Detailed financial statements for Bone Biologics Corporation (BBLG): 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.
Bone Biologics Corporation, a medical device enterprise, specializes in fostering bone regeneration for spinal fusion, leveraging its advanced recombinant human protein technology. Its flagship product, NELL-1/DBX, is a unique combination of an osteostimulative recombinant protein designed for precise, targeted control over bone regrowth.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.54, BBLG has negative trailing earnings (P/E not meaningful) and an ROE of -57.85%. Market capitalisation stands at $1M.
Balance sheet quality for BBLG: current ratio of 13.8. 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 | $700 | $96 | $96 | $50 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$700 | -$96 | -$96 | -$50 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $11.6M | -$1.2M | $104490 | $1.1M | $340672 | $82044 | $1.6M | $6.9M | $2.1M | $1.1M |
| Selling, General & Admin | $6.2M | $3.8M | $2.7M | $1.4M | $484342 | $1.0M | $2.1M | $2.5M | $2.1M | $2.2M |
| Operating Expenses | $17.8M | $2.6M | $2.8M | $2.4M | $825014 | $1.1M | $3.7M | $9.4M | $4.2M | $3.2M |
| Operating Income | -$20.4M | -$2.6M | -$2.8M | -$2.4M | -$825014 | -$1.1M | -$3.7M | -$9.4M | -$4.2M | -$3.2M |
| EBITDA | -$20.4M | -$2.6M | -$2.8M | -$2.4M | -$825014 | -$805576 | -$752906 | $479572 | $107161 | -$3.1M |
| Interest Expense | $2.6M | $4.4M | $1.2M | $975774 | $998076 | $805109 | $731714 | 0 | 0 | 0 |
| Pre-tax Income | -$21.0M | -$7.0M | -$4.4M | -$3.4M | -$1.8M | -$1.6M | -$1.5M | -$8.9M | -$4.1M | -$3.1M |
| Income Tax | $2243 | $1600 | $1729 | $1603 | $1600 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$25.9M | -$7.1M | -$4.4M | -$3.4M | -$1.8M | -$1.6M | -$1.5M | -$8.9M | -$4.1M | -$3.1M |
| EPS | $-24840.00 | $-6480.00 | $-3173.58 | $-66.97 | $-35.68 | $-37.35 | $-31.15 | $-34.01 | $-4.83 | $-2.65 |
| EPS (Diluted) | $-24840.00 | $-6480.00 | $-3173.58 | $-66.97 | $-35.68 | $-37.35 | $-31.20 | $-34.01 | $-4.83 | $-2.65 |
| Shares Outstanding (Diluted) | $1045 | $1081 | $1396 | $51138 | $51138 | $43127 | $47658 | $263137 | $1.5M | $1.2M |
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 | -$715274 | -$733107 | -$805054 | -$808106 |
| EBITDA | $48537 | -$677087 | -$765988 | -$773702 |
| Net Income | -$666737 | -$684643 | -$765988 | -$773702 |
| EPS | $-0.37 | $-0.63 | $-0.43 | $-0.43 |
| EPS (Diluted) | $-0.37 | $-0.63 | $-0.43 | $-0.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $620375 | $690279 | $955374 | $24145 | 0 | $6.7M | $7.5M | $3.0M | $3.3M | $5.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $579910 | $328844 | 0 | $9895 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $700898 | $795513 | $1.0M | $30827 | 0 | $6.7M | $8.5M | $3.7M | $3.9M | $5.8M |
| Property, Plant & Equipment | $242 | $146 | $50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $973085 | $795659 | $1.0M | $30827 | 0 | $6.7M | $8.5M | $3.7M | $3.9M | $5.8M |
| Accounts Payable | $226516 | $216903 | $125203 | $42879 | $465396 | $99909 | $104786 | $360662 | $373042 | $417884 |
| Short-term Debt | $1.2M | 0 | $9.0M | 0 | $11.7M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.5M | $961795 | $9.6M | $578447 | $13.7M | $99909 | $2.5M | $831402 | $377712 | $418587 |
| Long-term Debt | $7.6M | $8.2M | 0 | $11.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $9.6M | $9.2M | $9.6M | $11.9M | $13.7M | $99909 | $2.5M | $831402 | $377712 | $418587 |
| Retained Earnings | -$52.1M | -$59.2M | -$63.6M | -$67.0M | -$68.9M | -$70.5M | -$72.0M | -$80.9M | -$85.0M | -$88.1M |
| Total Equity | -$8.4M | -$8.4M | -$8.6M | -$11.9M | -$13.7M | $6.6M | $5.9M | $2.9M | $3.5M | $5.4M |
| Total Debt | $8.8M | $8.2M | $9.0M | $11.3M | $11.7M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | $8.1M | $7.5M | $8.0M | $11.3M | $11.7M | -$6.7M | -$7.5M | -$3.0M | -$3.3M | -$5.3M |
| Working Capital | -$800918 | -$166282 | -$8.6M | -$547620 | -$13.7M | $6.6M | $5.9M | $2.9M | $3.5M | $5.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $6.0M | $5.3M | $4.5M | $4.0M |
| Total Assets | $6.4M | $5.8M | $5.0M | $4.4M |
| Total Liabilities | $334282 | $418587 | $309386 | $512018 |
| Total Equity | $6.0M | $5.4M | $4.7M | $3.9M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$21.0M | -$7.1M | -$4.4M | -$3.4M | -$1.8M | -$1.6M | -$1.5M | -$8.9M | -$4.1M | -$3.1M |
| Depreciation & Amortization | $700 | $96 | $96 | $50 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.5M | -$584027 | $516638 | $49692 | $60000 | $207035 | $266633 | $152599 | $188819 | $256358 |
| Change in Working Capital | $144478 | $938742 | $145539 | $143782 | $399682 | -$320487 | -$168373 | $132921 | -$150253 | $165450 |
| Operating Cash Flow | -$7.3M | -$3.3M | -$4.1M | -$3.3M | -$426933 | -$1.2M | -$3.6M | -$9.6M | -$4.1M | -$2.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$3.2M | 0 |
| Free Cash Flow | -$7.3M | -$3.3M | -$4.1M | -$3.3M | -$426933 | -$1.2M | -$3.6M | -$9.6M | -$4.1M | -$2.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$591384 | -$714762 | -$804282 | -$518440 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$591384 | -$714762 | -$804280 | -$518440 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $87180 | $45674 | $23505 | $8253 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +72.8% | +37.2% | +22.7% | +46.7% | +11.7% | +7.8% | -502.8% | +54.1% | +24.4% |
| EPS Growth (YoY) | | +73.9% | +51.0% | +97.9% | +46.7% | -4.7% | +16.6% | -9.2% | +85.8% | +45.1% |
| Shares Change (YoY) | | +3.4% | +29.1% | +3563.2% | +0.0% | -15.7% | +10.5% | +452.1% | +476.5% | -22.6% |
| FCF Growth (YoY) | | +54.6% | -23.3% | +20.8% | +86.9% | -187.8% | -190.3% | -167.9% | +56.8% | +34.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.1% | -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 | $-7012.29 | $-3080.57 | $-2940.46 | $-63.58 | $-8.35 | $-28.49 | $-74.84 | $-36.32 | $-2.72 | $-2.29 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.12 | $0.00 |
| Shares Outstanding (Basic) | $1045 | $1081 | $1396 | $51000 | $51000 | $43000 | $47596 | $263137 | $1.5M | $1.2M |
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 | -57.85% |
| Return on Invested Capital | -78.01% |
| Return on Assets | -65.16% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.67 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -19.57 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.13 | -0.51 | -1.04 | -49.50 | -92.92 | -67.92 | -4.85 | -0.80 | -1.17 | -0.55 |
| P/B | -0.41 | -0.43 | -0.54 | -14.25 | -12.35 | 16.59 | 1.21 | 2.46 | 2.46 | 0.32 |
| 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% |