Detailed financial statements for Context Therapeutics Inc. (CNTX): 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.
Context Therapeutics Inc., a biopharmaceutical company, develops products for the treatment of solid tumors. Its lead program candidate is CTIM-76, an anti-Claudin 6 (CLDN6) x anti-CD3 bispecific antibody that is intended to redirect T-cell-mediated lysis toward malignant cells expressing CLDN6. The company has a collaboration and licensing agreement with Integral Molecular, Inc. for the development of a CLDN6 bispecific monoclonal antibody for cancer therapy.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.38, CNTX has negative trailing earnings (P/E not meaningful) and an ROE of -82.06%. Market capitalisation stands at $35M.
Balance sheet quality for CNTX: current ratio of 8.5, net cash position of $65.9M. 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 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $2.4M | $1.6M | $3.8M | $7.1M | $17.8M | $22.7M | $31.9M |
| Selling, General & Admin | $3.0M | $930667 | $3.6M | $7.8M | $7.3M | $7.2M | $7.8M |
| Operating Expenses | $5.4M | $2.6M | $10.5M | $15.4M | $25.1M | $29.9M | $39.7M |
| Operating Income | -$5.4M | -$2.6M | -$10.5M | -$15.4M | -$25.1M | -$29.9M | -$39.7M |
| EBITDA | -$5.4M | -$2.6M | -$10.5M | -$14.9M | -$24.0M | -$26.7M | -$36.1M |
| Interest Expense | $1.1M | $661224 | $64240 | $547268 | 0 | 0 | 0 |
| Pre-tax Income | -$6.4M | $6.6M | -$10.5M | -$14.8M | -$24.0M | -$26.7M | -$36.1M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$6.4M | $6.6M | -$10.5M | -$14.8M | -$24.0M | -$26.7M | -$36.1M |
| EPS | $-0.68 | $0.10 | $-3.69 | $-0.93 | $-1.50 | $-0.46 | $-0.38 |
| EPS (Diluted) | $-0.68 | $0.10 | $-3.69 | $-0.93 | $-1.50 | $-0.46 | $-0.38 |
| Shares Outstanding (Diluted) | $11.0M | $11.0M | $2.8M | $16.0M | $16.0M | $58.4M | $95.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$4066 | 0 | 0 | 0 |
| Operating Income | -$10.6M | -$13.8M | -$9.3M | -$15.0M |
| EBITDA | -$9.7M | -$13.0M | -$8.6M | -$14.6M |
| Net Income | -$9.7M | -$13.0M | -$8.7M | -$14.6M |
| EPS | $-0.10 | $-0.14 | $-0.09 | $-0.15 |
| EPS (Diluted) | $-0.10 | $-0.14 | $-0.09 | $-0.15 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $226603 | $341037 | $49.6M | $35.5M | $14.4M | $94.4M | $66.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $239607 | $349709 | $51.3M | $37.9M | $16.0M | $97.9M | $68.4M |
| Property, Plant & Equipment | 0 | 0 | 0 | $79535 | $15524 | $230775 | $140066 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $273548 | $467340 | $51.3M | $38.0M | $16.1M | $98.1M | $68.5M |
| Accounts Payable | $2.1M | $2.7M | $1.8M | $936330 | $2.4M | $1.5M | $2.5M |
| Short-term Debt | $21.8M | $5.9M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $24.1M | $9.5M | $3.0M | $3.2M | $4.2M | $2.7M | $8.0M |
| Long-term Debt | 0 | $69040 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $24.2M | $17.4M | $3.0M | $3.2M | $4.2M | $2.9M | $8.0M |
| Retained Earnings | -$25.4M | -$18.8M | -$29.3M | -$44.1M | -$68.1M | -$94.8M | -$130.9M |
| Total Equity | -$24.0M | -$16.9M | $48.3M | $34.8M | $11.9M | $95.3M | $60.5M |
| Total Debt | $21.8M | $6.0M | 0 | $55078 | 0 | $219380 | $112064 |
| Net Debt | $21.6M | $5.6M | -$49.6M | -$35.4M | -$14.4M | -$94.2M | -$65.9M |
| Working Capital | -$23.9M | -$9.2M | $48.2M | $34.6M | $11.9M | $95.1M | $60.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $76.9M | $66.0M | $54.5M | $43.0M |
| Total Assets | $79.2M | $68.5M | $58.9M | $46.1M |
| Total Liabilities | $6.1M | $8.0M | $6.7M | $8.0M |
| Total Equity | $73.2M | $60.5M | $52.2M | $38.2M |
| Total Debt | $140200 | $112064 | $282424 | $244992 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.4M | $6.6M | -$10.5M | -$14.8M | -$24.0M | -$26.7M | -$36.1M |
| Depreciation & Amortization | 0 | 0 | 0 | $9268 | $12044 | $10881 | $16251 |
| Stock-based Compensation | $775255 | $219245 | $511079 | $976440 | $1.1M | $841867 | $1.3M |
| Change in Working Capital | $561791 | $1.3M | -$2.2M | -$277524 | $1.8M | -$3.5M | $6.3M |
| Operating Cash Flow | -$2.8M | -$1.0M | -$8.8M | -$13.5M | -$21.0M | -$14.6M | -$26.4M |
| Capital Expenditure | 0 | 0 | -$250000 | -$536836 | 0 | -$14.8M | -$33948 |
| 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 | -$2.8M | -$1.0M | -$9.0M | -$14.1M | -$21.0M | -$29.3M | -$26.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.6M | -$8.9M | -$11.4M | -$7.0M |
| Capital Expenditure | 0 | -$5 | -$37256 | -$18488 |
| Free Cash Flow | -$6.6M | -$8.9M | -$11.5M | -$7.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $323081 | $325168 | $409220 | $528102 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +204.1% | -257.4% | -41.9% | -61.5% | -11.5% | -35.2% |
| EPS Growth (YoY) | | +114.7% | -3790.0% | +74.8% | -61.3% | +69.3% | +17.4% |
| Shares Change (YoY) | | -0.0% | -74.1% | +463.4% | +0.0% | +265.9% | +62.9% |
| FCF Growth (YoY) | | +63.5% | -774.7% | -55.7% | -49.4% | -39.3% | +9.9% |
| 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 | $-0.26 | $-0.09 | $-3.19 | $-0.88 | $-1.32 | $-0.50 | $-0.28 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.0M | $11.0M | $2.8M | $16.0M | $16.0M | $58.4M | $95.2M |
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 | -82.06% |
| Return on Invested Capital | -126.84% |
| Return on Assets | -99.62% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 5.81 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 6.94 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.50 | 51.00 | -0.72 | -0.70 | -0.75 | -2.28 | -3.87 |
| P/B | -2.33 | -3.30 | 0.16 | 0.30 | 1.52 | 0.64 | 2.31 |
| 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% |