Detailed financial statements for Artelo Biosciences, Inc. (ARTL): 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.
Artelo Biosciences, Inc. functions as a clinical-stage biopharmaceutical enterprise dedicated to discovering and advancing therapies that modulate the endocannabinoid system. The company's robust developmental portfolio encompasses several promising candidates: ART27.13, a synthetic G protein-coupled receptor agonist currently undergoing Phase 1b/2a clinical investigation for cancer-related anorexia; ART12.11, a synthetic cannabidiol cocrystal being explored for inflammatory...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.75, ARTL has negative trailing earnings (P/E not meaningful) and an ROE of -5.19%. Market capitalisation stands at $1M.
Balance sheet quality for ARTL: current ratio of 0.2, net debt of $78000. 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | 0 | 0 | $1.2M | $1.1M | $1.9M | $2.8M | $4.3M | $5.7M | $6.0M | $5.4M |
| Selling, General & Admin | $29690 | $232789 | $1.1M | $2.1M | $2.8M | $4.6M | $6.0M | $4.2M | $4.1M | $6.0M |
| Operating Expenses | $29690 | $232789 | $2.3M | $3.2M | $4.7M | $7.4M | $10.3M | $9.9M | $10.1M | $11.4M |
| Operating Income | -$29690 | -$232789 | -$2.3M | -$3.2M | -$4.7M | -$7.4M | -$10.3M | -$9.9M | -$10.1M | -$11.4M |
| EBITDA | -$29690 | -$232789 | -$2.3M | -$4.2M | -$4.7M | -$7.4M | -$10.1M | -$9.3M | -$9.8M | -$12.5M |
| Interest Expense | 0 | $2100 | 0 | 0 | 0 | 0 | $5000 | 0 | 0 | $194000 |
| Pre-tax Income | -$29690 | -$234889 | -$2.3M | -$2.2M | -$4.7M | -$7.4M | -$10.1M | -$9.3M | -$9.8M | -$12.9M |
| Income Tax | 0 | 0 | $8 | -$2.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$29690 | -$234889 | -$2.3M | -$2.2M | -$4.7M | -$7.4M | -$10.1M | -$9.3M | -$9.8M | -$12.9M |
| EPS | $-1.41 | $-9.69 | $-82.55 | $-45.00 | $-56.48 | $-17.91 | $-10.47 | $-9.42 | $-9.15 | $-49.23 |
| EPS (Diluted) | $-1.41 | $-9.69 | $-82.55 | $-45.00 | $-56.48 | $-17.91 | $-10.47 | $-9.42 | $-9.15 | $-49.23 |
| Shares Outstanding (Diluted) | $3537 | $4043 | $4732 | $8046 | $13732 | $69166 | $157388 | $986667 | $1.1M | $261832 |
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 | -$3.1M | -$2.8M | -$2.7M | -$2.5M |
| EBITDA | -$3.0M | -$3.8M | -$2.8M | -$2.4M |
| Net Income | -$3.1M | -$4.2M | -$3.0M | -$2.4M |
| EPS | $-11.91 | $-18.36 | $-36.00 | $-8.01 |
| EPS (Diluted) | $-11.91 | $-18.36 | $-36.00 | $-8.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3590 | $572775 | $337424 | $4.4M | $2.1M | $6.6M | $6.9M | $2.8M | $2.3M | $600000 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $3.4M | $10.6M | $7.6M | 0 | 0 |
| Receivables | 0 | 0 | $22127 | $8787 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | -$8787 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3590 | $574275 | $396435 | $4.4M | $2.3M | $10.3M | $18.3M | $11.0M | $2.6M | $695000 |
| Property, Plant & Equipment | 0 | 0 | $563 | $721 | 0 | $90000 | $60000 | $21000 | $99000 | $64000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| Total Assets | $3590 | $574275 | $396998 | $6.5M | $4.4M | $12.6M | $20.4M | $13.0M | $4.7M | $2.8M |
| Accounts Payable | $12940 | $28576 | $529272 | $348863 | $489000 | $471000 | $905000 | $1.2M | $1.7M | $3.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $609000 |
| Total Current Liabilities | $17390 | $29438 | $531972 | $1.0M | $501000 | $526000 | $998000 | $1.3M | $1.8M | $4.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $17390 | $29438 | $531972 | $1.0M | $501000 | $593000 | $1.0M | $1.3M | $1.8M | $4.1M |
| Retained Earnings | -$60200 | -$295089 | -$2.6M | -$4.8M | -$9.5M | -$16.9M | -$31.0M | -$40.3M | -$50.1M | -$63.0M |
| Total Equity | -$13800 | $544837 | -$134974 | $5.5M | $3.9M | $12.0M | $19.4M | $11.8M | $2.9M | -$1.3M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $95000 | $63000 | $23000 | $104000 | $678000 |
| Net Debt | -$3590 | -$572775 | -$337424 | -$4.4M | -$2.1M | -$10.0M | -$17.5M | -$10.4M | -$2.2M | $78000 |
| Working Capital | -$13800 | $544837 | -$135537 | $3.4M | $1.8M | $9.8M | $17.3M | $9.7M | $785000 | -$3.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.7M | $600000 | $10.3M | $4.2M |
| Total Assets | $4.3M | $2.8M | $12.5M | $6.5M |
| Total Liabilities | $4.9M | $4.1M | $5.8M | $1.5M |
| Total Equity | -$633000 | -$1.3M | $6.7M | $5.0M |
| Total Debt | $954000 | $678000 | $719000 | $49000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$29690 | -$234889 | -$2.3M | -$2.2M | -$4.7M | -$7.4M | -$10.1M | -$9.3M | -$9.8M | -$12.9M |
| Depreciation & Amortization | 0 | $600 | $282 | $510 | $500 | 0 | 0 | 0 | 0 | $146000 |
| Stock-based Compensation | 0 | $3332 | $290004 | $425110 | $381000 | $1.5M | $2.5M | $1.0M | $818000 | $1.1M |
| Change in Working Capital | $11201 | $14136 | $443185 | -$140021 | -$43000 | -$242000 | -$172000 | $703000 | $937000 | $1.8M |
| Operating Cash Flow | -$18489 | -$216821 | -$1.6M | -$2.8M | -$4.3M | -$6.1M | -$8.0M | -$8.2M | -$8.3M | -$8.5M |
| Capital Expenditure | 0 | 0 | -$845 | -$1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$108 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18489 | -$216821 | -$1.6M | -$4.3M | -$4.3M | -$6.1M | -$8.0M | -$8.2M | -$8.3M | -$8.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$3.5M | -$2.9M | -$1.2M | -$5.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.5M | -$2.9M | -$1.2M | -$5.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $432000 | $368000 | $401000 | $570000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -691.1% | -897.7% | +7.3% | -114.3% | -59.8% | -35.6% | +7.9% | -5.8% | -31.1% |
| EPS Growth (YoY) | | -587.2% | -752.0% | +45.5% | -25.5% | +68.3% | +41.5% | +10.0% | +2.9% | -438.1% |
| Shares Change (YoY) | | +14.3% | +17.0% | +70.0% | +70.7% | +403.7% | +127.6% | +526.9% | +8.9% | -75.6% |
| FCF Growth (YoY) | | -1072.7% | -642.9% | -166.5% | -1.2% | -41.3% | -30.4% | -2.5% | -1.7% | -2.0% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 94.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-5.23 | $-53.63 | $-340.42 | $-533.60 | $-316.56 | $-88.79 | $-50.88 | $-8.32 | $-7.77 | $-32.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3500 | $4000 | $4667 | $8000 | $13722 | $69166 | $157333 | $986667 | $1.1M | $261832 |
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 | -519.09% |
| Return on Invested Capital | -219.36% |
| Return on Assets | -196.18% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 3.00 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -45.94 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2671.54 | -388.74 | -45.63 | -35.10 | -13.77 | -41.22 | -14.91 | -8.03 | -6.26 | -0.22 |
| P/B | -955.27 | 27.65 | -130.23 | 2.31 | 2.75 | 4.24 | 1.27 | 6.35 | 21.52 | -2.26 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |