Detailed financial statements for Artiva Biotherapeutics, Inc. (ARTV): 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.
Artiva Biotherapeutics, Inc. is a clinical-stage biotechnology firm specializing in the development of natural killer (NK) cell-based treatments for individuals afflicted with autoimmune disorders and various forms of cancer. Its flagship therapeutic candidate, AB-101, is an innovative, ready-to-use (off-the-shelf) NK cell therapy.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $8.60, ARTV has negative trailing earnings (P/E not meaningful) and an ROE of -53.86%. Market capitalisation stands at $420M.
Balance sheet quality for ARTV: current ratio of 8.6, net cash position of $97.1M. 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $2.0M | $4.9M | $33.5M | $251000 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $2.6M |
| Gross Profit | 0 | $2.0M | $4.9M | $33.5M | $251000 | -$2.6M |
| Research & Development | $13.8M | $42.4M | $44.0M | $50.3M | $50.3M | $69.5M |
| Selling, General & Admin | $4.4M | $12.9M | $20.8M | $13.9M | $17.2M | $20.3M |
| Operating Expenses | $18.3M | $55.3M | $64.8M | $64.2M | $67.5M | $88.0M |
| Operating Income | -$18.3M | -$53.3M | -$59.8M | -$30.7M | -$67.3M | -$90.6M |
| EBITDA | -$17.5M | -$71.6M | -$57.2M | -$25.4M | -$56.1M | -$81.3M |
| Interest Expense | $199000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$18.0M | -$71.8M | -$58.3M | -$27.6M | -$58.5M | -$83.9M |
| Income Tax | 0 | 0 | $53000 | $72000 | 0 | 0 |
| Net Income | -$18.0M | -$71.8M | -$58.4M | -$27.7M | -$58.5M | -$83.9M |
| EPS | $-1.02 | $-4.08 | $-3.32 | $-1.19 | $-5.20 | $-3.43 |
| EPS (Diluted) | $-1.02 | $-4.08 | $-3.32 | $-1.19 | $-5.20 | $-3.43 |
| Shares Outstanding (Diluted) | $17.6M | $17.6M | $17.6M | $23.3M | $24.4M | $24.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$666000 | 0 |
| Operating Income | -$22.9M | -$21.9M | -$24.4M | -$26.9M |
| EBITDA | -$20.9M | -$20.1M | -$22.9M | -$23.6M |
| Net Income | -$21.5M | -$20.8M | -$23.5M | -$25.0M |
| EPS | $-0.88 | $-0.85 | $-0.95 | $-0.63 |
| EPS (Diluted) | $-0.88 | $-0.85 | $-0.95 | $-0.63 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.9M | $25.4M | $160.9M | $102.5M | $53.5M | $40.2M | $26.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | $23.5M | $145.2M | $81.3M |
| Receivables | 0 | 0 | $468000 | $525000 | $1.8M | $146000 | $767000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.0M | $26.1M | $162.3M | $104.7M | $79.8M | $188.6M | $112.7M |
| Property, Plant & Equipment | $2.5M | $2.4M | $4.1M | $27.6M | $24.6M | $20.4M | $17.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.8M | $29.2M | $169.9M | $133.1M | $105.1M | $209.6M | $130.9M |
| Accounts Payable | $258000 | $2.2M | $1.4M | $1.1M | $614000 | $1.1M | $355000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $3.1M |
| Total Current Liabilities | $942000 | $5.8M | $19.3M | $25.6M | $12.2M | $12.3M | $13.1M |
| Long-term Debt | $5.6M | 0 | 0 | 0 | 0 | 0 | $7.9M |
| Total Liabilities | $8.8M | $50.8M | $258.8M | $273.8M | $267.1M | $22.9M | $21.0M |
| Retained Earnings | -$4.0M | -$22.0M | -$93.8M | -$152.6M | -$181.3M | -$246.7M | -$330.5M |
| Total Equity | -$4.0M | -$21.6M | -$88.9M | -$140.7M | -$162.0M | $186.6M | $110.0M |
| Total Debt | $7.8M | $2.1M | $1.7M | $19.4M | $16.9M | $14.4M | $10.9M |
| Net Debt | $5.9M | -$23.3M | -$159.2M | -$83.1M | -$60.1M | -$171.1M | -$97.1M |
| Working Capital | $1.0M | $20.3M | $143.0M | $79.0M | $67.6M | $176.4M | $99.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $25.5M | $26.7M | $21.0M | $301.5M |
| Total Assets | $148.9M | $130.9M | $106.0M | $368.6M |
| Total Liabilities | $19.6M | $21.0M | $18.1M | $21.1M |
| Total Equity | $129.2M | $110.0M | $87.8M | $347.5M |
| Total Debt | $11.7M | $10.9M | $10.3M | $9.8M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$18.0M | -$71.8M | -$58.8M | -$28.7M | -$65.4M | -$83.9M |
| Depreciation & Amortization | $73000 | $248000 | $1.2M | $2.3M | $2.4M | $2.6M |
| Stock-based Compensation | $297000 | $4.3M | $6.6M | $7.1M | $7.0M | $6.8M |
| Change in Working Capital | $4.4M | $33.4M | -$3.9M | -$28.3M | -$325000 | -$424000 |
| Operating Cash Flow | -$13.5M | -$15.3M | -$50.8M | -$47.4M | -$55.0M | -$76.8M |
| Capital Expenditure | -$284000 | -$1.7M | -$6.3M | -$3.3M | -$642000 | -$2.6M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$5000 | -$12000 | -$4.2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.8M | -$17.0M | -$57.1M | -$50.7M | -$55.7M | -$79.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.2M | -$14.7M | -$20.9M | -$41.3M |
| Capital Expenditure | -$600000 | -$421000 | -$242000 | -$657000 |
| Free Cash Flow | -$19.8M | -$15.1M | -$21.2M | -$42.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.6M | $1.6M | $1.6M | $3.5M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +146.3% | +579.2% | -99.3% | -100.0% |
| Net Income Growth (YoY) | | -299.2% | +18.7% | +52.6% | -111.2% | -43.4% |
| EPS Growth (YoY) | | -300.0% | +18.6% | +64.2% | -337.0% | +34.0% |
| Shares Change (YoY) | | +0.0% | +0.0% | +32.4% | +4.6% | +0.3% |
| FCF Growth (YoY) | | -23.2% | -235.5% | +11.3% | -9.8% | -42.5% |
| Gross Margin | | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin | | -2660.9% | -1213.3% | -91.6% | -26805.6% | |
| EBITDA Margin | | -3575.3% | -1159.5% | -75.7% | -22335.5% | |
| Net Margin | | -3587.7% | -1184.1% | -82.7% | -23304.0% | |
| FCF Margin | | -850.5% | -1158.5% | -151.3% | -22180.9% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.1% | -0.3% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.79 | $-0.97 | $-3.25 | $-2.18 | $-2.29 | $-3.25 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17.6M | $17.6M | $17.6M | $23.3M | $24.4M | $24.4M |
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 | -53.86% |
| Return on Invested Capital | -26.91% |
| Return on Assets | -24.64% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 24.16 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -11.76 | -2.94 | -3.61 | -10.08 | -1.94 | -1.25 |
| P/B | 0.00 | -9.78 | -2.37 | -1.50 | -1.72 | 1.32 | 0.95 |
| P/S | 0.00 | 0.00 | 105.39 | 42.79 | 8.34 | 978.41 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -2660.9% | -1213.3% | -91.6% | -26805.6% | 0.0% |
| Net Margin | 0.0% | 0.0% | -3587.7% | -1184.1% | -82.7% | -23304.0% | 0.0% |