Detailed financial statements for Autolus Therapeutics plc (AUTL): 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.
Autolus Therapeutics plc is a clinical-stage biopharmaceutical entity primarily focused on pioneering T-cell-based immunotherapies for various oncological conditions. The company's pipeline includes several investigational programs: obecabtagene autoleucel (AUTO1), a CD19-targeting programmed T cell therapy, is currently undergoing Phase 1b/2 trials for adult acute lymphoblastic leukemia (ALL).
Analysis Summary
Autolus Therapeutics plc reported revenue of $75.6M in the most recent fiscal year, growing at a 5-year CAGR of 113.2%.
Trailing-twelve-month margins: gross margin 15.7%, operating margin -210.8%, net margin -238.6%.
At the current price of $1.87, AUTL has negative trailing earnings (P/E not meaningful) and an ROE of -178.58%. Market capitalisation stands at $498M.
Balance sheet quality for AUTL: current ratio of 5.9, net debt of $50.9M. 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 | $1.2M | $1.7M | $1.0M | $2.9M | $1.7M | $1.5M | $6.2M | $1.7M | $10.1M | $75.6M |
| Cost of Revenue | $478000 | $1.0M | $48.3M | $105.4M | $134.9M | 0 | 0 | 0 | $141.0M | $96.6M |
| Gross Profit | $734000 | $684000 | -$47.3M | -$102.5M | -$133.2M | $1.5M | $6.2M | $1.7M | -$130.9M | -$21.0M |
| Research & Development | $10.4M | $16.0M | $24.6M | $105.6M | $135.0M | $110.8M | $117.4M | $130.5M | $158.1M | $128.6M |
| Selling, General & Admin | $5.2M | $9.1M | $16.8M | $39.5M | $35.0M | $31.9M | $31.9M | $46.7M | 0 | $131.8M |
| Operating Expenses | $15.6M | $25.1M | $41.5M | $145.1M | $170.0M | $141.9M | $149.1M | $181.4M | $110.5M | $260.4M |
| Operating Income | -$14.4M | -$23.4M | -$57.5M | -$247.6M | -$303.1M | -$140.4M | -$142.9M | -$179.7M | -$241.4M | -$281.4M |
| EBITDA | -$13.9M | -$22.4M | -$50.3M | -$137.4M | -$162.6M | -$132.5M | -$132.2M | -$156.8M | -$233.1M | -$250.3M |
| Interest Expense | 0 | 0 | $12667 | 0 | 0 | $1.1M | $8.9M | $45.1M | $9.3M | $36.8M |
| Pre-tax Income | -$14.3M | -$23.4M | -$36.3M | -$108.7M | -$166.3M | -$142.0M | -$148.6M | -$208.4M | -$219.1M | -$296.8M |
| Income Tax | -$1.8M | -$3.7M | -$5.2M | $15.2M | -$24.2M | $58000 | $272000 | -$19000 | $1.5M | -$8.6M |
| Net Income | -$12.6M | -$19.7M | -$31.1M | -$123.8M | -$142.1M | -$142.1M | -$148.8M | -$208.4M | -$220.7M | -$288.2M |
| EPS | $-0.91 | $-1.43 | $-0.99 | $-2.88 | $-2.76 | $-1.97 | $-1.57 | $-1.20 | $-0.87 | $-1.08 |
| EPS (Diluted) | $-0.91 | $-1.43 | $-0.99 | $-2.88 | $-2.76 | $-1.97 | $-1.57 | $-1.20 | $-0.87 | $-1.08 |
| Shares Outstanding (Diluted) | $13.8M | $13.8M | $31.6M | $43.1M | $51.6M | $72.1M | $95.0M | $173.9M | $255.2M | $266.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.1M | $137.1M | $189.3M | $211.4M | $154.1M | $310.3M | $382.4M | $239.6M | $227.4M | $104.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $360.6M | $196.6M |
| Receivables | $2.2M | $4.7M | $9.3M | $30.5M | $29.7M | $68000 | $29.0M | $1.0M | $48.2M | $75.8M |
| Inventory | 0 | 0 | $2.2M | 0 | 0 | 0 | 0 | 0 | $4.1M | $33.2M |
| Total Current Assets | $30.9M | $142.5M | $199.1M | $249.3M | $194.0M | $347.0M | $425.8M | $275.3M | $660.9M | $435.9M |
| Property, Plant & Equipment | $3.3M | $6.2M | $9.2M | $51.6M | $89.7M | $52.3M | $58.4M | $95.7M | $105.1M | $128.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $9.5M | 0 | $9.3M | $254000 | $158000 | $65000 | 0 | 0 | $12.4M | $19.8M |
| Total Assets | $34.2M | $148.7M | $217.7M | $303.5M | $294.2M | $405.6M | $490.3M | $375.4M | $782.7M | $589.1M |
| Accounts Payable | $1.4M | $1.9M | $3.0M | 0 | $2.3M | $431000 | $531000 | $103000 | $2.0M | $3.1M |
| Short-term Debt | 0 | 0 | 0 | $2.5M | $3.6M | 0 | 0 | 0 | 0 | $14.6M |
| Total Current Liabilities | $2.7M | $5.0M | $12.5M | $25.0M | $33.6M | $28.6M | $46.4M | $44.7M | $60.7M | $73.4M |
| Long-term Debt | 0 | 0 | $221000 | 0 | 0 | $47.0M | 0 | 0 | 0 | $270.2M |
| Total Liabilities | $3.5M | $6.1M | $12.5M | $48.7M | $84.2M | $92.2M | $191.6M | $263.9M | $355.4M | $410.9M |
| Retained Earnings | -$28.2M | -$47.9M | $163.8M | -$237.2M | -$379.2M | -$521.3M | -$670.2M | -$878.6M | -$1.10B | -$1.39B |
| Total Equity | $30.7M | $142.6M | $205.1M | $254.8M | $210.0M | $313.3M | $298.7M | $111.5M | $427.3M | $178.1M |
| Total Debt | $188000 | $265000 | $221000 | $26.2M | $54.2M | $68.0M | $24.3M | $53.0M | $52.6M | $351.6M |
| Net Debt | -$27.9M | -$136.8M | -$189.1M | -$185.2M | -$99.9M | -$242.3M | -$358.2M | -$186.6M | -$535.4M | $50.9M |
| Working Capital | $28.2M | $137.4M | $186.6M | $224.3M | $160.3M | $318.4M | $379.4M | $230.6M | $600.2M | $362.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$12.6M | -$19.7M | -$31.1M | -$123.8M | -$142.1M | -$142.1M | -$148.8M | -$208.4M | -$220.7M | -$287.5M |
| Depreciation & Amortization | $478000 | $1.0M | $1.1M | $4.6M | $5.7M | $8.5M | $7.4M | $6.6M | $7.7M | $9.8M |
| Stock-based Compensation | $2.3M | $3.2M | $5.0M | $30.2M | $20.1M | $9.9M | $12.0M | $11.2M | $15.5M | $14.4M |
| Change in Working Capital | -$1.2M | -$795000 | $5.4M | -$16.2M | $1.4M | $4.1M | $4.0M | $292000 | -$23.7M | -$52.1M |
| Operating Cash Flow | -$9.8M | -$16.4M | -$25.8M | -$101.5M | -$117.8M | -$117.9M | -$112.3M | -$145.6M | -$206.3M | -$283.6M |
| Capital Expenditure | -$1.9M | -$2.9M | -$8.8M | -$18.7M | -$14.7M | -$8.9M | -$10.8M | -$11.0M | -$34.8M | -$27.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$3.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.7M | -$19.2M | -$34.6M | -$120.2M | -$132.4M | -$126.7M | -$123.1M | -$156.6M | -$241.1M | -$310.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +39.7% | -38.3% | +178.2% | -41.0% | -12.1% | +311.0% | -72.6% | +496.0% | +646.7% | |
| Net Income Growth (YoY) | -57.2% | -57.7% | -298.0% | -14.7% | -0.0% | -4.7% | -40.0% | -5.9% | -30.6% | |
| EPS Growth (YoY) | -57.1% | +30.8% | -190.9% | +4.2% | +28.6% | +20.3% | +23.6% | +27.5% | -24.1% | |
| Shares Change (YoY) | +0.0% | +129.0% | +36.5% | +19.7% | +39.8% | +31.8% | +83.1% | +46.7% | +4.3% | |
| FCF Growth (YoY) | -64.4% | -80.0% | -247.1% | -10.2% | +4.3% | +2.8% | -27.1% | -54.0% | -28.9% | |
| Gross Margin | 60.6% | 40.4% | -4520.4% | -3525.1% | -7765.2% | 100.0% | 100.0% | 100.0% | -1293.5% | -27.8% |
| Operating Margin | -1186.1% | -1383.2% | -5503.7% | -8513.8% | -17675.4% | -9314.8% | -2307.0% | -10583.1% | -2385.6% | -372.4% |
| EBITDA Margin | -1146.7% | -1323.6% | -4813.9% | -4724.8% | -9479.8% | -8790.6% | -2135.0% | -9232.6% | -2303.1% | -331.2% |
| Net Margin | -1035.5% | -1165.2% | -2976.5% | -4258.9% | -8285.4% | -9429.1% | -2403.0% | -12272.3% | -2180.5% | -381.4% |
| FCF Margin | -965.7% | -1136.2% | -3311.7% | -4131.8% | -7722.4% | -8408.6% | -1988.2% | -9221.0% | -2382.3% | -411.2% |
| Effective Tax Rate | 12.4% | 15.6% | 14.3% | -13.9% | 14.5% | -0.0% | -0.2% | 0.0% | -0.7% | 2.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.85 | $-1.40 | $-1.10 | $-2.79 | $-2.57 | $-1.76 | $-1.30 | $-0.90 | $-0.94 | $-1.17 |
| 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) | $13.8M | $13.8M | $31.6M | $43.1M | $51.6M | $72.1M | $95.0M | $173.9M | $255.2M | $266.1M |
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 | -178.58% |
| Return on Invested Capital | -57.49% |
| Return on Assets | -56.77% |
| Gross Margin | 15.66% |
| Operating Margin | -210.76% |
| Net Margin | -238.62% |
Financial Health
| Debt / Equity | 1.12 |
| Current Ratio | 4.89 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -3.23 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -27.47 | -17.48 | -30.95 | -4.58 | -3.24 | -2.63 | -1.21 | -5.37 | -2.70 | -1.84 |
| P/B | 11.23 | 2.42 | 4.71 | 2.23 | 2.19 | 1.19 | 0.60 | 10.05 | 1.40 | 2.97 |
| P/S | 284.31 | 203.53 | 924.97 | 195.48 | 268.76 | 248.25 | 29.14 | 659.71 | 59.25 | 7.01 |
| Gross Margin | 60.6% | 40.4% | -4520.4% | -3525.1% | -7765.2% | 100.0% | 100.0% | 100.0% | -1293.5% | -27.8% |
| Operating Margin | -1186.1% | -1383.2% | -5503.7% | -8513.8% | -17675.4% | -9314.8% | -2307.0% | -10583.1% | -2385.6% | -372.4% |
| Net Margin | -1035.5% | -1165.2% | -2976.5% | -4258.9% | -8285.4% | -9429.1% | -2403.0% | -12272.3% | -2180.5% | -381.4% |
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