Detailed financial statements for Climb Bio, Inc. (CLYM): 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.
Climb Bio, Inc. is a biopharmaceutical firm dedicated to crafting therapeutic solutions for inflammatory diseases driven by autoimmune responses. Its primary investigational asset is budoprutug, an anti-CD19 monoclonal antibody. This treatment is being advanced for a range of autoimmune conditions, including systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia, and membranous nephropathy.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $14.11, CLYM has negative trailing earnings (P/E not meaningful) and an ROE of -31.79%. Market capitalisation stands at $808M.
Balance sheet quality for CLYM: current ratio of 15.2, net cash position of $100.5M. 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $97000 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -$97000 |
| Research & Development | $4.0M | $9.3M | $23.3M | $26.2M | $15.4M | $14.3M | $46.6M |
| Selling, General & Admin | $677000 | $2.4M | $12.3M | $18.9M | $24.9M | $16.0M | $21.2M |
| Operating Expenses | $7.4M | $20.9M | $35.7M | $45.1M | $40.3M | $82.0M | $67.8M |
| Operating Income | -$7.4M | -$20.9M | -$35.7M | -$45.1M | -$40.3M | -$82.0M | -$67.9M |
| EBITDA | -$4.7M | -$11.8M | -$47.5M | -$45.2M | -$35.1M | -$30.4M | -$59.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$6.5M | -$20.7M | -$47.5M | -$45.2M | -$35.1M | -$73.9M | -$59.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$6.5M | -$20.7M | -$47.5M | -$45.2M | -$35.1M | -$73.9M | -$59.9M |
| EPS | $-0.56 | $-1.97 | $-4.24 | $-1.72 | $-1.30 | $-1.53 | $-0.88 |
| EPS (Diluted) | $-0.56 | $-1.97 | $-4.24 | $-1.72 | $-1.30 | $-1.53 | $-0.88 |
| Shares Outstanding (Diluted) | $11.7M | $11.7M | $12.3M | $26.3M | $27.0M | $48.2M | $67.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$30000 | -$38000 | 0 |
| Operating Income | -$14.9M | -$19.3M | -$15.2M | -$15.4M |
| EBITDA | -$12.9M | -$17.5M | -$13.7M | -$15.3M |
| Net Income | -$12.9M | -$17.5M | -$13.7M | -$13.5M |
| EPS | $-0.19 | $-0.26 | $-0.20 | $-0.18 |
| EPS (Diluted) | $-0.19 | $-0.26 | $-0.20 | $-0.18 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $21.2M | $20.5M | $46.9M | $43.6M | $93.1M | $87.2M | $35.7M |
| Short-term Investments | 0 | 0 | $89.6M | $80.0M | $13.7M | $63.7M | $65.4M |
| Receivables | 0 | 0 | $6.5M | $6.5M | $2.5M | $1.1M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $21.3M | $22.0M | $148.3M | $134.4M | $110.3M | $154.9M | $105.8M |
| Property, Plant & Equipment | 0 | 0 | 0 | $471000 | $199000 | $490000 | $793000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $21.4M | $24.6M | $173.2M | $135.0M | $110.5M | $217.2M | $167.7M |
| Accounts Payable | $647000 | $1.1M | $1.4M | $750000 | $66000 | $705000 | $2.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $256000 |
| Total Current Liabilities | $783000 | $3.1M | $6.0M | $6.1M | $2.8M | $4.9M | $7.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $783000 | $3.1M | $6.0M | $6.3M | $2.9M | $5.3M | $7.3M |
| Retained Earnings | -$7.5M | -$28.1M | -$75.6M | -$120.9M | -$156.0M | -$229.9M | -$289.7M |
| Total Equity | $20.6M | $21.6M | $167.2M | $128.7M | $107.6M | $211.9M | $160.5M |
| Total Debt | 0 | 0 | 0 | $480000 | $349000 | $532000 | $541000 |
| Net Debt | -$21.2M | -$20.5M | -$136.5M | -$123.1M | -$106.4M | -$150.4M | -$100.5M |
| Working Capital | $20.5M | $18.9M | $142.2M | $128.3M | $107.4M | $149.9M | $98.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $25.8M | $35.7M | $8.4M | $44.1M |
| Total Assets | $182.3M | $167.7M | $152.4M | $246.3M |
| Total Liabilities | $5.3M | $7.3M | $4.3M | $6.7M |
| Total Equity | $177.0M | $160.5M | $148.1M | $239.5M |
| Total Debt | $580000 | $541000 | $479000 | $1.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.5M | -$20.7M | -$47.5M | -$45.2M | -$35.1M | -$73.9M | -$59.9M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | $97000 |
| Stock-based Compensation | 0 | $707000 | $3.7M | $7.0M | $12.8M | $5.6M | $8.1M |
| Change in Working Capital | -$309000 | -$2.9M | -$4.2M | $210000 | $3.8M | $1.7M | -$601000 |
| Operating Cash Flow | -$5.0M | -$14.1M | -$36.1M | -$37.4M | -$20.6M | -$15.6M | -$54.4M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | -$186000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.0M | -$14.1M | -$36.1M | -$37.4M | -$20.6M | -$15.6M | -$54.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.1M | -$15.6M | -$14.4M | -$10.5M |
| Capital Expenditure | -$109000 | 0 | 0 | -$260000 |
| Free Cash Flow | -$12.2M | -$15.6M | -$14.4M | -$10.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.0M | $1.0M | $1.6M | $1.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -215.7% | -129.7% | +4.7% | +22.4% | -110.4% | +19.0% |
| EPS Growth (YoY) | | -251.8% | -115.2% | +59.4% | +24.4% | -17.7% | +42.5% |
| Shares Change (YoY) | | +0.0% | +5.1% | +114.6% | +2.6% | +78.5% | +40.8% |
| FCF Growth (YoY) | | -181.5% | -155.9% | -3.6% | +44.9% | +24.5% | -250.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.43 | $-1.21 | $-2.94 | $-1.42 | $-0.76 | $-0.32 | $-0.80 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.7M | $11.7M | $12.3M | $26.3M | $27.0M | $48.2M | $67.8M |
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 | -31.79% |
| Return on Invested Capital | -26.89% |
| Return on Assets | -23.40% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 31.45 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 19.34 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.98 | -3.97 | -1.85 | -4.55 | -6.02 | -1.18 | -4.55 |
| P/B | 4.43 | 4.23 | 0.57 | 1.60 | 1.96 | 0.41 | 1.69 |
| P/S | 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% |
| Operating Margin | 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% |