 | -1.82 |
| P/S | 0.00 | 0.00 | 4.03 | 0.00 | 0.00 | 0.00 | 3.03 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | -18.9% | 0.0% | 0.0% | 0.0% | -714.0% |
| Net Margin | 0.0% | 0.0% | -124.0% | 0.0% | 0.0% | 0.0% | -710.6% |