Detailed financial statements for PMGC Holdings Inc. (ELAB): 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.
PMGC Holdings Inc. functions as a biopharmaceutical firm, primarily dedicated to sourcing and advancing innovative aesthetic and therapeutic solutions. Its flagship product, EL-22, is a pioneering engineered probiotic designed to tackle the critical challenge of maintaining muscle mass during weight reduction regimens, especially those utilizing GLP-1 receptor agonists.
Analysis Summary
Trailing-twelve-month margins: gross margin 10.3%, operating margin -477.0%, net margin -5.2%.
At the current price of $4.77, ELAB has negative trailing earnings (P/E not meaningful) and an ROE of -98.35%. Market capitalisation stands at $2M.
Balance sheet quality for ELAB: current ratio of 1.7, net cash position of $2.8M. 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $827 | $766277 | 0 | $2.5M | $590084 |
| Cost of Revenue | 0 | $88 | $318968 | $554 | $670197 | $515273 |
| Gross Profit | 0 | $739 | $447309 | -$554 | $1.8M | $74811 |
| Research & Development | $118857 | $123632 | $228747 | $7410 | $104654 | $147010 |
| Selling, General & Admin | $102987 | $634334 | $1.7M | $1.1M | $855764 | $1.6M |
| Operating Expenses | $221844 | $785801 | $2.2M | $1.1M | $3.7M | $7.5M |
| Operating Income | -$221844 | -$785062 | -$1.8M | -$1.1M | -$1.9M | -$7.4M |
| EBITDA | 0 | -$781982 | -$1.8M | -$1.1M | -$3.2M | -$7.3M |
| Interest Expense | 0 | 0 | $2629 | 0 | $735197 | $547128 |
| Pre-tax Income | -$222910 | -$784739 | -$1.8M | -$1.7M | -$4.0M | -$7.7M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $30972 |
| Net Income | -$222910 | -$784739 | -$1.8M | -$4.3M | -$6.2M | -$7.7M |
| EPS | $-19.79 | $-887.71 | $-158.40 | $-477946.33 | $-65923.20 | $-3787.40 |
| EPS (Diluted) | $-19.79 | $-887.71 | $-158.40 | $-1511.43 | $-65923.20 | $-3787.40 |
| Shares Outstanding (Diluted) | $11263 | $884 | $11344 | $2846 | $95 | $2035 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $285948 | $304136 | $681994 | $1.3M |
| Gross Profit | $42746 | $47528 | $71030 | $104454 |
| Operating Income | -$2.2M | -$3.0M | -$3.3M | -$3.8M |
| EBITDA | -$2.4M | -$2.9M | -$3.2M | -$3.5M |
| Net Income | -$2.6M | -$3.0M | -$5.0M | -$2.9M |
| EPS | $-1178.40 | $-519.20 | $-111.70 | $-6.00 |
| EPS (Diluted) | $-1178.40 | $-519.20 | $-111.70 | $-6.00 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $13351 | $411858 | $1.2M | $3.3M | $4.0M | $5.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $371 | $1710 | $12854 | $36161 | $5276 | $340531 |
| Inventory | 0 | $160817 | $230145 | $495667 | $1044 | $95098 |
| Total Current Assets | $17022 | $636525 | $1.6M | $4.9M | $6.1M | $6.9M |
| Property, Plant & Equipment | 0 | $29725 | $330088 | $1741 | $1087 | $2.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $977774 |
| Intangible Assets | 0 | 0 | 0 | 0 | $2.8M | $2.9M |
| Total Assets | $17022 | $666250 | $1.9M | $5.2M | $9.0M | $12.9M |
| Accounts Payable | $154 | $98175 | $210840 | $596147 | $481000 | $697633 |
| Short-term Debt | $24000 | 0 | 0 | 0 | 0 | $1.3M |
| Total Current Liabilities | $40611 | $215622 | $588272 | $1.3M | $1.8M | $3.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $1.1M |
| Total Liabilities | $40611 | $215622 | $760873 | $1.4M | $2.3M | $5.0M |
| Retained Earnings | -$137366 | -$922105 | -$2.7M | -$7.0M | -$13.3M | -$21.0M |
| Total Equity | -$23589 | $450628 | $1.1M | $3.8M | $6.7M | $7.8M |
| Total Debt | $24000 | 0 | $283217 | $210489 | 0 | $2.6M |
| Net Debt | $10649 | -$411858 | -$871684 | -$3.1M | -$4.0M | -$2.8M |
| Working Capital | -$23589 | $420903 | $963050 | $3.6M | $4.3M | $2.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $7.7M | $5.4M | $14.4M | $18.1M |
| Total Assets | $14.9M | $12.9M | $26.0M | $36.6M |
| Total Liabilities | $6.4M | $5.0M | $13.4M | $19.8M |
| Total Equity | $8.5M | $7.8M | $12.6M | $16.7M |
| Total Debt | $5.4M | $2.6M | $8.0M | $13.9M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$222910 | -$784739 | -$1.8M | -$4.3M | -$6.2M | -$7.7M |
| Depreciation & Amortization | 0 | $2757 | $6512 | $11649 | $12950 | $96663 |
| Stock-based Compensation | 0 | $142355 | $171869 | $487738 | $97167 | -$19160 |
| Change in Working Capital | $6787 | -$21907 | $12433 | -$823190 | $251666 | $588120 |
| Operating Cash Flow | -$217164 | -$660934 | -$1.6M | -$4.6M | -$5.5M | -$5.9M |
| Capital Expenditure | 0 | -$32482 | -$35527 | -$11191 | -$9160 | -$448255 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$2.2M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$179 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$217164 | -$693416 | -$1.6M | -$4.6M | -$5.5M | -$6.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.5M | -$1.8M | -$3.0M | -$2.0M |
| Capital Expenditure | -$95594 | -$346661 | -$363085 | $27569 |
| Free Cash Flow | -$1.6M | -$2.1M | -$3.3M | -$2.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13179 | $10657 | -$23836 | $174545 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +92557.4% | -100.0% | | -76.1% |
| Net Income Growth (YoY) | | -252.0% | -129.4% | -138.9% | -45.2% | -23.4% |
| EPS Growth (YoY) | | -4385.6% | +82.2% | -301633.8% | +86.2% | +94.3% |
| Shares Change (YoY) | | -92.2% | +1183.3% | -74.9% | -96.7% | +2042.1% |
| FCF Growth (YoY) | | -219.3% | -133.8% | -181.7% | -20.1% | -16.3% |
| Gross Margin | | 89.4% | 58.4% | | 72.8% | 12.7% |
| Operating Margin | | -94928.9% | -233.4% | | -75.7% | -1250.1% |
| EBITDA Margin | | -94556.5% | -233.7% | | -129.6% | -1231.4% |
| Net Margin | | -94889.8% | -234.9% | | -253.1% | -1306.3% |
| FCF Margin | | -83847.2% | -211.6% | | -222.4% | -1081.6% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.4% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-19.28 | $-784.41 | $-142.93 | $-1605.06 | $-57757.68 | $-3136.18 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11263 | $884 | $11344 | $9 | $95 | $2035 |
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 | -98.35% |
| Return on Invested Capital | -70.17% |
| Return on Assets | -59.90% |
| Gross Margin | 10.31% |
| Operating Margin | -477.02% |
| Net Margin | -522.97% |
Financial Health
| Debt / Equity | 0.83 |
| Current Ratio | 1.36 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -808165.74 | -18016.69 | -100969.70 | -17.99 | -0.82 | -0.38 |
| P/B | -7636437.19 | 31374.75 | 160372.84 | 20.22 | 0.77 | 0.37 |
| P/S | 0.00 | 17095940.02 | 236769.99 | 0.00 | 2.07 | 4.90 |
| Gross Margin | 0.0% | 89.4% | 58.4% | 0.0% | 72.8% | 12.7% |
| Operating Margin | 0.0% | -94928.9% | -233.4% | 0.0% | -75.7% | -1250.1% |
| Net Margin | 0.0% | -94889.8% | -234.9% | 0.0% | -253.1% | -1306.3% |