Detailed financial statements for FibroBiologics, Inc. Common Stock (FBLG): 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.
FibroBiologics, Inc. operates as a clinical-stage biopharmaceutical firm, advancing therapies derived from fibroblasts toward commercialization within the United States. The company's pipeline includes CybroCell, currently being developed to address degenerative disc disease; CYMS101, targeting multiple sclerosis; and CYWC628 for wound repair.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.43, FBLG has negative trailing earnings (P/E not meaningful) and an ROE of -5.37%. Market capitalisation stands at $3M.
Balance sheet quality for FBLG: current ratio of 3.6, net cash position of $2.5M. 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $832000 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | -$832000 |
| Research & Development | $669000 | $521000 | $1.1M | $2.4M | $4.5M | $7.4M |
| Selling, General & Admin | $500000 | $1.1M | $3.3M | $6.5M | $9.2M | $9.2M |
| Operating Expenses | $1.2M | $1.6M | $4.5M | $8.9M | $13.7M | $15.8M |
| Operating Income | -$1.2M | -$1.6M | -$4.5M | -$8.9M | -$13.7M | -$16.6M |
| EBITDA | 0 | -$1.6M | -$4.4M | -$15.9M | -$10.6M | -$17.6M |
| Interest Expense | 0 | $4000 | $654000 | $147000 | $20000 | $204000 |
| Pre-tax Income | -$1.2M | -$1.6M | -$5.1M | -$16.5M | -$11.2M | -$18.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$1.2M | -$1.6M | -$5.1M | -$16.5M | -$11.2M | -$18.6M |
| EPS | $-0.72 | $-0.97 | $-3.20 | $-11.80 | $-6.80 | $-8.35 |
| EPS (Diluted) | $-0.72 | $-0.97 | $-3.20 | $-11.80 | $-6.80 | $-8.35 |
| Shares Outstanding (Diluted) | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $2.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$234000 | 0 | 0 |
| Operating Income | -$5.0M | -$2.6M | -$5.1M | -$4.0M |
| EBITDA | -$5.5M | -$2.8M | -$4.8M | -$4.0M |
| Net Income | -$5.8M | -$3.2M | -$5.0M | -$4.1M |
| EPS | $-2.60 | $-0.98 | $-1.33 | $-1.09 |
| EPS (Diluted) | $-2.60 | $-0.98 | $-1.33 | $-1.09 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $407000 | $2.3M | $9.2M | $14.0M | $4.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $300000 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $468000 | $2.6M | $9.2M | $14.2M | $6.3M |
| Property, Plant & Equipment | 0 | 0 | $2.2M | $2.6M | $2.2M | $3.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 0 | $468000 | $4.8M | $11.8M | $16.4M | $9.6M |
| Accounts Payable | 0 | $233000 | $758000 | $1.4M | $2.7M | $945000 |
| Short-term Debt | 0 | $1.3M | $5.5M | 0 | $9.2M | 0 |
| Total Current Liabilities | 0 | $1.8M | $7.1M | $9.2M | $12.7M | $1.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 0 | $1.8M | $8.8M | $10.6M | $13.7M | $3.5M |
| Retained Earnings | -$1.2M | -$2.8M | -$7.9M | -$24.4M | -$35.5M | -$54.2M |
| Total Equity | 0 | -$1.3M | -$4.0M | $1.3M | $2.7M | $6.2M |
| Total Debt | 0 | $1.3M | $7.5M | $1.7M | $10.6M | $2.4M |
| Net Debt | 0 | $893000 | $5.3M | -$7.4M | -$3.4M | -$2.5M |
| Working Capital | 0 | -$1.3M | -$4.4M | $32000 | $1.5M | $4.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $4.9M | $4.9M | $1.5M | $3.5M |
| Total Assets | $8.7M | $9.6M | $5.9M | $7.9M |
| Total Liabilities | $8.6M | $3.5M | $3.3M | $3.3M |
| Total Equity | $125000 | $6.2M | $2.6M | $4.6M |
| Total Debt | $7.1M | $2.4M | $2.5M | $1.5M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$1.2M | -$1.6M | -$5.1M | -$16.5M | -$11.2M | -$18.6M |
| Depreciation & Amortization | 0 | 0 | $94000 | $437000 | $573000 | $832000 |
| Stock-based Compensation | 0 | 0 | $265000 | $1.8M | $2.2M | $2.7M |
| Change in Working Capital | 0 | $172000 | $307000 | $493000 | $559000 | -$3.3M |
| Operating Cash Flow | -$1.2M | -$1.4M | -$4.1M | -$6.4M | -$11.9M | -$16.4M |
| Capital Expenditure | 0 | 0 | 0 | -$495000 | -$184000 | -$262000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.2M | -$1.4M | -$4.1M | -$6.9M | -$12.1M | -$16.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.0M | -$3.2M | -$4.4M | -$3.3M |
| Capital Expenditure | -$6000 | 0 | 0 | 0 |
| Free Cash Flow | -$4.0M | -$3.2M | -$4.4M | -$3.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $704000 | $702000 | $694000 | $707000 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -35.3% | -223.7% | -221.9% | +32.3% | -67.1% |
| EPS Growth (YoY) | | -35.3% | -228.5% | -268.8% | +42.4% | -22.8% |
| Shares Change (YoY) | | -0.0% | +0.0% | +0.0% | +1.2% | +35.8% |
| FCF Growth (YoY) | | -20.6% | -188.4% | -69.6% | -75.2% | -37.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.72 | $-0.87 | $-2.50 | $-4.24 | $-7.35 | $-7.46 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $2.2M |
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 | -536.78% |
| Return on Invested Capital | -274.34% |
| Return on Assets | -228.77% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.32 |
| Current Ratio | 2.64 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -11.28 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -808.33 | -597.54 | -181.88 | -49.32 | -5.88 | -0.54 |
| P/B | 0.00 | -732.63 | -236.51 | 754.60 | 24.04 | 1.63 |
| P/S | 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% |
| Operating Margin | 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% |