Detailed financial statements for Edesa Biotech, Inc. (EDSA): 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.
Edesa Biotech, Inc. is a biopharmaceutical firm focused on discovering, developing, and commercializing clinical-stage treatments for inflammatory and immune system disorders where current medical options are inadequate.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.87, EDSA has negative trailing earnings (P/E not meaningful) and an ROE of -124.21%. Market capitalisation stands at $37M.
Balance sheet quality for EDSA: current ratio of 10.7. 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 | $1.3M | $228287 | $211849 | $410870 | $328801 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $1.1M | $534453 | $445320 | $101286 | $17601 | $118788 | 0 | 0 | 0 | $119273 |
| Gross Profit | $143861 | -$306166 | -$233471 | $309584 | $311200 | -$118788 | 0 | 0 | 0 | -$119273 |
| Research & Development | $1.7M | $2.0M | $2.1M | $1.1M | $3.3M | $17.9M | $13.3M | $4.8M | $2.9M | $3.7M |
| Selling, General & Admin | $3.3M | $2.9M | $2.8M | $2.0M | $3.4M | $5.7M | $5.0M | $4.4M | $4.1M | $4.2M |
| Operating Expenses | $5.1M | $4.9M | $4.8M | $3.1M | $6.7M | $23.7M | $18.4M | $9.2M | $7.0M | $7.8M |
| Operating Income | -$4.9M | -$5.2M | -$5.1M | -$2.8M | -$6.4M | -$23.7M | -$18.4M | -$9.2M | -$7.0M | -$7.9M |
| EBITDA | -$4.9M | -$4.9M | -$4.8M | -$2.8M | -$6.3M | -$13.2M | -$17.5M | -$8.5M | -$6.1M | -$7.1M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.0M | -$5.0M | -$5.0M | -$2.8M | -$6.4M | -$13.3M | -$17.5M | -$8.4M | -$6.2M | -$7.2M |
| Income Tax | $7200 | $800 | $800 | -$55404 | $800 | $800 | $800 | $800 | $800 | $800 |
| Net Income | -$5.0M | -$5.0M | -$5.0M | -$2.7M | -$6.4M | -$13.3M | -$17.5M | -$8.4M | -$6.2M | -$7.2M |
| EPS | $-23.92 | $-36.78 | $-3.32 | $-4.79 | $-5.18 | $-7.73 | $-8.37 | $-2.93 | $-1.93 | $-1.27 |
| EPS (Diluted) | $-23.92 | $-36.78 | $-3.32 | $-4.79 | $-5.18 | $-7.73 | $-8.37 | $-2.93 | $-1.93 | $-1.27 |
| Shares Outstanding (Diluted) | $210150 | $23810 | $462843 | $655318 | $1.2M | $1.7M | $2.1M | $2.9M | $3.2M | $5.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$25868 | -$25459 | -$25872 | -$25644 |
| Operating Income | -$2.5M | -$2.3M | -$4.3M | -$5.5M |
| EBITDA | -$2.2M | -$2.3M | -$4.3M | -$5.5M |
| Net Income | -$2.2M | -$2.2M | -$4.2M | -$5.4M |
| EPS | $-0.32 | $-0.28 | $-0.49 | $-0.60 |
| EPS (Diluted) | $-0.32 | $-0.28 | $-0.49 | $-0.60 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.4M | $4.6M | $4.2M | $5.0M | $7.2M | $7.8M | $7.1M | $5.4M | $1.0M | $10.8M |
| Short-term Investments | $4.0M | $2.0M | $6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $85813 | $1287 | $41246 | $217101 | $87446 | $3.3M | $1.3M | $626543 | $270908 | $642866 |
| Inventory | $249430 | $68114 | $224267 | -$217101 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $12.1M | $6.8M | $10.7M | $5.6M | $8.1M | $12.1M | $9.1M | $6.4M | $1.7M | $11.5M |
| Property, Plant & Equipment | $756114 | $879523 | $1.1M | $73058 | $174821 | $111560 | $31159 | $100075 | $18361 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $2.5M | $2.4M | $2.3M | $2.2M | $2.1M | $2.0M |
| Total Assets | $12.9M | $7.7M | $11.8M | $5.7M | $10.8M | $14.6M | $11.6M | $8.9M | $3.8M | $13.5M |
| Accounts Payable | $623644 | $320947 | $493385 | $424634 | $1.5M | $1.4M | $2.1M | $1.7M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $69730 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $623644 | $320947 | $493385 | $461634 | $1.5M | $1.5M | $2.1M | $1.8M | $1.8M | $1.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $623644 | $320947 | $493385 | $461634 | $1.7M | $1.5M | $2.2M | $1.8M | $1.8M | $1.1M |
| Retained Earnings | -$40.4M | -$45.4M | -$50.4M | -$6.7M | -$13.1M | -$26.5M | -$44.0M | -$52.4M | -$58.6M | -$65.9M |
| Total Equity | $12.3M | $7.4M | $11.3M | $5.3M | $9.1M | $13.1M | $9.4M | $7.0M | $2.0M | $12.5M |
| Total Debt | 0 | 0 | 0 | 0 | $164189 | $99320 | $18975 | $94487 | $19867 | 0 |
| Net Debt | -$11.4M | -$6.6M | -$10.3M | -$5.0M | -$7.0M | -$7.7M | -$7.1M | -$5.3M | -$1.0M | -$10.8M |
| Working Capital | $11.5M | $6.4M | $10.2M | $5.2M | $6.6M | $10.6M | $7.0M | $4.6M | -$157205 | $10.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.8M | $12.1M | $10.0M | $10.3M |
| Total Assets | $13.7M | $14.7M | $12.4M | $12.7M |
| Total Liabilities | $1.2M | $756163 | $2.2M | $3.9M |
| Total Equity | $12.5M | $14.0M | $10.2M | $8.8M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.0M | -$5.0M | -$5.0M | -$2.8M | -$6.4M | -$13.3M | -$17.5M | -$8.4M | -$6.2M | -$7.2M |
| Depreciation & Amortization | $149565 | $179322 | $188372 | $4779 | $57563 | $118788 | $118188 | $183471 | $186049 | $119273 |
| Stock-based Compensation | $259379 | $115546 | $154313 | $46508 | $598359 | $3.2M | $2.3M | $1.2M | $537492 | $729642 |
| Change in Working Capital | -$23649 | $198159 | $13042 | -$2.1M | $721968 | -$3.6M | $2.9M | $308004 | $571065 | -$985654 |
| Operating Cash Flow | -$4.5M | -$4.7M | -$4.6M | -$4.8M | -$5.0M | -$13.7M | -$12.3M | -$6.6M | -$4.9M | -$7.3M |
| Capital Expenditure | -$402271 | -$302733 | -$382810 | -$8095 | -$34339 | -$6146 | -$5656 | $3 | 0 | 0 |
| Acquisitions | -$66695 | 0 | 0 | $6.4M | $29483 | 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 | -$4.9M | -$5.0M | -$5.0M | -$4.9M | -$5.0M | -$13.7M | -$12.3M | -$6.6M | -$4.9M | -$7.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.8M | -$2.1M | -$2.1M | -$3.0M |
| Capital Expenditure | $3 | $4 | $3 | -$7 |
| Free Cash Flow | -$1.8M | -$2.1M | -$2.1M | -$3.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $404425 | $81183 | $66653 | -$147836 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -82.0% | -7.2% | +93.9% | -20.0% | -100.0% | | | | |
| Net Income Growth (YoY) | | -0.1% | -0.2% | +46.0% | -133.9% | -109.7% | -31.5% | +52.3% | +26.3% | -16.5% |
| EPS Growth (YoY) | | -53.8% | +91.0% | -44.3% | -8.1% | -49.2% | -8.3% | +65.0% | +34.1% | +34.2% |
| Shares Change (YoY) | | -88.7% | +1843.9% | +41.6% | +87.6% | +40.3% | +21.5% | +36.4% | +11.8% | +77.5% |
| FCF Growth (YoY) | | -1.9% | +0.1% | +2.9% | -3.4% | -172.3% | +10.1% | +46.0% | +26.3% | -49.7% |
| Gross Margin | 11.3% | -134.1% | -110.2% | 75.3% | 94.6% | | | | | |
| Operating Margin | -386.0% | -2288.6% | -2397.1% | -689.3% | -1946.7% | | | | | |
| EBITDA Margin | -382.9% | -2124.7% | -2289.3% | -688.1% | -1929.8% | | | | | |
| Net Margin | -395.2% | -2203.7% | -2378.6% | -662.3% | -1935.6% | | | | | |
| FCF Margin | -385.9% | -2191.3% | -2359.4% | -1181.4% | -1527.0% | | | | | |
| Effective Tax Rate | -0.1% | -0.0% | -0.0% | 2.0% | -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 | $-23.35 | $-210.10 | $-10.80 | $-7.41 | $-4.08 | $-7.92 | $-5.86 | $-2.32 | $-1.53 | $-1.29 |
| 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) | $210150 | $23000 | $462000 | $655000 | $1.2M | $1.7M | $2.1M | $2.9M | $3.2M | $5.7M |
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 | -124.21% |
| Return on Invested Capital | -166.02% |
| Return on Assets | -110.85% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 2.76 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -29.50 | -9.03 | -17.58 | -9.10 | -10.91 | -6.68 | -0.77 | -1.51 | -2.31 | -1.94 |
| P/B | 12.04 | 1.03 | 2.39 | 5.43 | 7.62 | 6.82 | 1.44 | 1.79 | 7.18 | 1.13 |
| P/S | 116.60 | 33.47 | 127.32 | 69.52 | 211.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 11.3% | -134.1% | -110.2% | 75.3% | 94.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -386.0% | -2288.6% | -2397.1% | -689.3% | -1946.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -395.2% | -2203.7% | -2378.6% | -662.3% | -1935.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |