Detailed financial statements for Clene Inc. (CLNN): 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.
Clene Inc. is a biopharmaceutical firm in the clinical development phase, dedicated to the discovery, advancement, and market introduction of pioneering therapeutic agents utilizing clean-surfaced nanotechnology (CSN). CNM-Au8 stands as its flagship compound, currently under evaluation across a diverse range of clinical studies. This includes a pivotal Phase 2/3 study intended for regulatory submission in individuals battling amyotrophic lateral sclerosis (ALS).
Analysis Summary
Clene Inc. reported revenue of $200000 in the most recent fiscal year, growing at a 5-year CAGR of -0.6%.
Trailing-twelve-month margins: gross margin -110.2%, operating margin -103.0%, net margin -200.6%.
At the current price of $3.86, CLNN has negative trailing earnings (P/E not meaningful) and an ROE of 148.78%. Market capitalisation stands at $49M.
Balance sheet quality for CLNN: current ratio of 0.8, net debt of $16.5M. 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | $206000 | $723000 | $473000 | $654000 | $342000 | $200000 |
| Cost of Revenue | 0 | 0 | $900000 | $65000 | $289000 | $26000 | $121000 | $70000 | $43000 |
| Gross Profit | 0 | 0 | -$900000 | $141000 | $434000 | $447000 | $533000 | $272000 | $157000 |
| Research & Development | 0 | $6.6M | $8.8M | $15.2M | $28.4M | $31.9M | $26.7M | $20.1M | $14.0M |
| Selling, General & Admin | $2387 | $323944 | $6.7M | $3.3M | $18.8M | $16.2M | $14.4M | $13.3M | $9.2M |
| Operating Expenses | $2387 | $323944 | $15.4M | $20.4M | $50.4M | $48.9M | $41.1M | $33.4M | $23.2M |
| Operating Income | -$2390 | -$323940 | -$16.3M | -$20.2M | -$50.0M | -$48.4M | -$40.5M | -$33.1M | -$23.1M |
| EBITDA | -$2390 | -$8.5M | -$15.2M | -$17.0M | -$8.3M | -$25.6M | -$43.2M | -$33.7M | -$22.0M |
| Interest Expense | 0 | 0 | $88000 | $950000 | $870000 | $3.3M | $4.6M | $4.1M | $2.7M |
| Pre-tax Income | -$2387 | $19429 | -$16.2M | -$18.9M | -$10.2M | -$29.9M | -$49.5M | -$39.4M | -$26.2M |
| Income Tax | 0 | 0 | 0 | $406000 | -$428000 | 0 | 0 | 0 | 0 |
| Net Income | -$2387 | -$277311 | -$16.2M | -$19.3M | -$9.7M | -$29.9M | -$49.5M | -$39.4M | -$26.2M |
| EPS | $-0.00 | $-0.09 | $-4.69 | $-5.51 | $-3.16 | $-4.69 | $-9.43 | $-5.67 | $-2.65 |
| EPS (Diluted) | $-0.00 | $-0.09 | $-4.69 | $-5.51 | $-3.16 | $-4.69 | $-9.43 | $-5.67 | $-2.65 |
| Shares Outstanding (Diluted) | $3.1M | $3.1M | $3.5M | $3.5M | $3.1M | $3.3M | $5.2M | $7.0M | $9.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15000 | $77000 | $15000 | $90000 |
| Gross Profit | $15000 | $54000 | -$340000 | $54000 |
| Operating Income | -$5.6M | -$7.2M | -$2.1M | -$5.3M |
| EBITDA | -$7.8M | -$8.1M | -$6.9M | -$5.0M |
| Net Income | -$8.8M | -$9.2M | -$8.1M | -$13.4M |
| EPS | $-0.85 | $-0.93 | $-0.69 | $-1.08 |
| EPS (Diluted) | $-0.85 | $-0.93 | $-0.69 | $-1.08 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $743783 | $8.8M | $59.3M | $50.3M | $18.3M | $28.8M | $12.2M | $5.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | $5.0M | $6.2M | 0 | 0 |
| Receivables | 0 | 0 | $2.2M | $1.6M | $3.0M | $1.3M | $391000 | $590000 |
| Inventory | 0 | $28000 | $191000 | $41000 | $43000 | $37000 | $68000 | $37000 |
| Total Current Assets | $790476 | $9.5M | $63.0M | $54.6M | $29.2M | $38.9M | $16.2M | $9.0M |
| Property, Plant & Equipment | $4.5M | $5.4M | $5.3M | $8.4M | $15.2M | $13.4M | $11.1M | $9.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $47.2M | $14.9M | $68.2M | $63.1M | $44.5M | $52.3M | $27.3M | $18.1M |
| Accounts Payable | 0 | $889000 | $1.1M | $1.9M | $3.0M | $1.5M | $1.2M | $892000 |
| Short-term Debt | $3.0M | $416000 | 0 | 0 | $6.4M | $19.5M | $359000 | $4.1M |
| Total Current Liabilities | $222240 | $4.3M | $11.7M | $6.0M | $13.9M | $25.3M | $10.3M | $10.8M |
| Long-term Debt | 0 | $640000 | $1.9M | $19.1M | $19.3M | $7.2M | $15.4M | $13.5M |
| Total Liabilities | $42.2M | $10.0M | $67.9M | $50.5M | $41.3M | $39.0M | $36.2M | $35.7M |
| Retained Earnings | $17042 | -$69.6M | -$153.6M | -$163.3M | -$193.2M | -$242.7M | -$282.1M | -$308.3M |
| Total Equity | $5.0M | $4.9M | $341000 | $12.6M | $3.2M | $13.4M | -$8.9M | -$17.6M |
| Total Debt | $3.2M | $2.9M | $4.3M | $24.0M | $31.8M | $32.2M | $20.8M | $21.7M |
| Net Debt | $2.5M | -$5.9M | -$55.0M | -$26.2M | $8.5M | -$2.8M | $8.7M | $16.5M |
| Working Capital | $568236 | $5.2M | $51.3M | $48.6M | $15.3M | $13.5M | $5.9M | -$1.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $7.9M | $5.2M | $5.9M | $9.7M |
| Total Assets | $22.3M | $18.1M | $21.7M | $23.0M |
| Total Liabilities | $34.7M | $35.7M | $40.5M | $47.8M |
| Total Equity | -$12.4M | -$17.6M | -$18.8M | -$24.8M |
| Total Debt | $21.3M | $21.7M | $22.0M | $22.3M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$277311 | -$16.2M | -$19.3M | -$9.7M | -$29.9M | -$49.5M | -$39.4M | -$26.2M |
| Depreciation & Amortization | $672000 | $848000 | $963000 | $955000 | $1.0M | $1.7M | $1.6M | $1.5M |
| Stock-based Compensation | $269000 | $399000 | $761000 | $12.4M | $8.5M | $9.1M | $8.0M | $6.4M |
| Change in Working Capital | $118540 | $1.2M | -$3.3M | $1.0M | -$1.5M | -$191000 | $3.2M | -$3.4M |
| Operating Cash Flow | -$205372 | -$13.2M | -$18.9M | -$34.6M | -$39.0M | -$30.2M | -$21.3M | -$18.5M |
| Capital Expenditure | -$752000 | -$294000 | -$387000 | -$1.3M | -$5.2M | -$330000 | -$15000 | -$39000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$957372 | -$13.5M | -$19.3M | -$36.0M | -$44.2M | -$30.5M | -$21.3M | -$18.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$4.0M | -$4.8M | -$4.5M | -$2.6M |
| Capital Expenditure | -$11000 | -$28031 | 0 | -$1000 |
| Free Cash Flow | -$4.0M | -$4.8M | -$4.5M | -$2.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.7M | $3.1M | $1.3M | $1.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +251.0% | -34.6% | +38.3% | -47.7% | -41.5% | ||||
| Net Income Growth (YoY) | -11517.6% | -5725.6% | -19.3% | +49.5% | -207.2% | -65.5% | +20.4% | +33.6% | |
| EPS Growth (YoY) | -11012.5% | -5175.6% | -17.5% | +42.6% | -48.4% | -101.1% | +39.9% | +53.3% | |
| Shares Change (YoY) | +0.0% | +11.3% | +0.8% | -12.1% | +5.9% | +60.9% | +32.5% | +41.8% | |
| FCF Growth (YoY) | -1309.2% | -43.2% | -86.1% | -22.9% | +31.0% | +30.0% | +12.9% | ||
| Gross Margin | 68.4% | 60.0% | 94.5% | 81.5% | 79.5% | 78.5% | |||
| Operating Margin | -9812.6% | -6912.6% | -10234.5% | -6198.8% | -9676.3% | -11541.5% | |||
| EBITDA Margin | -8232.0% | -1153.9% | -5412.9% | -6611.8% | -9851.2% | -10998.0% | |||
| Net Margin | -9357.8% | -1347.2% | -6325.2% | -7569.4% | -11520.5% | -13086.5% | |||
| FCF Margin | -9376.7% | -4973.2% | -9342.5% | -4663.8% | -6240.1% | -9292.5% | |||
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -2.2% | 4.2% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.31 | $-3.89 | $-5.52 | $-11.68 | $-13.55 | $-5.81 | $-3.07 | $-1.89 | |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $3.1M | $3.1M | $3.5M | $3.5M | $3.1M | $3.3M | $5.2M | $7.0M | $9.9M |
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 | 148.78% |
| Return on Invested Capital | -188.63% |
| Return on Assets | -144.35% |
| Gross Margin | -110.15% |
| Operating Margin | -10304.57% |
| Net Margin | -20059.90% |
Financial Health
| Debt / Equity | -0.90 |
| Current Ratio | 3.07 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -27.14 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -243750.00 | -2227.22 | -44.69 | -32.70 | -25.95 | -4.26 | -0.63 | -0.94 | -2.22 |
| P/B | 0.00 | 123.56 | 148.89 | 1849.98 | 20.04 | 20.14 | 2.32 | -4.17 | -3.29 |
| P/S | 0.00 | 0.00 | 0.00 | 3062.35 | 349.09 | 137.85 | 47.58 | 107.97 | 289.36 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 68.4% | 60.0% | 94.5% | 81.5% | 79.5% | 78.5% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -9812.6% | -6912.6% | -10234.5% | -6198.8% | -9676.3% | -11541.5% |
| Net Margin | 0.0% | 0.0% | 0.0% | -9357.8% | -1347.2% | -6325.2% | -7569.4% | -11520.5% | -13086.5% |
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