Detailed financial statements for BioRestorative Therapies, Inc. (BRTX): 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.
BioRestorative Therapies, Inc. is a life sciences company dedicated to developing regenerative medicine products and therapies. Their approach primarily utilizes adult stem cell protocols to address two key areas: disc/spine disease and metabolic disorders. Within their disc/spine program, known as brtxDisc, the company's leading cell therapy candidate is BRTX-100.
Analysis Summary
BioRestorative Therapies, Inc. reported revenue of $359700 in the most recent fiscal year, growing at a 5-year CAGR of 36.1%.
Trailing-twelve-month margins: gross margin 92.1%, operating margin -39.7%, net margin -30.9%.
At the current price of $2.55, BRTX has negative trailing earnings (P/E not meaningful) and an ROE of -423.84%. Market capitalisation stands at $4M.
Balance sheet quality for BRTX: current ratio of 0.8. 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 | $36355 | $81000 | $111000 | $130000 | $77000 | $46000 | $119800 | $145800 | $401000 | $359700 |
| Cost of Revenue | $102 | $259260 | 0 | 0 | 0 | 0 | 0 | 0 | $28072 | $23844 |
| Gross Profit | $36253 | -$178260 | $111000 | $130000 | $77000 | $46000 | $119800 | $145800 | $372928 | $335856 |
| Research & Development | $2.9M | $2.2M | $1.5M | $1.7M | $876829 | $729058 | $3.5M | $4.0M | $5.3M | $10.1M |
| Selling, General & Admin | $4.9M | $6.3M | $6.2M | $6.8M | $2.0M | $25.6M | $15.6M | $11.3M | $6.6M | $5.9M |
| Operating Expenses | $7.8M | $8.5M | $7.8M | $8.6M | $2.8M | $26.4M | $19.0M | $15.4M | $11.9M | $16.0M |
| Operating Income | -$7.8M | -$8.4M | -$7.6M | -$8.4M | -$2.8M | -$26.3M | -$18.9M | -$15.2M | -$11.6M | -$15.6M |
| EBITDA | -$7.6M | -$8.1M | -$9.1M | -$9.3M | -$9.5M | -$42.4M | -$13.1M | -$15.0M | -$8.8M | -$14.0M |
| Interest Expense | $763944 | $1.1M | $3.2M | $5.1M | $1.6M | $1.8M | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$8.6M | -$9.4M | -$12.5M | -$14.6M | -$11.3M | -$44.3M | -$13.2M | -$10.4M | -$9.0M | -$14.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$8.6M | -$9.4M | -$12.5M | -$14.6M | -$11.3M | -$44.3M | -$13.2M | -$10.4M | -$9.0M | -$14.2M |
| EPS | $-168000.00 | $-139200.00 | $-131246.40 | $-52601.60 | $-571.20 | $-746.00 | $-73.00 | $-49.40 | $-23.20 | $-31.60 |
| EPS (Diluted) | $-168000.00 | $-139200.00 | $-131246.40 | $-52601.60 | $-571.20 | $-746.00 | $-73.00 | $-49.40 | $-23.20 | $-31.60 |
| Shares Outstanding (Diluted) | $51 | $68 | $95 | $278 | $19735 | $59387 | $180893 | $210917 | $388197 | $449656 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31822 | $451680 | $117523 | $1664 | $3.1M | $21.0M | $1.7M | $884377 | $547890 | $1.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $13.0M | $10.2M | $10.2M | $1.4M |
| Receivables | $6000 | $38000 | $29000 | $32000 | $17000 | $5000 | $16000 | $19300 | $188400 | $15500 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $61676 | $519710 | $180987 | $68863 | $3.2M | $21.5M | $15.1M | $11.4M | $11.1M | $3.1M |
| Property, Plant & Equipment | $508594 | $327847 | $175235 | $658296 | $495763 | $395798 | $502762 | $507502 | $362936 | $358767 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $963845 | $888950 | $814059 | $739164 | $664268 | $589740 | $803438 | $713692 | $623945 | $534198 |
| Total Assets | $1.6M | $1.8M | $1.2M | $1.5M | $4.3M | $22.5M | $16.4M | $12.6M | $12.3M | $4.1M |
| Accounts Payable | $2.3M | $2.5M | $1.9M | $2.0M | $118851 | $50827 | $170902 | $189389 | $483070 | $1.3M |
| Short-term Debt | $1.9M | $3.5M | $3.6M | $7.2M | 0 | $58970 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5.8M | $8.4M | $9.3M | $13.7M | $1.0M | $363822 | $6.0M | $2.6M | $3.7M | $3.7M |
| Long-term Debt | $297756 | $194282 | $523894 | 0 | $4.3M | $191030 | 0 | 0 | 0 | 0 |
| Total Liabilities | $6.6M | $8.6M | $9.8M | $14.2M | $5.7M | $856497 | $6.1M | $2.6M | $3.7M | $3.7M |
| Retained Earnings | -$42.0M | -$51.4M | -$63.9M | -$78.6M | -$89.8M | -$134.1M | -$136.3M | -$146.7M | -$155.7M | -$169.9M |
| Total Equity | -$5.0M | -$6.8M | -$8.6M | -$12.8M | -$1.3M | $21.6M | $10.3M | $10.0M | $8.5M | $356744 |
| Total Debt | $2.2M | $3.7M | $4.1M | $7.8M | $4.8M | $670700 | $301645 | $162317 | 0 | 0 |
| Net Debt | $2.1M | $3.2M | $4.0M | $7.8M | $1.7M | -$20.4M | -$14.4M | -$10.9M | -$10.7M | -$3.0M |
| Working Capital | -$5.8M | -$7.8M | -$9.1M | -$13.7M | $2.1M | $21.1M | $9.1M | $8.8M | $7.4M | -$586029 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.6M | -$9.4M | -$12.5M | -$14.6M | -$11.3M | -$44.3M | -$13.2M | -$10.4M | -$9.0M | -$14.2M |
| Depreciation & Amortization | $258425 | $259259 | $240372 | $217359 | $121384 | $89108 | $120545 | $165735 | $189056 | $209985 |
| Stock-based Compensation | $2.5M | $3.6M | $2.4M | $1.7M | $691701 | $23.1M | $12.6M | $7.8M | $2.8M | $3.3M |
| Change in Working Capital | $180928 | $821328 | -$45776 | $539853 | $572350 | $324685 | $14144 | $515326 | $28653 | $1.3M |
| Operating Cash Flow | -$5.0M | -$3.9M | -$5.1M | -$6.9M | -$2.0M | -$3.3M | -$5.9M | -$6.4M | -$8.2M | -$10.8M |
| Capital Expenditure | -$188764 | -$3617 | -$12869 | -$35631 | 0 | -$30658 | -$440223 | -$171043 | -$106189 | -$116069 |
| 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 | 0 | 0 |
| Free Cash Flow | -$5.2M | -$3.9M | -$5.1M | -$7.0M | -$2.0M | -$3.4M | -$6.4M | -$6.6M | -$8.3M | -$10.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +122.8% | +37.0% | +17.1% | -40.8% | -40.3% | +160.4% | +21.7% | +175.0% | -10.3% | |
| Net Income Growth (YoY) | -9.4% | -32.5% | -17.0% | +23.0% | -293.0% | +70.2% | +21.2% | +13.8% | -58.6% | |
| EPS Growth (YoY) | +17.1% | +5.7% | +59.9% | +98.9% | -30.6% | +90.2% | +32.3% | +53.0% | -36.2% | |
| Shares Change (YoY) | +33.3% | +39.7% | +192.6% | +6998.9% | +200.9% | +204.6% | +16.6% | +84.1% | +15.8% | |
| FCF Growth (YoY) | +25.7% | -32.7% | -35.9% | +71.8% | -71.1% | -89.1% | -3.9% | -26.3% | -30.8% | |
| Gross Margin | 99.7% | -220.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% | 93.4% |
| Operating Margin | -21447.6% | -10338.6% | -6889.8% | -6486.2% | -3574.1% | -57191.0% | -15745.8% | -10439.5% | -2881.6% | -4350.1% |
| EBITDA Margin | -20943.3% | -9997.6% | -8158.2% | -7147.2% | -12312.4% | -92171.3% | -10936.4% | -10268.7% | -2192.1% | -3901.0% |
| Net Margin | -23755.4% | -11660.1% | -11277.3% | -11267.6% | -14639.9% | -96311.5% | -11037.0% | -7145.2% | -2239.2% | -3959.4% |
| FCF Margin | -14279.8% | -4762.3% | -4610.4% | -5349.5% | -2551.0% | -7305.6% | -5303.3% | -4527.6% | -2078.9% | -3031.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -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 | $-101792.92 | $-56727.03 | $-53868.40 | $-25015.70 | $-99.53 | $-56.59 | $-35.12 | $-31.30 | $-21.48 | $-24.25 |
| 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) | $51 | $68 | $95 | $278 | $19735 | $59387 | $180893 | $210917 | $388197 | $449656 |
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 | -423.84% |
| Return on Invested Capital | -464.86% |
| Return on Assets | -238.27% |
| Gross Margin | 92.09% |
| Operating Margin | -3975.00% |
| Net Margin | -3089.55% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 2.35 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -69.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.57 | -2.13 | -0.55 | -0.01 | -0.97 | -0.12 | -0.75 | -0.70 | -1.23 | -0.75 |
| P/B | -2.69 | -2.94 | -0.79 | -0.01 | -8.18 | 0.24 | 0.97 | 0.73 | 1.30 | 29.75 |
| P/S | 370.35 | 248.49 | 61.62 | 0.86 | 141.48 | 112.06 | 83.05 | 50.34 | 27.69 | 29.50 |
| Gross Margin | 99.7% | -220.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% | 93.4% |
| Operating Margin | -21447.6% | -10338.6% | -6889.8% | -6486.2% | -3574.1% | -57191.0% | -15745.8% | -10439.5% | -2881.6% | -4350.1% |
| Net Margin | -23755.4% | -11660.1% | -11277.3% | -11267.6% | -14639.9% | -96311.5% | -11037.0% | -7145.2% | -2239.2% | -3959.4% |
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Explore sector: Healthcare · Biotechnology
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