Detailed financial statements for Capricor Therapeutics, Inc. (CAPR): 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.
Capricor Therapeutics, Inc. is a clinical-stage biotechnology company, which focuses on the development of transformative cell and exosome-based therapeutics for treating Duchenne muscular dystrophy (“DMD”), a rare form of muscular dystrophy which results in muscle degeneration and premature death, and other diseases with unmet medical needs. Its product candidate consists of CAP-1002, Engineered Exosomes, CAP-2003, and Exosome-Based Vaccine.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $8.56, CAPR has negative trailing earnings (P/E not meaningful) and an ROE of -56.60%. Market capitalisation stands at $492M.
Balance sheet quality for CAPR: current ratio of 9.0, net cash position of $300.2M. 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 | $3.2M | $2.7M | $1.7M | $1.0M | $310250 | $244898 | $2.6M | $25.2M | $22.3M | 0 |
| Cost of Revenue | $16.0M | 0 | 0 | $5.1M | 0 | 0 | $21.8M | $36.4M | $50.0M | 0 |
| Gross Profit | -$12.9M | $2.7M | $1.7M | -$4.1M | $310250 | $244898 | -$19.3M | -$11.3M | -$27.7M | 0 |
| Research & Development | $16.0M | $10.8M | $12.1M | $5.1M | $8.5M | $13.6M | $21.8M | $36.4M | $50.0M | $84.5M |
| Selling, General & Admin | $4.9M | $4.8M | $4.9M | $3.6M | $5.5M | $7.6M | $10.4M | $12.8M | $14.9M | $22.7M |
| Operating Expenses | $4.9M | $4.8M | $17.0M | $3.6M | $14.0M | $21.2M | $10.4M | $12.8M | $14.9M | $108.1M |
| Operating Income | -$17.0M | -$12.9M | -$15.3M | -$7.7M | -$13.7M | -$20.9M | -$29.7M | -$24.1M | -$42.6M | -$108.1M |
| EBITDA | -$18.3M | $3.0M | -$15.2M | -$7.6M | -$13.5M | -$19.8M | -$28.5M | -$21.2M | -$39.0M | -$100.1M |
| Interest Expense | $344665 | $398807 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.0M |
| Pre-tax Income | -$18.8M | $2.4M | -$15.2M | -$7.6M | -$13.7M | -$20.0M | -$29.0M | -$22.3M | -$40.5M | -$105.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$18.8M | $2.4M | -$15.2M | -$7.6M | -$13.7M | -$20.0M | -$29.0M | -$22.3M | -$40.5M | -$105.0M |
| EPS | $-10.14 | $1.00 | $-5.17 | $-2.06 | $-0.88 | $-0.87 | $-1.18 | $-0.83 | $-1.15 | $-2.26 |
| EPS (Diluted) | $-10.14 | $0.90 | $-5.17 | $-2.06 | $-0.88 | $-0.87 | $-1.18 | $-0.83 | $-1.15 | $-2.26 |
| Shares Outstanding (Diluted) | $1.9M | $2.7M | $2.9M | $3.7M | $15.6M | $23.1M | $24.6M | $26.8M | $35.2M | $46.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$20.4M | 0 | 0 | 0 |
| Operating Income | -$26.3M | -$29.2M | -$36.8M | -$42.9M |
| EBITDA | -$24.1M | $976.2M | -$33.4M | $255.2M |
| Net Income | -$24.6M | -$30.2M | -$33.9M | -$40.7M |
| EPS | $-0.54 | $-0.62 | $-0.59 | $-0.70 |
| EPS (Diluted) | $-0.54 | $-0.62 | $-0.59 | $-0.70 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.2M | $6.1M | $4.3M | $3.9M | $32.7M | $34.9M | $9.6M | $14.7M | $11.3M | $287.8M |
| Short-term Investments | $13.0M | $8.0M | $3.0M | $6.0M | 0 | 0 | $31.8M | $24.8M | $140.2M | $30.3M |
| Receivables | $223335 | $344575 | $204868 | $87968 | $56000 | $391750 | $547580 | $10.4M | $10.4M | $59167 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $18.1M | $15.7M | $8.5M | $10.5M | $33.7M | $36.4M | $42.9M | $50.9M | $163.4M | $322.9M |
| Property, Plant & Equipment | $435336 | $372096 | $574206 | $442806 | $850847 | $4.6M | $6.9M | $7.6M | $6.9M | $18.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $142253 | $93048 | $204868 | $6495 | $2165 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $18.7M | $16.3M | $9.2M | $11.1M | $34.6M | $41.3M | $50.1M | $58.7M | $170.5M | $355.9M |
| Accounts Payable | $3.0M | $1.7M | $1.3M | $897992 | $2.7M | $3.7M | $4.8M | $6.2M | $3.3M | $1.7M |
| Short-term Debt | 0 | 0 | 0 | 0 | $246689 | $417632 | $682039 | $749112 | $834799 | $3.6M |
| Total Current Liabilities | $4.9M | $1.7M | $1.3M | $897992 | $3.0M | $4.1M | $23.6M | $31.3M | $21.0M | $35.8M |
| Long-term Debt | $17.0M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | 0 |
| Total Liabilities | $22.8M | $5.0M | $4.6M | $4.3M | $6.4M | $10.0M | $38.3M | $36.1M | $25.0M | $50.2M |
| Retained Earnings | -$54.0M | -$51.5M | -$66.7M | -$74.4M | -$88.0M | -$108.1M | -$137.1M | -$159.4M | -$199.8M | -$304.9M |
| Total Equity | -$4.0M | $11.2M | $4.6M | $6.8M | $28.2M | $31.4M | $11.8M | $22.6M | $145.5M | $305.8M |
| Total Debt | $17.0M | $3.4M | $3.4M | $3.4M | $3.7M | $6.2M | $5.9M | $5.6M | $4.8M | $17.9M |
| Net Debt | $810969 | -$10.7M | -$3.9M | -$6.5M | -$29.0M | -$28.6M | -$35.5M | -$33.9M | -$146.7M | -$300.2M |
| Working Capital | $13.2M | $14.0M | $7.2M | $9.6M | $30.7M | $32.3M | $19.3M | $19.6M | $142.4M | $287.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $19.5M | $287.8M | $105.4M | $20.9M |
| Total Assets | $126.4M | $355.9M | $326.3M | $368.7M |
| Total Liabilities | $42.6M | $50.2M | $47.6M | $122.5M |
| Total Equity | $83.9M | $305.8M | $278.7M | $246.2M |
| Total Debt | $17.9M | $17.9M | $21.1M | $91.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$18.8M | $2.4M | -$15.2M | -$7.6M | -$13.7M | -$20.0M | -$29.0M | -$22.3M | -$40.5M | -$105.0M |
| Depreciation & Amortization | $125719 | $144174 | $157652 | $171956 | $143890 | $245697 | $533131 | $1.1M | $1.4M | $1.9M |
| Stock-based Compensation | $2.0M | $1.7M | $1.7M | $700984 | $2.0M | $3.0M | $4.5M | $7.4M | $9.8M | $17.2M |
| Change in Working Capital | -$583028 | -$2.9M | -$554588 | -$55344 | $1.5M | $182336 | $28.7M | -$11.8M | -$10.8M | $12.2M |
| Operating Cash Flow | -$15.8M | -$14.2M | -$13.9M | -$6.8M | -$10.1M | -$16.8M | $4.9M | -$25.6M | -$40.0M | -$69.8M |
| Capital Expenditure | -$193739 | -$32185 | -$316486 | 0 | -$547601 | -$1.2M | -$3.4M | -$2.0M | -$1.5M | -$2.9M |
| Acquisitions | $1.8M | 0 | 0 | 0 | -$6.0M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$193 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.0M | -$14.3M | -$14.2M | -$6.8M | -$10.6M | -$18.0M | $1.6M | -$27.6M | -$41.5M | -$72.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.7M | -$23.6M | -$29.3M | -$31.5M |
| Capital Expenditure | -$4.0M | -$5.1M | -$10.7M | -$5.9M |
| Free Cash Flow | -$23.7M | -$28.7M | -$40.0M | -$37.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.37B | -$3.39B | 0 | $9.58B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -16.4% | -37.3% | -39.9% | -69.1% | -21.1% | +941.8% | +886.8% | -11.5% | -100.0% |
| Net Income Growth (YoY) | | +112.9% | -724.9% | +49.7% | -78.7% | -46.6% | -44.9% | +23.2% | -81.6% | -159.6% |
| EPS Growth (YoY) | | +109.9% | -617.0% | +60.2% | +57.3% | +1.1% | -35.6% | +29.7% | -38.6% | -96.5% |
| Shares Change (YoY) | | +44.4% | +9.8% | +26.2% | +319.6% | +48.3% | +6.3% | +9.1% | +31.5% | +32.0% |
| FCF Growth (YoY) | | +10.8% | +0.6% | +51.9% | -55.4% | -69.8% | +108.6% | -1875.6% | -50.2% | -75.1% |
| Gross Margin | -402.9% | 100.0% | 100.0% | -411.6% | 100.0% | 100.0% | -755.1% | -44.8% | -124.4% | |
| Operating Margin | -532.2% | -482.4% | -917.2% | -769.5% | -4412.6% | -8549.9% | -1163.9% | -95.6% | -191.1% | |
| EBITDA Margin | -574.8% | 111.6% | -907.8% | -752.4% | -4366.2% | -8075.5% | -1116.5% | -84.3% | -175.3% | |
| Net Margin | -589.6% | 91.2% | -909.1% | -760.4% | -4401.9% | -8175.9% | -1137.4% | -88.5% | -181.7% | |
| FCF Margin | -501.4% | -535.0% | -848.5% | -678.7% | -3417.4% | -7352.3% | 61.0% | -109.8% | -186.5% | |
| 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 | $-8.62 | $-5.32 | $-4.82 | $-1.84 | $-0.68 | $-0.78 | $0.06 | $-1.03 | $-1.18 | $-1.56 |
| 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) | $1.9M | $2.3M | $2.9M | $3.7M | $15.6M | $23.1M | $24.6M | $26.8M | $35.2M | $46.5M |
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 | -56.60% |
| Return on Invested Capital | -40.08% |
| Return on Assets | -35.10% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 7.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.62 | 15.80 | -0.79 | -0.62 | -3.90 | -3.37 | -3.27 | -5.89 | -12.00 | -12.77 |
| P/B | -12.33 | 3.26 | 2.61 | 0.69 | 1.89 | 2.16 | 8.04 | 5.79 | 3.34 | 4.39 |
| P/S | 15.47 | 13.74 | 7.21 | 4.73 | 172.15 | 276.24 | 37.15 | 5.20 | 21.82 | 0.00 |
| Gross Margin | -402.9% | 100.0% | 100.0% | -411.6% | 100.0% | 100.0% | -755.1% | -44.8% | -124.4% | 0.0% |
| Operating Margin | -532.2% | -482.4% | -917.2% | -769.5% | -4412.6% | -8549.9% | -1163.9% | -95.6% | -191.1% | 0.0% |
| Net Margin | -589.6% | 91.2% | -909.1% | -760.4% | -4401.9% | -8175.9% | -1137.4% | -88.5% | -181.7% | 0.0% |